A Year Over Year Breakdown of Our 3rd Quarter Market

San Francisco Real Estate Podcast with Durwin Cheung

Year over year, prices increased in our third quarter much in the same way we’ve seen over the past decade.

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How do the numbers from our third quarter market stack up against the numbers we saw from the third quarter of 2016? Let’s take a look at the latest data.
The median sales price for single-family homes rose 6.8% from $1.3 million to $1.4 million. For condos and lofts, the median sales price rose 11.4% from $1.1 million to $1.2 million. These increases are typical of the pattern we’ve been seeing in our market over the past 10 years or so, which is a healthy indication.
The average days on market for single-family homes dropped 18.1% from 36.3 days to 29.8 days. For condos and lofts, the average dropped 0.4% from 54.6 days to 54.4 days.
The price per square foot for single-family homes rose 6.1% from $857 to $909. The price for condos and lofts rose 2.2% from $1,038 to $1,061.

The median sales price for single-family homes and condos and lofts rose once again.

The number of sold listings for single-family homes rose 2.3% from 571 units to 584 units. For condos and lofts, the number dropped 15.5% from 663 units to 550 units. Single-family homes typically sell faster than condos here in San Francisco because there is only so much land to go around, and you can’t just build them on top of each other the way you can with condos.
The list-to-sale price ratio for single-family homes rose 4.5% from 111.4% to 116.4%. The ratio for condos and lofts rose 1.3% from 104.2% to 105.6%.
Lastly, the supply of inventory for single-family homes dropped 35.1% from 2.8 months to 1.8 months. For condos and lofts, the supply dropped 26% from 3.4 months to 2.5 months. This low level of inventory explains why prices are staying strong.
If you have any more questions about our San Francisco market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be glad to help you.