July 2019 WRAP-UP
While the median sale price ticked down 1.6% on a year over year basis, the median market time remained at an extremely competitive 14 days and the price per square foot increased 4.4%. Similarly, the number of sales last month increased by 7.8% compared to July of last year. The current supply of inventory stands at about 1.2 months, well below the widely regarded equilibrium of 6 months.
High demand for real estate in San Francisco is also evident in the increasingly competitive office leasing market. Office leases are being snapped up before construction is even started. Pinterest recently signed a lease for 490K square feet at the 88 Bluxome Street mixed-use development within the city’s newly rezoned Central SoMa area; before the project was even approved (per Bisnow.com).
With the weighted average asking rent in San Francisco increasing to $4,300 (per SocketSite.com) and benchmark mortgage rates dropping to an amazingly low 3.6% for a 30-year fixed (per FreddieMac.com), now is a great time for potential purchasers to get their own home in the city.
Condominiums and TIC's
The median Condominium sale price increased 3.8% on a year-over-year basis to $1,235,000. Similarly, the price per square foot increased by 2.5% to $1,167. The median market time decreased 5 days from this time last year to 14 days. Over 7 out of ten homes sold over their list price with purchasers paying an average of 8% above asking. There are currently 329 Condominiums/TIC/Coops listed for sale in San Francisco (excluding BMRs and senior housing), ranging in price from $379K to $17.5M.
MEDIAN AREA VALUES
For past San Francisco market updates, please visit Vanguard Properties' archive.