San Francisco Median House Price $1,115,000!
The median sales price for single-family homes in San Francisco for the first quarter of 2015 was $1,115,000. This represents a year-over-year increase of 12.6%, or $140,000. Condos have seen a $100,000 increase in median sales price, or 10.5%, to $950,000 for the same period. Average days on market has decreased from 37 to 33 days for single family homes; and 40 down to 38 days for condos. This isn’t surprising as the pressure of low inventory continues to have an impact on both sales price and time on market. There were 1,811 homes for sale (single-family and condos combined) during the first quarter of 2015, which is the lowest quarterly inventory we’ve experienced in ten years. That’s down 66.9% from a high of 5,970 homes for sale in the last quarter of 2010, and down 15.6% just from the same time period last year. Again, not surprisingly, this translates to almost the lowest number of closed escrows in five years with the first quarter of 2015 only 1.3% more than the first quarter of 2010. Truly an interesting time for San Francisco real estate. For more details on your specific neighborhood, please contact me.Median Sales Price has seen significant increases year-over-year for both condos and single-family homes.Sales are picking up as we leave the slow months of winter and enter into Spring market.Average days on market peaked during the slower winter months, but has come back down to very low levels.The above chart combines single-family homes, condos, co-ops, lofts and TIC units.Months Supply of Inventory (MSI) is a measure of the number of months it would take the current inventory of available homes to sell out given the current rate of sale. The metric is often impacted by low inventory.The number of available homes has decreased in every district in San Francisco. District 8 saw the greatest decline with a 26.29% drop in inventory. The mildest decline was in District 9 with only a 5.04% decline. Note: These numbers are not inclusive of all new construction properties, since these are not always in the MLS.District Definitions: 1: Jordan Park/Laurel Heights, Lone Mountain, Lake Street, Sea Cliff and all Richmond. 2: All Sunset, all Parkside and Golden Gate Heights. 3: Stonestown, Pine Lake Park, Merced Manor, Ingleside Heights, Oceanview. 4: Sunnyside, Miraloma Park, St. Francis Wood, West Portal, Diamond Heights. 5: Noe Valley, Glen Park, Eureka Valley/Dolores Heights, Haight Ashbury, Mission Dolores. 6: Lower Pacific Heights, Western Addition, Hayes Valley, NOPA, Alamo Square. 7: Marina, Cow Hollow, Pacific Heights, Presidio Heights. 8: Van Ness/Civic Center, FiDi, Nob Hill, Russian Hill, North Beach. 9: SOMA, South Beach, Potrero, Bernal, Inner Mission. 10: Bayview, Portola, Excelsior, Crocker Amazon, Silver Terrace.This chart shows the sales price as a percentage of the original asking price. It does not include properties that underwent one or more price reductions.Condo/Co-op/Loft/TIC sales are slightly outpacing sales of Single Family Residences by 6.6%.The San Francisco real estate market is highly nuanced. There is wide variance in median price, time on market and inventory from neighborhood to neighborhood. Further than that, some neighborhoods even have varying levels of demand and buyer-interest based on micro-hoods, which can just be a few blocks apart. To get a thorough analysis of what’s happening in your neighborhood and how it impacts your own property’s value, please contact me.