Higher 1st Quarter 2017 Sales in San Francisco, part 2

In the previous post we noted that the number of residential sales is up comparing the 1st quarter 2017 vs 2016.  At a more granular level* here's what we see:

The number of sales is up in four of the five configurations we track (1st qtr 2017 vs 1st qtr 2016):

The average sales price is up in three of the five configurations:

The median sales price is up in two of the five configurations:

Average days on market is up in four of the five configurations:

And finally, the premium (sales price over asking price) is down in all five categories:

What do these numbers tell us?

• The residential real estate market in San Francisco is still strong with the number of sales increasing and average prices increasing.
• There is increasing pressure on lower priced properties (median price down).
• There's slightly more caution in the market with DOM (days on market) increasing and premiums dropping slightly.

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* We track five separate configurations of homes for our monthly reports:
2br/1ba single family homes;
3br/2ba single family homes;
1br/1ba condo/TICs;
2br/1ba condo/TICs; and
2br/2ba condo/TICs

Those five configurations make up over 60% of residential sales in San Francisco.