San Francisco Real Estate Market Report - Prices and Sales Drop

The median sales price for single-family, re-sale was down 4.2% in August from July. That’s the fifth month in a row the median price has been lower than the month before. It was down 13.5% year-over-year.

The average sales price for single-family, re-sale homes was down 6.9% month-over-month. Year-over-year, it was down 9.1%.

Sales of single-family, re-sale homes fell 25.3% year-over-year. Sales were up 4% from July. There were 183 homes sold in San Francisco last month. The average since 2000 is 214.

The median sales price for condos/lofts was down 12.2% year-over-year.

The average sales price was down 14.8% year-over-year.

Sales of condos/lofts fell 28.3% year-over-year. There were 231 condos/lofts sold last month. The average since 2000 is 230.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell from 108.9% to 106.5% for homes. The ratio for condos/townhomes fell from 100.7% to 100.4%.

Average days on market, or the time from when a property is listed to when it goes into contract, was 25 for homes and 51 for condos/lofts.

Momentum Statistics

Sales momentum…
for homes dropped 3.6 points to –10.9. Sales momentum for condos/lofts was down 5.3 points to –17.6.

Pricing momentum…
for single-family homes fell 2 points to +4.4. Pricing momentum for condos/lofts fell 0.3 of a point to +1.9.

Our momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.

If you are planning on selling your property, call me for a free comparative market analysis. 

We calculate…

momentum by using a 12-month moving average to eliminate seasonality. By comparing this year's 12-month moving average to last year's, we get a percentage showing market momentum.  

In the chart below…

the blue area shows momentum for home sales while the red line shows momentum for pending sales of single-family, re-sale homes. The purple line shows momentum for the average price.

As you can see, pricing momentum has an inverse relationship to sales momentum.

The graph below shows the median and average prices plus unit sales for homes.

Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, call me.

The graph below shows the median and average prices plus unit sales for condos/lofts.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.

If I can help you devise a strategy, call me to discuss your goals and how I can support you in the process. Jeff