In August, there were 150 single family home sales and 218 condo sales. The active inventory fell 35% year over year. Even in the traditionally slower month of August, we still saw 85% of single family homes in San Francisco sell above the asking price.
The condo market which has been lagging the single family home market, had an increase of 22.3% YOY of the average median price bringing it to $1.23M. The median price for single family homes rose 24% year over year to $1.855M. Homes continue to sell very quickly with "Days on Market" dropping from 35 to 21 days while the speed of condo sales condos improved from 60 to 44 days, on average.
If you are thinking of buying or selling before the end of the year, inventory in the fall is expected to increase slightly, but demand is not going anywhere. Reach out to talk about what this means for your specific situation.
Cece & Team
SAN FRANCISCO
SINGLE FAMILY HOMES
SAN FRANCISCO
CONDOS
