August 2022
CONDOS
SINGLE FAMILY
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SAN FRANCISCO MARKET UPDATE
Based on information from San Francisco Association of REALTORS for the period undefined. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees. ©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
After sustained market appreciation, a shift is underway presaged by higher interest rates, lower buyer interest, then fewer offers and now less inventory. The median sale price for single-family, re-sale was down 9.7% in July from June. That’s the fourth month in a row the median price has been lower than the month before. It was down 9.7% year-over-year. The average sale price for single-family, re-sale homes was down 8.3% month-over-month. Year-over-year, it was down 8.9%. Sales of single-family, re-sale homes fell 27.6% year-over-year. Sales were down 23.5% from June. There were 176 homes sold in San Francisco last month. The average since 2000 is 214. The median sale price for condos/lofts was up 0.6% year-over-year. The average sale price was up 11.2% year-over-year. Sales of condos/lofts fell 37.5% year-over-year. There were 220 condos/lofts sold last month. The average since 2000 is 230. The sale to list price ratio, or what buyers are paying over what sellers are asking, fell from 114.4% to 108.9% for homes. The ratio for condos/townhomes fell from 105.3% to 100.7%. Average days on market, or the time from when a property is listed to when it goes into contract, was 20 for homes and 48 for condos/lofts. That the sale to list price ratio continues to average over 100% is indicative of the low supply of homes for sale. In July 2022 the monthly sales inventory (MSI) was at its lowest level when compared to Juy 2021 and 2020. A lower MSI tends to favor the seller. Of course, neighborhoods and homes vary so contact your Coldwell Banker agent to advise you on how best to navigate the current market conditions.