The San Francisco residential market has continued growing at a moderate pace. The current supply of inventory stands at about 1.5 months, well below the widely regarded equilibrium of 6 months. While sales volume is down slightly for the year, the overall median price is up 5% to $1,200,000. It is taking about a week longer to sell a property, as compared to this time last year. Anecdotally, there are countless stories of multiple offer situations. Last month, buyers spent an average of 5% over list price, and as high as 63% over.
The City's economic indicators remain strong, including a near-record low 2.9% unemployment rate. Adding to strong fundamentals, Freddie Mac reported that the Brexit vote caused mortgage rates to decline further. The 30-year fixed-rate mortgage currently stands at 3.41%, compared to 4.04% one year ago.
Median Sale Price
Median Neighborhood Values
Single Family Homes
Top Five Condominium Sales
With prices ranging from $2.8 to $4.5 million and price per square foot from $990 to close to $1,600, condos in San Francisco's Pacific Heights, Potrero Hill, Mission Bay, Russian Hill and Presidio Heights comprised the top five sales. 1806 20th Street, Potrero Hill boasted the top price per square foot at $1,594 but 1050 Green #4, Russian Hill secured the top spot with a $4,550,000 sale price.
Top Five Single Family Home Sales
Presidio Heights and Pacific Heights also made the top five single family sales along with the Marina district. Price per square foot ranged from $1,278 in the Marina to just over $1,700 in Presidio Heights. Of these five sales, one was off-market, two were on market for 11 and 54 days respectively while the other two were listed for right around 110 days before they sold. Sale prices were $6.750 million to $9.998 million, definitely in the range of the $3million and above price point that we've seen lingering longer on the market as of late.
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