What's important to note with the January sales is that the selling price of 3-unit properties was almost 11% below December's average selling price along with a hefty increase in the number of properties sold. There was a similar decline in the low price, high price, and median price of 3-unit buildings between January and December.
Another item that stands out is in the "premium" column which shows the percentage of the sales price over or under the asking price. In January the selling price for 3-unit building was 9% below asking price (91% of asking price). By comparison, during each of the four quarters of 2019 the premium had been at or just above asking price (100-104%).
http://www.boldsf.com/Statistics test/Statistics reports/2019/Quarterly/San Francisco Market Analysis combined 4th qtr 2019 BHHSLux extract 3.pdf
We also note that those 3-unit buildings that sold in January and February 2020 spent 87 and 79 days on market respectively. This is much higher than in previous two quarters and marks the point in time the COPA legislation became widely known.
Also, for comparison, our quarterly report shows sales of 2-4 unit properties and has data for the full year by quarter.
The quarterly report for 2019 shows it was a fairly active market with the number of sales typically in the 6-10 per month range except for the first quarter which shows only 12 sales for the entire quarter. By comparison, January 2020 itself had 11 sales perhaps because of a rush to sell before the effective date of COPA and the uncertain market post-COPA.
I consider January to be the first definitive data on COPA.
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