San Francisco » MID-YEAR 2017

The Real Estate Update

Although 2017 started a bit slowly, San Francisco has shown us, once again, that the real estate market here is unlike anywhere else. March, May, and June saw a healthy rebound from the year’s slow start. In recent months, the number of listings remains quite low, which generally drives up median selling prices. In fact, in May, single-family homes hit a new high with a median price of $1,501,675, and condos reached a new peak of $1,200,000. June figures were just a sliver behind. For the second time in the last three years, the number of pending sales exceeds that of new listings. So 2017 is continuing to be a year of HIGH DEMAND and LOW SUPPLY.

To produce reliable sales statistics, we need to examine the San Francisco market as two distinct components: Condos and single-family homes. Buyers and sellers should please review the information that is more relevant to their specific situation.

Condos vs. Single-family Homes

Condos:
Early in the year, several publications were predicting a slowdown in condo sales and prices. Based on the abundance of condos hitting the market and the decrease of pending sales, the forecast of an oversaturated market seemed reasonable. But this has NOT been the case. Pending sales of condos are similar to those of the last three years. Indeed, the ratio of sale price to list price in June was a robust 115.6%.

Single-Family Homes:
The ratio of sale price to list price is usually one of the major differences between the condo market and the single-family market. The ratio for single-family homes in June remained steady (at 114.6%), while the same figure for condos jumped from 102.7% to 115.6% from May to June! One month's data do not a trend make, but this is certainly a positive sign in the condo market. Stay tuned.

One thing is certain, the San Francisco Real Estate market is as active and exciting as ever. If early summer is any indicator, the rest of this year should be a fascinating and productive one!

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Data Source: San Francisco Association of Realtors Multiple Listing Service (SFAR MLS)