Exceptionally high buyer demand for San Francisco’s single-family homes and condo/loft/TICs continued in September. However, buyer demand for single-family homes at ever-increasing prices was the differentiating characteristic from the buyers of condo/loft/TICs. Buyers of these units held back on aggressive offers and often waited for prices to reduce before offering at all.
In September, San Francisco’s median price for single-family homes hit $1,657,500. This is down slightly ($42,500) from the prior month, but up 5.1% from last September’s $1,578,000. The condo/loft/TIC segment was down 1.6% from last September to $1,250,000.
The number of homes sold rose a whopping 30.1% over last September while condo/loft/TIC sales jumped by 24.6%. Interest rates have continued to stay at historic lows contributing to buyers’ strong buying power and ability to offer aggressively high prices.
Unless the economy or interest rates change suddenly, expect buyer demand to remain strong and prices to remain high.