San Francisco - March 2016

Real Estate Insights

Corcoran Global Living  
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The spring selling season has arrived along with more homes available for sale, a welcomed time of year for buyers seeking more choices. Although, market conditions for buyers remain competitive and these homes are still selling fast and at slightly higher prices.

The median sale price for single family homes ticked up in February to $1.41 million, the highest median figure over the previous 12 months. There were 32 (+16.9%) more homes that sold or entered into contract in February compared to January, but 53 fewer (-19.3%) compared to the same month one year ago, representing a slowdown in the rate of sales year-over-year. The number of homes for sale increased by 84 units from January, up to 424 in February, which is expected as we enter into the early part of the spring market. This trend has slightly loosened the extremely tight inventory conditions thus far in 2016. As measured by the number of months supply, February would have required 2.3 months of time to sell out all the single family homes on the market. The selling time was still quite short at 32 days on average for homes sold.

 
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SFR Med. Sales Price

$1,410,000

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SFR Avg Days on Mkt

32

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# SFRs Sold

99

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SFR %List Price Rec'd

109.7%

 
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Median Sales Price

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Average Days on Market

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# Units Sold

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What about condos?

Condominium market conditions are more stabilized with most market indicators showing a less frenzied or relatively more balanced situation. The median sale price remained in a narrow trading range of about $1.10 to $1.15 million over the past 12 months, with the February 2016 figure at $1.1 million. Inventory increased a bit in the month of February. Compared to January 2016, there was a net addition of 96 units listed for sale and a net addition of 51 units sold. While it only took on average 35 days to sell, the months supply of inventory remained above two months (2.3 in February) for the third consecutive month. Condominiums sold for an average of 105.8% of asking price over the past three months, down from 108% between September and November 2015.

Check back next month for more insight into what’s happening in our dynamic and rapidly changing real estate market.

 
 

% Original List Price Received

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Months Supply of Inventory

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For Sale vs In-Contract+Sold: SFRs

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For Sale vs In-Contract+Sold: Condos

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Closer to Home

recent sales citywide

 
 
 

no sales reported for last 21 days

 
 

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Lauren O'Brien
415.613.0670
lauren@laurenmobrien.com
CalBRE # 01775998

ZephyrRE.com

 
 

Data Sources include: San Francisco Association of Realtors Multiple Listing Service (SFAR MLS) and/or Bay Area Real Estate Information Services Multiple Listing Service (BAREIS MLS). Data from these sources is deemed reliable, but not guaranteed. Quick stats noted at the top of the newsletter are for Single Family Homes sold during the prior month.