Low Inventory of single family homes

There’s barely a month of inventory of single family homes in both San Francisco and Marin.  Sonoma is doing better with nearly 2 months of inventory.  San Francisco and Sonoma have 64 and 51 single family homes “coming soon”.  Marin has 11.

Marin Fundamentals (May compared to April)

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Number of sales in May was down 8% for single family homes and 12% for condos.

Average selling prices were down 7% and condos were up 3%.

Active listings are up 35% for single family homes and 7% for condos.

 

San Francisco Fundamentals (May compared to  April)

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Number of sales of single family homes was down 11% but basically unchanged for condos.

Average selling prices were up 4% for single family homes and up 2% for condos.

Active listings are up 10% for single family homes and 2% for condos.

Market so far in 2021`

Based on the Total Number of Closed Sales through May 31^st, the San Francisco residential real estate market remains on track to be among the best in the last 10 years.

By way of historical perspective, in 2013 closed sales for single family home through May 31^st totaled 1,052 and condos/TICs added an additional 1,350.  This year through the end of May single family home sales totaled 1,090 (a 4% increase over 8 years) and condos/TICs show closed sales of 1,827 (an increase of approx. 35%).

Available inventory of single-family homes continues to be between 2 and 4 weeks for homes under $3 million.  Available inventory for homes priced above $3 million is running between 2 and 4 months.

Inventory of condos priced below $2.5 million is between 2.5 and 3 months. Condos priced above $2.5 million inventory is 5+ months.

Based on average selling prices for single-family homes that we survey monthly (2 bedroom, 1 bath homes and 3 bedroom, 2 bath homes) continue to set historic highs almost every month.  For condos/TICs average selling prices have moderated for the three configurations we survey (1 bed/1 bath, 2 bed/1 bath, and 2 bed/2 bath).  Prior historic highs were all established in 2019. 

1 bed/1 bath prior historic average selling price was $871k.  Through May 31^st it is now $814k (a 7% reduction).

2 bed/1 bath prior historic average selling price was $1,174k.  Through May 31st it is now $1,129k (a 4% reduction).

2 bed/2 bath prior historic average selling price was $1,463kk.  Through May 31st it is now $1,386k (a 5% reduction).