San Francisco 6 month review

Is the San Francisco real estate market one of the most expensive places to buy property?  After a review and analysis of the first six months of 2017 activity you can decide for yourself. 

First a few general data points.  42% of closed residential transactions were single family homes; 58% were condominiums/TICs/co-ops. 

Over 67% of residential sales have a sales price over $1million.  Available inventory is at a seven year low.  In 2010 at the beginning of July there were about 1,106 residential properties (single family homes and condos/TICs/co-ops) on the market.  At the beginning of July 2017 there were only 330.   When compared against typical monthly sales volume, this represents about three weeks of inventory for single family homes and four to seven weeks for condos.

When broken down into price ranges the single largest category of sales is the $1million to $1.5million range at 33%. Then comes the $800k to $999k range at 17.4% followed by $1.5million to $2million at 16.4%.  At the extremes of our market the $0 to $500k range accounts for only 2.2%.  The $2million to $2.5million range has 6.6% and the over $2.5million range accounts for 10.6%.

Looking at the five most popular residential configurations for more clarity, we track 3/2 and 2/1 (bedrooms/baths) single family homes, and in the condo category 1/1, 2/1 and 2/2 (bedrooms/baths). 

Property type**	# of sales	Average sale price (000s)	Low sale price (000s) ***	High sale price (000s)	Average days on market	Sale price premium*	Available inventory
2/1 single family	183	$1,067	$491	$2,513	42	121%	3 weeks
3/2 single family	189	$1,454	$659	$3,700	20	115%	3 weeks
1/1 condo	336	$791	$223	$1,570	34	105%	6 weeks
2/1 condo	151	$1,092	$342	$1,925	25	114%	4 weeks
2/2 condo	361	$1,342	$250	$3,055	33	106%	7  weeks

*Sale price divided by listing price.

** These five categories represent about 51% of the total residential sales as reported in the San Francisco Association of Realtors MLS.  Most new construction condo units being sold by the developer do not appear in the MLS. 

*** Most of the low sale prices were properties that have their original and resale prices restricted through various government programs designed to preserve affordable housing.

Current detailed reports can be found at www.boldsf.com/Statistics

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