Q1 2019 WRAP-UP
After a slow start to the year, we are seeing a dramatic acceleration in sale prices as we enter the busy season. While the median home price for Q1 2019 dropped 5% compared to Q1 2018, it actually jumped up to $1,625,000 in March 2019. The median market time has also gone back down to a competitive 14 days for March after the winter slowdown. Nearly three out of four homes sold over their list price, with purchasers paying an average of 10% over asking.
San Francisco employment rates hit another record high during Q1, while mortgage rates fell considerably (currently 4.08% for a 30-year fixed according to FreddieMac.com); this makes for an ideal time to purchase property, especially before the impact of IPOs will be felt on the Bay Area housing market. There are currently 197 single family homes listed for sale in San Francisco, ranging in list price from $699K to $27.5MM.
Condominiums and TIC's
Similar to single family homes, condominium sale prices are down slightly when looking at Q1 2019 vs Q1 2018, but saw a significant spike in March. Just over half of condominiums sold over their list price, with purchasers paying an average of 3.8% over asking. There are currently 361 condominiums/TIC/COOPs listed for sale (excluding BMRs and senior housing), ranging in price from $420K to $17.5MM.
MEDIAN AREA VALUES
For past San Francisco market updates, please visit Vanguard Properties' archive.