Based on the Total Number of Closed Sales through May 31st, the San Francisco residential real estate market remains on track to be among the best in the last 10 years.
By way of historical perspective, in 2013 closed sales for single family home through May 31st
totaled 1,052 and condos/TICs added an additional 1,350. This year through the end of May single
family home sales totaled 1,090 (a 4% increase over 8 years) and condos/TICs
show closed sales of 1,827 (an increase of approx. 35%).
Available inventory of single-family homes continues to be between 2 and 4 weeks for homes under $3 million. Available inventory for homes priced above $3 million is running between 2 and 4 months.
Inventory of condos priced below $2.5 million is between 2.5
and 3 months. Condos priced above $2.5 million inventory is 5+ months.
Based on average selling prices for single-family homes that
we survey monthly (2 bedroom, 1 bath homes and 3 bedroom, 2 bath homes)
continue to set historic highs almost every month. For condos/TICs average selling prices have
moderated for the three configurations we survey (1 bed/1 bath, 2 bed/1 bath,
and 2 bed/2 bath). Prior historic highs
were all established in 2019.
1 bed/1 bath prior historic average selling price was
$871k. Through May 31st it is
now $814k (a 7% reduction).
2 bed/1 bath prior historic average selling price was $1,174k. Through May 31st it is now $1,129k (a 4%
reduction).
2 bed/2 bath prior historic average selling price was $1,463kk. Through May 31st it is now $1,386k (a 5% reduction).
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