The Real Estate Report Trends Report-San Francisco

Sales & Prices Up in October

Sales of single-family, re-sale homes rose 5.6% year-over-year. Sales were up 27.3% from September. There were 303 homes sold in San Francisco last month. The average since 2000 is 214.

While off the highs reached in June, sales prices of single-family, re-sale homes are higher than the year before.

The median sales price for single-family, re-sale homes was up 3.4% in October from September. It was up 11.3% year-over-year.

The average sales price for single-family, re-sale homes rose 11.3% month-over-month. Year-over-year it was up 21.6%.

The median sales price for condos/lofts was up 8.1% year-over-year.

The average sales price was up 16.4% year-over-year.

Sales of condos/lofts rose 19.7% year-over-year. There were 347 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 113.7% to 112.6 % for homes. The ratio for condos/townhomes fell from 105% to 104.8%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 19 for homes and 34 for condos/lofts. 

Rates Firm Further

October 29, 2021 -- The Fed has its next meeting slated for Tuesday and Wednesday of next week, and it's a pretty reasonable certainty that plans for tapering purchases of Treasury bonds and Mortgage-Backed Securities will be laid out. It is very likely they will start immediately, or pretty close to it, with purchases of Treasuries pared by $10 billion per month and MBS by $5 billion per month in each of the next eight months, terminating by next July.

Along with growing prospects for a faster pace of interest rate increases following the end of the QE-style program, investors have spent the six weeks from the September meeting adjusting their positions to account for the changing landscape. During this time, and coupled with a rather warm spell for inflation, interest rates in general and mortgage rates in specific have moved upward. Thirty-year fixed mortgage rates are currently just a shadow below 2021 highs.

That said, it appears as though the adjustment process is over for now, and there appears to be some settling in interest rates presently. This may be the result of less-strong news about the U.S. economy in the third quarter, or may also be a result of central bank policy changes, all of which will tend to help slow growth (at least at the margins, and over time) in turn possibly helping to temper flaring prices.

With mortgage rate firing a bit over the last five or six weeks, you would expect that this would have homebuyers that can jump off the fence and into the market, and that seems to be the case. Sales of new homes in September rose by 14% to an 800,000 annual rate, the strongest since about April. At the current pace, there are about 5.7 months of supply of new homes available, a fairly normal figure, and the 370,000 actual units ready for buyers was unchanged from August. The median price of a new home sold last month edged lower, falling 1.9% to $408,000, but affordability is still being supported by low mortgage rates and a growing economy.

The new construction market is much smaller than the one for existing homes, and we may be starting to see some seasonal slowing starting to show after a pretty solid summer. The National Association of Realtors Pending Home Sales Index (a measure of signed purchase contracts) slipped back by 2.3% in September (and is about 8% below year-ago levels). After the surprise 7% jump in existing home sales for September -- reflective of demand from July or so -- it looks like the 6.29 million pace will drop back toward the 6 million mark for October, or back to where it has roughly been for many months in 2021.

The slightly rising mortgage rates of recent weeks aren't much of a deterrent to homebuyers, and often act as a call to action for at least a time. It's just the opposite for folks looking to refinance, with even slightly higher rate enough to see a curtailment in activity. That can be seen in the weekly mortgage applications index from the Mortgage Bankers Association of America; in the week ending October 22, an overall increase of 0.3% was driven by a 3.5% increase in requests for purchase-money mortgages, but dragged down a another 1.6% decline in refinance applications. Refi apps have declined in 8 of the last 10 weeks amid firmer rates and a dwindling pool of homeowners who can profitably refinance. Cash-out refinances are on the increase, thanks to soaring home values, but the volume of these is much smaller than for traditional rate-and-term refinances.

Sales Dip in September

After being higher than the year before thirteen months in a row, sales of single-family, re-sale homes dipped 0.4% year-over-year. Sales were down 2.9% from August. There were 238 homes sold in San Francisco last month. The average since 2000 is 214.

While off the highs reached in June, sales prices of single-family, re-sale homes are higher than the year before.

The median sales price for single-family, re-sale homes was down 5.4% in September from August. It was up 6.1% year-over-year.

The average sales price for single-family, re-sale homes fell 0.6% month-over-month. Yet, year-over-year it was up 9.8%.

The median sales price for condos/lofts was down 0.2% year-over-year.

The average sales price was up 1% year-over-year.

Sales of condos/lofts fell 10.5% year-over-year. There were 281 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 112.7% to 113.7 % for homes. The ratio for condos/townhomes rose from 104.3% to 105%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 22 for homes and 37 for condos/lofts. 

Home Prices Holding Steady

While off the highs reached in June, sales prices of single-family, re-sale homes are higher than the year before.

The median sales price for single-family, re-sale homes was flat in August from July. It was up 11.y% year-over-year.

The average sales price for single-family, re-sale homes fell 6.7% month-over-month. Yet, year-over-year it was up 4.5%.

Sales of single-family, re-sale homes rose again in August, up 12.9% year-over-year. Sales were up 0.8% from July. There were 245 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was down 7.6% year-over-year.

The average sales price was down 2.5% year-over-year.

Sales of condos/lofts rose 36.4% year-over-year. There were 322 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 113.9% to 112.7 % for homes. The ratio for condos/townhomes fell from 104.6% to 104.3%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 23 for homes and 40 for condos/lofts.

Home Prices Dip

The median sales price for single-family, re-sale homes fell 5.1% in July from June. Nevertheless, it rose 11.4% year-over-year.

The average sales price for single-family, re-sale homes fell 7.5% month-over-month. Yet, year-over-year it was up 9.7%.

Sales of single-family, re-sale homes rose again in July, up 14.1% year-over-year. Sales were down 20.8% from June. There were 243 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was down 6% year-over-year.

The average sales price was down 5.8% year-over-year.

Sales of condos/lofts rose 35.4% year-over-year. There were 352 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 111.9% to 113.9 % for homes. The ratio for condos/townhomes fell from 105.1% to 104.6%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 18 for homes and 40 for condos/lofts.

Median Sales Price for Homes Sets New High, Again

The median sales price for single-family, re-sale homes set a new high for the second month in a row. It rose 8.2% year-over-year.

The average sales price for single-family, re-sale homes rose 8.2% year-over-year, and it also set a new high.

Sales of single-family, re-sale homes rose again in June, jumping 84.9% year-over-year. Sales were up 23.8% from May. There were 307 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was up 4.2% year-over-year.

The average sales price was down 2.3% year-over-year.

Sales of condos/lofts rose 150.3% year-over-year. There were 448 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 112.6% to 111.9 % for homes. The ratio for condos/townhomes fell from 105.3% to 105.1%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 18 for homes and 35 for condos/lofts.

Median Sales Price for Homes Sets New High

The median sales price for single-family, re-sale homes set a new high of $1,892,500 in May. It rose 16.1% year-over-year.

The average sales price for single-family, re-sale homes rose 27.2% year-over-year.

Sales of single-family, re-sale homes rose again in May, jumping 136.2% year-over-year. Sales were down 9.5% from April. There were 248 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was up 11.4% year-over-year.

The average sales price was up 5.6% year-over-year.

Sales of condos/lofts rose 283.5% year-over-year. There were 418 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 108.4% to 112.6 % for homes. The ratio for condos/townhomes rose from 103.6% to 105.3%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 19 for homes and 37 for condos/lofts. 

Average Sales Price for Homes Sets New High

The average sales price for single-family, re-sale homes set a new high of $2,443,656 last month. It rose 5.1% year-over-year.

The median sales price for single-family, re-sale homes rose 6.7% year-over-year.

Sales of single-family, re-sale homes rose again in March, jumping 163.5% year-over-year. Sales were up 10.9% from March. There were 274 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was down 7.3% year-over-year.

The average sales price was off 3.8% year-over-year.

Sales of condos/lofts rose 269.3% year-over-year. There were 421 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 107.9% to 108.4 % for homes. The ratio for condos/townhomes rose from 102% to 103.6%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 20 for homes and 44 for condos/lofts. 

Sales Continue to Surge

Sales of single-family, re-sale homes rose again in March, gaining 52.5% year-over-year. They were up 57.3% from February. There were 247 homes sold in San Francisco last month. The average since 2000 is 214.

The average sales price for homes rose 6.8% year-over-year.

The median sales price for single-family, re-sale homes rose 4.5% year-over-year.

The median sales price for condos/lofts was down 4.1% year-over-year.

The average sales price was off 2.7% year-over-year.

Sales of condos/lofts rose 85.2% year-over-year. There were 424 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 105.2% to 107.9 % for homes. The ratio for condos/townhomes rose from 100.2% to 102%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 24 for homes and 47 for condos/lofts. 

Sales Continue to Surge

Sales of single-family, re-sale homes rose again in February, gaining 36.5% year-over-year. They were up 2.6% from January. There were 157 homes sold in San Francisco last month. The average since 2000 is 214.

The average sales price for homes rose 17.4% year-over-year.

The median sales price for single-family, re-sale homes rose 5.6% year-over-year.

The median sales price for condos/lofts was down 6.4% year-over-year.

The average sales price was off 3.2% year-over-year.

Sales of condos/lofts rose 42.1% year-over-year. There were 253 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 103.1% to 105.2 % for homes. The ratio for condos/townhomes rose from 98.2% to 100.2%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 29 for homes and 64 for condos/lofts. 

Sales Jump to Start the Year

Sales of single-family, re-sale homes rose again in January, gaining 59.4% year-over-year. They were down 42.7% from December. There were 153 homes sold in San Francisco last month. The average since 2000 is 214.

The average sales price for homes fell 12.7% year-over-year.

The median sales price for single-family, re-sale homes rose 7.4% year-over-year.

The median sales price for condos/lofts was down 7.2% year-over-year.

The average sales price was off 7.4% year-over-year.

Sales of condos/lofts rose 80% year-over-year. There were 270 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 102.3% to 103.1 % for homes. The ratio for condos/townhomes fell from 98.9% to 98.2%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 32 for homes and 68 for condos/lofts.

Home Sales & Prices Continue Rising

Sales of single-family, re-sale homes rose again in December, gaining 52.6% year-over-year. They were up 3.5% from November. There were 267 homes sold in San Francisco last month. The average since 2000 is 214.

For the year, home sales were up 2.8%. Condo sales were down 3.3%.

The average sales price for homes rose 7.3% year-over-year.

The median sales price for single-family, re-sale homes rose 9.1% year-over-year.

The median sales price for condos/lofts was down 8.2% year-over-year.

The average sales price was up 1.9% year-over-year.

Sales of condos/lofts rose 59.7% year-over-year. There were 345 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 103.4% to 102.3 % for homes. The ratio for condos/townhomes fell from 99.9% to 98.9%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 29 for homes and 54 for condos/lofts.

Home Sales & Prices Continue to Rise

Sales of single-family, re-sale homes rose again in November, gaining 27.3% year-over-year. They were down 11% from October. There were 252 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 3.8%. Condo sales are down 12%.

The average sales price for homes rose 5.8% year-over-year.

The median sales price for single-family, re-sale homes rose 4.8% year-over-year.

The median sales price for condos/lofts was up 1.7% year-over-year.

The average sales price was down 1.9% year-over-year.

Sales of condos/lofts rose 8.9% year-over-year. There were 294 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 105.4% to 103.4 % for homes. The ratio for condos/townhomes fell from 100.4% to 99.9%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 32 for homes and 49 for condos/lofts.

Home Sales Continue to Rise

Sales of single-family, re-sale homes rose again in October, gaining 10.5% year-over-year. They were up 22% from September. There were 283 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 7.2%. Condo sales are down 14.4%.

The average sales price for homes rose 0.4% year-over-year.

The median sales price for single-family, re-sale homes fell 1.5% year-over-year.

The median sales price for condos/lofts was down 13.2% year-over-year.

The average sales price was down 14.1% year-over-year.

Sales of condos/lofts rose 12.6% year-over-year. They were down 5.2% compared to September. There were 294 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 104.8% to 105.4 % for homes. The ratio for condos/townhomes rose from 99.9% to 100.4%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 26 for homes and 41 for condos/lofts.

Home Sales Continue to Surge

Sales of single-family, re-sale homes surged again in September, rising 90.2% year-over-year. They were up 8.4% from August. There were 232 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 10.2%. Condo sales are down 17.8%.

The average sales price for homes fell 6.8% year-over-year.

The median sales price for single-family, re-sale homes rose 8.1% year-over-year.

The median sales price for condos/lofts was down 9.1% year-over-year.

The average sales price was down 7.6% year-over-year.

Sales of condos/lofts rose 67.6% year-over-year. They were up 31.4% compared to August. There were 310 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 104.3% to 104.8 % for homes. The ratio for condos/townhomes stayed at 99.9%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 25 for homes and 44 for condos/lofts.

Home Sales Continue to Surge, Prices Rise

Sales of single-family, re-sale homes jumped in August, rising 27.4% year-over-year. They were up 1.9% from July. There were 214 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 18.8%. Condo sales are down 26%.

The average sales price for homes rose 9% year-over-year.

The median sales price for single-family, re-sale homes gained 3.8% year-over-year.

The median sales price for condos/lofts was down 2.9% year-over-year.

The average sales price was down 2.1% year-over-year.

Sales of condos/lofts rose 14% year-over-year. They were down 7.8% compared to July. There were 236 condos/lofts sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 103.8% to 104.3 % for homes. The ratio for condos/townhomes fell to 99.9% from 100.4%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 24 for homes and 39 for condos/lofts. 

Home Sales Continue to Surge, Prices Rise

Sales of single-family, re-sale homes jumped in July, rising 28.8% from June. They were down 1.9% year-over-year. There were 210 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 25%. Condo sales are down 30.9%.

The average sales price for homes rose 5.9%  year-over-year.

The median sales price for single-family, re-sale homes gained 4.8% year-over-year.

The median sales price for condos/townhomes was up 4% year-over-year.

The average sales price was up 8% year-over-year.

Sales of condos/townhomes  rose 5.3% year-over-year. They were up 47.1% compared to June. There were 256 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose from 103.3% to 103.8 % for homes. The ratio for condos/townhomes fell to 100.4% from 102.7%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 26 for homes and 38 for condos/lofts. 

Home Sales Surge, Prices Rise

Sales of single-family, re-sale homes jumped in June, rising 56.7% from May. They were down 14.2% year-over-year. There were 163 homes sold in San Francisco last month. The average since 2000 is 214.

Year-to-date, home sales are down 29.8%. Condo sales are down 36.9%.

The average sales price for homes rose 7.4%  year-over-year.

The median sales price for single-family, re-sale homes gained 3.9% year-over-year.

The median sales price for condos/townhomes was down 0.3% year-over-year.

The average sales price was up 2.1% year-over-year.

Sales of condos/townhomes  dropped 34.1% year-over-year. They were up 67.3% compared to May. There were 174 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 103.9% to 103.3 % for homes. The ratio for condos/townhomes rose to 102.7% from 98.6%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 25 for homes and 34 for condos/lofts.

Sales Continue to Plunge

Sales of single-family, re-sale homes tanked, again, in May compared to last year. Home sales were down 56.5%. There were 104 homes sold in San Francisco last month. The average since 2000 is 214.

We expect home sales to continue dropping for the next two months.

Year-to-date, home sales are down 33.3%. Condo sales are down 37.5%.

The average sales price for homes fell 10.4%  year-over-year.

The median sales price for single-family, re-sale homes dropped 2.7% year-over-year.

The median sales price for condos/townhomes was down 10.8% year-over-year.

The average sales price was down 1.8% year-over-year.

Sales of condos/townhomes  dropped 69.1% year-over-year. There were 104 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, went back over 100%. It rose to 103.9% from 99.5 % for homes. The ratio for condos/townhomes dropped to 98.6% from 104.3%. This is the first time the ratio has been below 100% since February 2012.

Average days on market, or the time from when a property is listed to when it goes into contract, was 24 for homes and 40 for condos/lofts.

Sales Plunge in April

Sales of single-family, re-sale homes tanked in April compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 55.3%. There were 101 homes sold in San Francisco last month. The average since 2000 is 214.

We expect home sales to continue dropping for the next two months.

Inventory is also dropping. At the end of March there were 459 homes for sale. On the 7th of May there were only 202.

Interestingly, the average sales price set a new all-time high last month. It gained 5.2%  year-over-year.

The median sales price for single-family, re-sale homes rose 5.4% year-over-year.

The median sales price for condos/townhomes was up 5.3% year-over-year.

The average sales price was up 2.1% year-over-year.

Sales of condos/townhomes  dropped 65% year-over-year. There were 111 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, dropped below 100% for the first time since December 2012. It fell to 97.5% from 109.6 % for homes. The ratio for condos/townhomes rose to 104.3% from 103.6%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 22 for homes and 32 for condos/lofts.

Home Sales Fall in March

Sales of single-family, re-sale homes fell in March compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 8.7%. There were 157 homes sold in San Francisco last month. The average since 2000 is 214.

We expect home sales to continue dropping for the next two months.

Inventory is also dropping. At the beginning of March there were 824 homes for sale. At the end of March there were only 459.

The median sales price for single-family, re-sale homes rose 0.3% year-over-year.

The average sales price gained 2.3%  year-over-year.

The median sales price for condos/townhomes was up 3% year-over-year.

The average sales price was up 3.2% year-over-year.

Sales of condos/townhomes  dropped 18.2% year-over-year. There were 216 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, rose to 109.6% from 108.7 % for homes. The ratio for condos/townhomes fell to 103.6% from 104.9%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 20 for homes and 27 for condos/lofts.

Home Prices Up, Sales Down

The median sales price for single-family, re-sale homes rose 7.3% year-over-year. It was up 1037% from January.

The average sales price gained 1.6%  year-over-year. It was down 14.3% compared to January.

Sales of single-family, re-sale homes fell 1.8% year-over-year. Sales were up 19.4% from January. There were 111 homes sold last month.

The median sales price for condos/townhomes was up 14% year-over-year. It was up 9% from January.

The average sales price was up 2.2% year-over-year. It was up 5% from January.

Sales of condos/townhomes  rose 3.7% year-over-year. Sales were up 16.4% from January. There were 170 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, jumped to 108.7% from 102.4 % for homes, and, it went up to 104.9% from 100.2% for condos/townhomes.

Average days on market, or the time from when a property is listed to when it goes into contract, was 25 for homes and 29 for condos/lofts. 

Home Prices Up, Sales Down to Begin the Year

The median sales price for single-family, re-sale homes rose 6.1% year-over-year. It was up 0.7% from December.

The average sales price gained 27.7%  year-over-year. It was up 13.4% compared to December.

Sales of single-family, re-sale homes fell 5.1% year-over-year. Sales were off 46.2% from December. That is typical for December/January. There were 93 homes sold last month.

The median sales price for condos/townhomes was up 13.7% year-over-year. It was down 2.3% from December.

The average sales price was up 12.7% year-over-year. It was up 3.5% from December.

Sales of condos/townhomes  rose 28.1% year-over-year. Sales were down 27.7% from December. There were 146 condos/townhomes  sold last month.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, dropped to 105.1% from 107.9% for homes, and, it went down to 103.2% from 104.5% for condos/townhomes.

Average days on market, or the time from when a property is listed to when it goes into contract, was 31 for homes and 46 for condos/lofts.

Prices  and Sales Mixed to End the Year

The median sales price for single-family, re-sale homes fell 2.8% year-over-year. It was off 10.4% from November.

Pricing momentum…

The average sales price gained 9.5%  year-over-year. It was down 1.9% compared to November.

Sales of single-family, re-sale homes rose 8.1% year-over-year. Sales were off 12.6% from November. There were 173 homes sold last month. For the year, home sales were down 2.4%.

The median sales price for condos/townhomes was up 3.4% year-over-year. It was up 2.5% from November.

The average sales price fell 3.6% year-over-year. It was down 3.4% from November.

Sales of condos/townhomes  rose 4.1% year-over-year. Sales were down 25.2% from November. There were 202 condos/townhomes  sold last month. For the year, sales were down 5.8%.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, dropped to 105.1% from 107.9% for homes, and, it went down to 103.2% from 104.5% for condos/townhomes.

Average days on market, or the time from when a property is listed to when it goes into contract, was 31 for homes and 46 for condos/lofts.