May SF Market Tracker Newsletter
As anxieties about the pandemic lessen, buyers are re-engaging in their home search and agents are cautiously optimistic that we are seeing a rebound in the market.
San Francisco Single Family Homes continued to be in high demand in April, as inventory was gobbled up and Days on Market dropped to 19 days, the lowest in 3 years. Median Sales Price (MSP) rose to $1.8 million, the highest monthly MSP we’ve seen in the past 3 years, and 12% greater than April 2020. Bidding wars are again prevalent, with single-family homes selling at an average of 11% over list price. Corcoran Global Living agents report an increase in offers without contingencies, suggesting that buyers are regaining confidence in homeownership in San Francisco.
Condominiums are beginning to show some signs of a rebound with Days on Market falling and April’s active inventory at just over 1,000 units, compared to more than 2,000 units last October. We have a way to go before inventory returns to what it was pre-pandemic, which was typically about half of our current inventory. In April, the median price of Condos stood at $1.21 million, down 5% year over year. On average, condos are selling around list price after seeing sales drop below list price from September of 2020 through January of this year. The more densely populated areas with newer construction, like Mission Bay, South Beach, and parts of SOMA, were more impacted by lower values compared to other parts of the city.
Here are some helpful charts to get a sense of what is happening in the SF market.
First off, the Average Days on Market for single-family homes, which gives a good sense of buyer demand, is down significantly.
For condos, Average Days on Market, are also down, but starting from a higher high.
Consistent with low Days on Market, the Median Sales Price is up for single-family homes.
For condos, the Median Sales Price is down just a hair.
For Single-Family Homes, the number of Active Listings is down, Pending Homes (sold buy not yet closed escrow) is up, and Sold Prices are up. This is also indicated by Days on Market going down.
Same for Condos.