February continued the torrid sales pace set in January for both single-family home and condo/loft/TIC purchases in San Francisco. Single-family homes continue to receive multiple offers with the median sold price up a whopping 11.0% to $1,787,000 compared to a last year’s $1,610,000. The number of sales was also up, 134 vs. 115, or 16.5%, for single-family homes. It was up, even more, 28.4%, from 176 to 226 for condo/loft/TICs.
The significant median sales price for single-family homes is only part of the story. The continued recovery of the condo/loft/TIC market has seen the median sales price rise month-over-month from $1,088,000 to $1,248,000. This is approaching pre-pandemic levels.
Month-over-month the days on market also fell for all residential property types. Down 22% for single-family homes and 12% for condo/loft/TICs.
Inventory remains very low for single-family homes at just 1.2 months signaling a strong seller’s market. Condo/loft/TIC inventory is now 2.9 months, up 20.7% over last year, but down from 3.5 month-over-month. This is also considered a seller’s market.
Interest rates have climbed up about 0.25% since our last report. However, this is not enough to be felt in either the number or the aggressiveness of buyers’ offers.