AUGUST 2019 WRAP-UP: SINGLE FAMILY RESIDENCES
Though activity has lightened as is typical with July and August after the spring spike, last month saw new growth in the San Francisco market on an apples to apples basis. The median sale price for single family homes increased 4.2% on a year-over-year basis to just over $1.6M. Similarly, the median price per square foot also increased by 4.2% to $966. Homes are also selling a bit faster than they were last year with the median days on market ticking down to an extremely competitive 14 days. Most homes continue to sell well above their list price; the percent of list price received ticked up 0.7% from last year with purchasers paying an average of 15.5% over asking.
As the month begins, we are seeing an influx of new listings on the market that is typical for September and that will drive the autumn selling season. There are currently 262 single family homes listed for sale in San Francisco, which represents 1.6 months’ supply of inventory, well below the widely regarded equilibrium of 6 months. Prices of single family homes range in price from $599K to $40.5M.
The weighted average rent in San Francisco continues to climb and is currently at $4,350 (per SocketSite.com) which is roughly 2% above its mark at the same time last year. At the same time, benchmark mortgage rates are nearing three-year lows. The current average for a 30 year fixed rate mortgage is 3.49% (per FreddieMac.com), giving potential buyers more purchasing power.
YEAR-OVER-YEAR COMPARISON: SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH COMPARISON: SINGLE FAMILY RESIDENCES
CHANGE IN PAST MONTH:
SALE PRICE +0.2% DAYS ON MARKET 0.0%
MEDIAN AREA VALUES: SINGLE FAMILY RESIDENCES (MOST RECENT QUARTER)