As we mentioned here last month, 2018 was probably the start of the leveling off of the very frothy San Francisco housing market.
Indeed, January continued the trend downwards in the median sales price for both single family homes and condos, dropping to $1,483,333 and $1,183,333, respectively.
There were across the board signs of the market cooling. Months supply of inventory rose for both single-family homes and condos.
Days-on-market rose as well for both property types. For single-family homes, days-on-market is the highest it’s been in 5 years.
Because inventory remains critically low, it is still a seller’s market. Expect 2019 to remain highly competitive for buyers, but with fewer multiple offers and less exuberant overbid levels.
And, expect to see more “transparent pricing” on listings rather than very low prices with the expectation of multiple offers to bid sales prices up.
|Summary of the numbers for January 2019:||Single Family Residences (SFR)||% Change Year-over-Year||Condo/Loft/TICs||% Change Year-over-Year|
|Median Sales Price (US $)*||$1,483,333||1.0%||$1,183,333||0.71%|
|New Listings (#)||159||4.5%||277||2.1%|
|Homes Sold (#)||97||-1.4%||110||3.4%|
|% of Homes Selling Over List Price*||48%||-3.1%||57%||-4.5%|
|% of List Price Received||103%||-6.8%||100%||0.1%|
|Months of Inventory||1.8||22%||2.2||5.6%|
|Median Days on Market (DOM)||31||35%||40||12%|
*based on a 3-month rolling average