Q2 2019 WRAP-UP
The median sale price of single-family homes in San Francisco continues to rise this quarter due to the combination of falling mortgage rates, high demand, and low inventory levels. The quarter closed out with homes at a median sale price of $1.7M, representing a near 5% increase from Q2 of 2018. The median sale price continues to rise into June 2019 recording at $1,789,000, a 5.2% increase from May 2019.
Median days on the market for the quarter is highly competitive at 14 days; this is comparable to 2018. Nearly eight out of ten homes sold over list price, with purchasers paying an average of 13.7% over asking price. There are currently 197 single family homes listed for sale in San Francisco ranging in price from $650K to $45M.
Mortgage rates are presently at 31-month lows with the current rate for a 30-yr fixed rate mortgage at 3.73% (per FreddieMac.com). These low rates give purchasers more spending power than at any time over the last two years. The unemployment rate in San Francisco (per LaborMarketInfo.edd.ca.gov) dropped again in May 2019 to 1.8%, down from 2.0% in April 2019. The combination of these factors makes this a great time to purchase a home.
Condominiums and TIC's
Condominiums also saw a modest increase in median sale price by 2% on a year-over-year basis. Similarly, the price per square foot increased by 2.9% up to $1,166. The median market time remains consistent with last year at a highly competitive 15 days. Six out of ten homes sold over their list price, with purchasers paying an average of 6.6% above asking. There are currently 378 condominiums/TIC/Coops listed for sale in San Francisco (excluding BMRs and senior housing), ranging in price from $399K to $17.5M.
MEDIAN AREA VALUES
For past San Francisco market updates, please visit Vanguard Properties' archive.