Each month we report on the San Francisco real estate market. In August, the median sold price for single-family homes was $1,855,000, up 12% from August 2020; just short of the all-time high of $2,100,000 two months prior.

Single-Family Homes

The number of homes sold stagnated month-over-month, increasing only by one unit to 212 while the number of new listings is 137, which was down 33% month-over-month and 56.8% year-over-year. It should be noted that the pandemic significantly impacted the seasonality of last year’s real estate market. The median sold price per square foot was up 4% year-over-year, to $1,072.

 

Condos/TICs/Lofts

In the condo/loft/TIC market, the median sales price dropped slightly to $1,205,000. That’s down from last August when it was $1,275,000. Median sales prices have been bouncing around in the low to mid $1.2’s with the trend being downward the last few months and rising slightly here in September. The number of condo/loft/TIC sales was up 32.5% compared to last August. This reflects last year’s shift away from condos and properties with common areas towards single-family homes.

Since Labor Day, new listings have soared. 211 SFH and 323 condo/TIC/co-ops were listing in the two weeks post-holiday.  This is indicative of a return to the normal cycle of the San Francisco real estate market. Typically, September, October, and early November offer more inventory and activity than the summer months. Just two weeks after the inventory surge, 212 properties went into contract between 9/17 to 9/23/2021. This shows that the new inventory is being well received and buyer demand remains strong.

While September’s figures are not quite complete, we regularly track the market statistics and compare them with our experience in the field. Check back regularly for the next San Francisco market report. For even more detailed information on the market and how it may impact your particular situation, whether buying or selling, get in touch with us today!