San Francisco Real Estate |
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. Surprisingly, the fires did not significantly impact the number of deals being made in most Bay Area counties during the last 2 weeks of the month - the exceptions being Santa Cruz, Sonoma, Monterey and Napa Counties, which saw declines of 13% to 33%. |
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. |
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. |
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. |
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. |
The following 2 charts illustrate aspects of the SF HOUSE market: 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. |
The following 2 charts illustrate aspects of the SF CONDO & CO-OP market: 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. |
© Compass 2021 ¦ 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. marketingcenter-sfbayarea-sfcityproper |
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