Once again, San Francisco’s median sold price for condo/loft/TIC’s has hit a new high – $1,270,000. However, the sold price per square foot was down slightly to $1,161.
Meanwhile, single-family home prices dropped slightly from July, showing fairly typical seasonality. Year-on-year, they are still up a fraction, 0.7%.
The number of new listings of both single-family homes and condo/loft/TIC’s was significantly lower than last year’s. With strong buyer demand, this is resulting in the large majority of properties continuing to sell above their list price – 82% of single-family homes and 66% of condo/loft/TIC’s.
With interest rates dropping well below 4%, and a lower supply of new listings, purchasing will remain very competitive until something shifts in the economy to lower buyers’ willingness to buy.
Not surprisingly, properties continue to fly off the market, with just 14 and 15 days on market, respectively, for single-family homes and condo/loft/TIC’s.
|Summary of the Numbers – September 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/Loft /TICs||% Change Year-over-Year|
|Median Sold Price||$1,623,000||0.7%||$1,270,000||7.2%|
|Median Days on Market (DOM)||14||0.0%||15||-25%|
|Months of Inventory||2.2||-8.3%||2.4||-7.7%|
|Percent of Homes Sold Over List Price||82%||-3.4%||66%||2.8%|
|Median Percent of List Price Received||115%||-1.1%||103%||-0.3%|
|New Listings (#)||176||-30%||244||-20%|
|Homes Sold (#)||190||-7.2%||231||-15%|
|Median Sold $/Square Foot||$993||4.0%||$1,161||3.5%|
*based on a 3-month rolling average