SAN FRANCISCO MARKET UPDATE
JULY 2018 wrap-up
The value of homes in San Francisco continues to grow during the summer season. In fact, the median sale price for single family homes reached a new high of $1.7MM for the month of July; a 5% increase from June, and an 18% increase from this time last year.
The median market time remains fairly consistent at 14 days, while the number of homes sold has dropped by 26% compared to July of last year, indicating a tighter supply of inventory.
Citywide, homes sell at approximately 17% over their list price. Submarkets that experienced the most dramatic increases in sales over list price include Excelsior, Portola, Westwood Park, Sunnyside, Bernal Heights and Glen Park.
Condominiums and TIC's
The value of San Francisco condominiums and TIC are also on the rise. While not as high as the last peak in May, the median sale price hit $1.195MM for the month of July, which is a 4% increase from this time last year.
The median market time has decreased by 14% to 18 days. Surprisingly, the number of condominiums and TIC sold in July actually increased 2% from last year.
Citywide, condominiums and TIC sell for approximately 11% over their list price. Submarkets that experienced the most dramatic increases in sales over list price include the Sunset, Castro, Duboce Triangle, and Noe Valley.
MEDIAN AREA VALUES
For past San Francisco market updates, please visit Vanguard Properties' archive.