San Francisco Fundamentals - next month will be worse

One of the reports we publish is the "San Francisco Fundamentals" report.  It provides a summary of the previous month's sales and a snapshot of the current inventory of available properties.

Compared to February the number of sales in March was up as was the average price of single family homes.  The average selling price for condos was down compared to February. 

But compared to March 2019 the number of sales was down between 10% (single family homes) and 20% (condos).  Average selling prices were uo 3% (single family homes) and 4% (condos).

However, keep in mind that the vast majority of March 2020 sales were in contract prior to the shelter-in-place order was initiated in San Francisco.

Not surprisingly inventory was down overall (condos and single family homes) compared to February.  And, it was way down compared to a year ago:  122 single family homes compared to 193 in 2019; 236 condos compared to 406.

There are more properties with a "hold" or "cancelled" status than there are "active".

Next month will be worse.