In May, San Francisco’s median sold price for single-family homes hit an all-time high of $1,971,000. This is up 20.2% from $1,640,000 this time last year.
The number of homes sold more than doubled year-over-year to 220. April’s sales saw a similar 226 homes sold. Thanks to the strong sales and only 171 new listings, inventory is now just a 0.9 months’ supply.
These local numbers reflect a national trend of more residential sales transactions year-to-date than any prior year. Current predictions suggest this pace will continue with 2021 closing out approximately 17% above a typical year’s sales of 5.5 million homes.
The median sold price per square foot for SFH remains above $1,100 per sq ft for the second month in a row.
In the condo/loft/TIC market, the median sales price rose to $1,240,000. This is up from last May but down slightly 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 253% compared to last May while the number of new listings was down 35.7%, resulting in just 1.5 months of inventory.
Easing restrictions have resulted in increased travel ahead of the summer season. Typically, the summer market in San Francisco is softer than in the spring. Both buyers and sellers may find less competition in the coming months.
If you are looking to buy or sell, please reach out to the Brown Real Estate Group for a custom market analysis.