We just completed our monthly reports and first quarter 2022 reports and have several observations.
SAN FRANCISCO
In San Francisco, 2021 recorded the highest number of
residential sales since 2004 including single family homes and condos/TICs. However, for the first quarter this year
compared to 2021 first quarter there has been a decline of 17% in closed
sales. Single family homes fell about
12% and condos/TICs fell about 21% in the same first quarter comparison.
[San Francisco quarterly link]
At the same time the average selling prices for single
family homes increased by 7% while condos/TICs were down by almost 2%.
Is scarcity driving up prices? For single family homes this obviously has
been true. As of April 4 there was only
3 weeks of available inventory (number of available properties divided by the average
number of monthly sales). On the other hand,
condos/TICs were a surprise as inventory has been hovering between 2 and 3
months.
Both 2 bedroom/1 bath and 3 bedroom/2 bath single family homes continue to establish new historic high average selling prices almost every month. And 2/2 condos have returned to historic high prices after a downturn during the two years following the start of the pandemic.
And 1/1 and 2/1 condos have also seen recent upticks in
recent selling prices but are still 3% off their previous high reached in 2019.
MARIN
Total residential sales (including single family homes and
condos) for the first quarter of this year compared to 2021 first quarter show
a drop of 18% for all sales with single family homes falling 17% and condos
falling 19%. At the same time average
selling prices for Marin County residential sales were up 6% with single family
homes up 3% and condos up 16%.
As of 4/4/22 Marin has almost three weeks of available inventory
of single family homes and four weeks of available inventory of condos.
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