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Market Stats - August 2018

September 04 2018
September 04 2018

Just as San Francisco is famous for its wintery summers and sunny autumns, the real estate market has its own seasonal peculiarities. Typically, January displays the lowest median sales price (MSP). However, the highest MSP shifts a bit from year to year.

When is MSP Highest?
Since 2015, February has held both the title for lowest MSP of single-family homes and that of highest MSP. June, which in most places would be the height of the spring market, tends to run middle of the pack in San Francisco. Over three years, we can see that the highest MSP has occurred in February, October, and May. This year, the MSP peaked in February and then fell 1.5% in July.

Single-family home MSP does tend to drift down after June and bounce back in the fall. This, of course, does not capture the overall upward trend; from July 2015 to July 2018 there has been a 50% increase in MSP.

Condo prices, on the other hand, tend to spike rather than drift up and down seasonally. Additionally, there is only a 4.76% increase in MSP from July 2015 to July 2018.

Trends in Days on Market and New Listings
While many trends come and go in San Francisco, some things never seem to change. Median Days on Market for single-family homes is stuck at 14 days. Condos do bounce around; currently, it takes a condo about 19 days to go into contract.

New listings tend to peak early in the year. That said, there is an overall downward trend in number of new listings. Comparing this July to July of 2015 shows a dramatic drop. As we might expect, pending sales also dropped (fewer houses to sell) but only by 13.75%. Persistent buyers will find houses to buy no matter what!

Appreciation District to District
If you bought a condo in District 10 in the last year or so, congratulations! You are the big winner; condos in this district have appreciated more than condos or single-family homes in any other district overall. Coming in second is single-family homes in District 3. District 2 continues to do well. The more expensive districts now tend to appreciate at a slower rate. Even in San Francisco, fewer people can afford those more expensive properties.

Next month, we’ll look at just how much inventory is selling over the years.


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