FEBRUARY 2019 WRAP-UP
February sale prices of single family homes hit a median of just over $1.5MM, representing a 10% decrease from the same time last year. However, about 4% more homes were sold on a year-over-year basis. Most homes also continue to sell well over asking, with purchasers paying an average of nearly 13% over list price.
Now is the perfect time for prospective buyers who have been waiting for their opportunity to purchase a home; with many large local companies preparing to go public, and the shortage of new inventory being built, we are likely to see a significant surge in property value in the months ahead. Currently, there are 205 single family homes listed for sale in San Francisco, ranging from $630K to $29MM.
Condominiums and TIC's
The median sale price for condominiums and TIC remains similar to last year’s number at just under $1.2M. The median market time is leveling out to 18 days, which is slightly more than the same time last year. The number of condominiums and TIC sold this February decreased on a year-over-year basis, likely due to chronically low inventory levels. Over half of condominiums/TIC sold over their list price, with purchasers paying an average of 4.5% over asking. There are currently 380 condominiums/TIC listed for sale (excluding BMRs and senior housing), ranging in price from $495K to $17.5MM.
MEDIAN AREA VALUES
For past San Francisco market updates, please visit Vanguard Properties' archive.