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August 2019 San Francisco Real Estate Market Update
San Francisco’s median sold price for condo/loft/TIC’s hit a new high in July, at $1,250,000. Single family homes were slightly off their June all-time high of $1,700,000 but still posted the second highest price month ever at $1,660,000. Not surprisingly, sold prices per square foot also hit all time highs, at $1,002 and $1,173, respectively.
These sold prices are up modestly year-on-year, 2.3% for homes and 4.2% for condo/loft/TIC’s. While this is well below the preceding two year’s annual appreciation for single family homes (10.6% and 7%), it is slightly above last year’s 3.7% appreciation for condo/loft/TIC’s.
The number of properties sold was similar the past five July’s, but there was a sharp reduction in the number of new listings in both single family homes and condo/loft/TIC’s. And since demand continues to outstrip supply, as evidenced by 81% of homes and 67% of condo/loft/TIC’s selling above list price, this sharp drop in new listings will contribute to continued inventory under-supply and likely support continued high sold prices.
Properties continue to fly off the market, with just 13 and 14 days on market, respectively, for single family homes and condo/loft/TIC’s.
© Keller Williams San Francisco 2019
*based on a 3-month rolling average
Summary of the Numbers - August 2019*
Single Family Residences (SFR)
% Change Year-over-Year Condo/Loft /TICs
% Change Year-over-Year
Median Sold Price $1,660,000 2.3% $1,250,000 4.2%
Median Days on Market (DOM) 13 -7.1% 14 -18%
Months of Inventory 2.1 -8.7% 2.3 -12%
Percent of Homes Sold Over List Price 81% -6.0% 67% 1.2%
Median Percent of List Price Received 113% -3.8% 104% -0.86%
New Listings (#) 195 -25% 228 -22%
Homes Sold (#) 211 -6.0% 247 -8.3%
Median Sold $/Square Foot $1,002 1.3% $1,173 3.4%
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$2,200,000
© Keller Williams San Francisco 2019
MEDIAN SALES PRICE
Single Family Homes
Condo/Loft/TICs
*based on a 3-month rolling average
Condo/Loft/TIC sales prices are up 4.2% year-on-year
Median sales prices are up 2.3% year-on-year
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MEDIAN DAYS ON MARKET
Single Family Homes
Condo/Loft/TICs
*based on a 3-month rolling average
Days on Market are down7.1% year-on-year
Days on Market are down18% year-on-year
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© Keller Williams San Francisco 2019
Single Family Homes
Condo/Loft/TIC
MONTHS OF INVENTORY
*based on a 3-month rolling average
Inventory is down8.7% year-on-year
Inventory is down 12% year-on-year
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PERCENT SOLD OVER LIST PRICE
Single Family Homes
Condo/Loft/TICs
© Keller Williams San Francisco 2019 *based on a 3-month rolling average
Percent sold over list price is up 1.2% year-on-year
Percent sold over list price is down 6.0% year-on-year
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MEDIAN PERCENT OF LIST PRICE RECEIVED
Single Family Homes
Condo/Loft/TICs
*based on a 3-month rolling average
Median percent of list price received is down 3.8% year-on-year
Median percent of list price received is down 0.86% year-on-year
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© Keller Williams San Francisco 2019
NEW LISTINGS & NUMBER OF SALESSingle Family Homes
Condo/Loft/TICs New listings are down 22% year-to-date; sales are down 8.3%
New listings are down 25% year-to-date; sales are down 6.0%
*based on a 3-month rolling average
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Sold $/Square Foot
Single Family Homes
Condo/Loft/TICs
The information contained in this report is taken from a variety of sources including SFARMLS, SPUR, the City of San Francisco Planning Department, the Federal Reserve Bank of San Francisco, the Bureau of Labor Statistics, The Conference Board, U.S. Department of Commerce and others. The data may have errors, omissions and be subject to revisions and is not warranted. It is deemed reliable but is not guaranteed. Questions may be directed to Keller Williams San Francisco | 415.483.9285 | CalBRE 01995149 | © Keller Williams San Francisco 2019
Sold $/SqFt is up 3.4% year-on-year
*based on a 3-month rolling average
Sold $/SqFt is up 1.3% year-on-year
