In June, San Francisco’s median sold price for single-family homes hit an all-time high of $2,100,000–a 16.3% increase one year ago when it was $1,805,000. The number of homes sold more than doubled year-over-year and increased from last month to 260. The number of new listings was down 41.7% year-over-year and continued to pressure the inventory level which closed June at 0.9 months of supply.
The median sold price per square foot rose from $1,130 in May to $1,146. Our weekly figures show high $/sq ft continuing for closings into early July.
In the condo/loft/TIC market, the median sales price rose to $1,286,000. That is up from last June and up from its high of $1,275,000 in July 2020. Median sales prices have been bouncing around in the mid $1.2’s this year and last.
The number of condo/loft/TIC sales was up 124.2% compared to last June while the number of new listings was down 49.9%, resulting in just 1.5 months of inventory.
At the time of writing, our boots on the ground are seeing a slight easing in the market. New listings have outpaced properties going into contract for the last 2 weeks. While the Independence Day holiday can account for some of this shift, many long overdue vacations may also be coming into play. Of course, we continue to monitor the market and will keep you informed. If you are considering buying or selling, or simply have questions about the market, please reach out to us today.