If you just go by the “numbers” without taking into account
the other “issues” that captured all the headlines last year it was a rather
normal year for San Francisco residential real estate
Total residential sales for 2020 was 4,967 homes; for 2019
it was 5,023, a mere difference of 56 homes or a decline of .01%.
For the five categories of residential properties we survey each month the average selling prices show some surprising results:
Single family homes remain in high demand. In December 2/1 and 3/2 homes had DOM (Days
on Market) of 17 and 24 respectively and had premiums (selling price ÷
list price) of 111% and 104%.
In the condo/TIC market1/1, 2/1 and 2/2 units had DOMs of
52, 52 and 53 respectively and premiums of 98%, 101% and 98%.
But when you look at our other data, in this case Sales by
Price Range, another story emerges.
Single family homes selling for over $3.5 million tend to sit on the
market at least twice as long as lower priced homes. Average days on market for home over $3.5
million is 50 compared to 27 for home priced lower. In addition, a high percentage of homes
listed for over $3.5 million are withdrawn or cancelled – a rate almost three
times that of homes priced below $3.5 million.
And the law of supply and demand does still apply. While current inventory for condos remains
unusually high, still about 2.5 months of available units.
Our Condo vs TIC Quarterly Study shows a slight pickup in
the number of TICs sold as a percentage of total sold condos+TICs.
As we look at (as of 1/11/2021) our marketplace we have one
month supply of available single family homes and over 2.5 months of supply of
condos/TICs available. And waiting for
the spring market with 192 units in the “coming soon” status (70 single family
homes and 122 condos). Perhaps this will
be a more normal year in real estate.
And a quick review of the last 7 days hot sheet as of this
morning shows there were 73 single family homes and 152 condos/TICs added. Compare that to the prior 14 day period in
2020 when there were 92 single family homes and 189 condos added. Spring market appears to have arrived with
some fast-building inventory.
To see our complete year-end analyses please visit: www.boldsf.com/Statistics
