The August 2020 residential real estate market in San Francisco showed some remarkable resilience despite Covid-19. The number of single family homes closed sales showed a 22% increase over August 2019. And condos/TICs had a 13.6% increase.
Changes in average selling prices were mixed for single family homes and down for condos among the five configurations we survey:
It's clear that the large numbers of available inventory since May has impacted the condo/TIC market. The usual after Labor Day bump up in inventory did happen. 6% more single family homes were added compared to 2019 and condos/TICs jumped 22%.
As expected, with the huge influx of new inventory there has also been lots of price reductions not seen in recent memory. In the last three 14-day periods there have been over 150 price reductions for condos/TICs in each period. And, if history repeats itself, the next two 14-day reporting periods should produce similar numbers.
For a full review got to our web site: www.boldsf.com/Statistics for a complete review of this month's reports.
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