Masks are still required in San Francisco for all showings -- open house, brokers tour, private showings.

Members:   The City and County of San Francisco is dropping the indoor mask mandate this Friday, October 15, but only for spaces/building where a discrete cohort of fully vaccinated individuals meet regularly, such as an office, religious gathering, or college classroom.   San Francisco law will still require masks for all property showings — open house, private showings, broker tour, inspections, etc.   To qualify for the "mandate removal", the space in question must only have fully vaccinated individuals, and those individuals must see each other on a regular basis, and the space should have relatively few visitors.   The indoor masking mandate is still explicitly in effect for all settings that would be accessed by the wider public, in particular retail stores and shared indoor areas with visitors (lobbies, restrooms, building elevators, etc.).   Under the San Francisco Department of Public Health's guidelines, open houses/real estate showings still qualify for the indoor masking mandate because it is an indoor space that receives many visitors or people from different workspaces/households. However, the indoor masking mandate would be lifted for most brokerage offices.   It should be noted that this rule change is specific to San Francisco, due to SF's high vaccination rate and low infection spread. Other counties are implementing separate/different indoor masking mandates.   Please click the button below for the news release from the Mayor's Office and DPH with more information about the indoor mask requirement.   Contact governmentaffairs@sfrealtors.com with any questions.   CLICK HERE FOR THE MAYOR'S NEWS RELEASE       ‌ ‌ ‌ Representing real estate professionals and promoting responsible business practices and homeownership for more than 100 years. VISIT OUR WEBSITE

A look back over the last 3 quarters

 Our San Francisco residential real estate market for the first three quarters of 2021, in spite of all the COVID issues, is having one of the best years in the last 10 for total sales.  Reviewing the variety of reports we do there are a few items that stand out.

For single family homes 53% (1,130 units) of closed sales in the first three quarters had average prices between $1 and $2 million.  Another 15% (322 homes) closed between $2 and $2.5 million.  Followed closely by 275 homes (13%) between $2.5 and $3 million.

Similarly, in the first three quarters of 2021 52% of condos/TICs sales (1,670 units) were between $1 and $2 million.  The next largest group, 18% (582 units) was between $800k and $999k.  16% (536 units) closed between $500k to $799k.

Inventory continues to be plentiful for condos/TICs.  As of 10/10/2021 there was approx. 3.8 months of available inventory (911 units) with an additional 105 in contract and 320 units pending.

It’s a more mixed message for single family homes where there were 325 active listings with 35 in contract and 285 currently pending.  This represents about 1.6 weeks of inventory.  For the two configurations that we track (2 bedroom, 1 bath and 3 bedrooms, 2 baths) there is 4 weeks and 5 weeks of inventory.

Average selling prices for 2/1 and 3/2 single family homes continue at record highs with 2/1 homes averaging $1.33 million and 3/2 averaging $1.75 million.

Annual average selling prices for the three configurations of condos/tics we track (1/1, 2/1 and 2/2) are $825k, $1.14 million and $1.41 million respectively.  These averages are down 5%, 3% and 4% compared to previous highs reached in 2019.

As might be expected, with almost 3.8 months of inventory, these average selling prices will be constrained through the end of the year. 

By the way, TICs as a percentage of condo/TICs sales is now about 6% -- the lowest percentage since 2002.  In most years TICs make up 8-10% of the combined condo/TIC market.  This reduction in market share seems to be mostly the result of the large influx of condo inventory in the past 2-3 years.