San Francisco Real Estate
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Happy First Day of Autumn!
Hello Friends and Client Family,
In the context of the horrible fires we've seen in recent weeks – with many of our Bay Area communities and neighbors so terribly affected – a real estate report seems trivial. But since we have clients still trying to make buying and selling decisions, we will try to continue to deliver straightforward data on market conditions.
Despite the fires, SF had a very active month in listings going into contract in August, hitting a high point for the year and matching the high points of recent years.
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With no more open houses, all viewings of properties are by appointment. Buyers need agents to open the door. If you know anyone who might be in the market to buy property during this time, please forward my contact information or reach out to me and I'll call them.
And if you'd like to know more about the market or to just say hello, please give me a call. Thank you!
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The number of active listings on the SF market has risen dramatically over the last few months, outpacing the increase in listings going into contract. However, there are significant differences between the house and condo markets, which are discussed later in the report.
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With the increase in inventory has come a big jump in the number of listings reducing asking price. In some market segments, sellers are now competing for buyers, instead of buyers competing for listings.
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The next two charts illustrate how the house and condo markets have diverged since the pandemic hit. The condo market is much weaker, comparing demand to supply. However, within the condo market, different neighborhoods are seeing varying dynamics, and hundreds of condos are still selling each month. More detail follows later in the report.
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Regarding the next chart, the lower the Months Supply of Inventory (MSI), the stronger the demand as compared to the supply of listings for sale. Much of the SF house market (blue columns) remains firmly in "seller's market" territory, but the condo market's supply (red columns) is outpacing buyer demand, especially in the higher price segments.
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Below is a comparison of median house sales prices, sizes and dollar per square foot values around the Bay Area this past summer.
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A review of year-over-year changes in the number of luxury home sales around the Bay Area this past summer. Some other counties have seen astounding increases. SF luxury house sales increased by a more modest percentage; SF luxury condo sales declined year over year.
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The following 3 charts illustrate aspects of the SF HOUSE market: Median house sales price trends by bedroom count; sales volumes and median sales prices by Realtor district; and the number of active house listings by Realtor district with an analysis of months supply of inventory.
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The following 3 charts illustrate aspects of the SF CONDO & CO-OP market: Median sales price trends by bedroom count; sales volumes and median sales prices by Realtor district; and the number of active listings by Realtor district with an analysis of months supply of inventory.
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In last month's report, we looked at era of construction for the city's houses. The chart below does the same for the SF condo, co-op and TIC market.
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Just Listed
3132 Balboa Street
$1,535,000
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Gorgeous period details; bay window, fireplace, hardwood floors throughout. Enjoy a family meal in the formal dining room, or opt for dining alfresco style on the deck or garden, both directly accessed from the kitchen. The wide and functional interior foyer has direct access to the garage & the stairs up to the main living areas. The bath upstairs was recently remodeled, and custom built-ins were added to the primary bedroom for additional storage and closet space. The 1 car garage has a w/d. Close to Balboa Village.
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Luxury VIEW condo with private balcony – rarely available – thoughtful and tasteful remodeled kitchen, bath, bar area and wide planked flooring are perfect for the discerning buyer that wants a turnkey property. Den/office area, storage, walk-in closet, convenient in-unit washer & dryer and 1 car parking complete this bright, open and spacious residence at Pacific Heights' most coveted buildings, Pacific Place. Living/dining open concept floor plan designed to be inviting and have a nice flow from room to room. Unit includes a deeded parking & storage. Luxury amenities include a heated pool & spa, a beautiful common garden and a gym. Elevator building w/24 hour security. One car parking and additional storage. Excellent location! Walk to Whole Foods, Lafayette Park and dozens of restaurants and cafes on Polk and Union St. City living at its best – this checks all of the boxes. Call to schedule an appointment.
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
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