First six months 2022 vs 2021

The number of San Francisco residential closed sales, including single family homes and condos/TICs, for the first six months of 2022 are down 17% compared to the first six months of last year (2021).  Single family homes are down by 11% and condos/TICs are down by 22%

Reviewing the five configurations we survey monthly 2/1 (bedrooms/bathrooms) and 3/2 single family homes had an increase of 7% for 2/1s and a 4% decrease.  Of the 1/1, 2/1 and 2/2 condos/TICs it’s quite a different story.  1/1s are down 23%, 2/1s are down 36% and 2/2s are down 16%.

At the same time the average selling price shows an increase in all five categories we survey.  2/1 single family homes are up 6%, 3/2 single family homes are up 10%.  For all single family homes regardless of configuration that closed in the first six months are up 1% on average.  Condos/TICs also saw increases in average selling prices for every configuration we survey, 1/1, 2/1 and 2/2 increased by 2%, 2% and 5% respectively.

Inventory continues to increase as is normal for this time of year.  There is approximately 5 weeks of single family homes currently available and 11 weeks for condos/TICs. 

These statistics are based on MLS listings.  New construction units are generally not included (except for sample units) so available inventory of condos is more likely to be in the 3-4 month range.

In our 24 years of keeping stats on SF real estate there has never been this high a number of available condo/TIC units.