San Francisco Market Focus Report – April 2013
The April issue of Market Focus Report, issued by the San Francisco Association of Realtors characterized the market by increasing residential real estate demand and shrinking supply. The lack of inventory has fueled a drastic jump in median home sale prices for both single family homes and condominiums. Strong sales in higher-cost coastal regions, coupled with heated market conditions have helped drive California’s median home price to its highest level in March since 2008.
The following is an excerpt from the report, and focuses on Single Family Homes. Those of you in the know, know that you can buy a home in San Francisco throughout a broad range of neighborhoods. And depending on the neighborhood, prices currently start from $325,000 in the Southwest part of the City to an average high in the $2-$3 Million range, with the priciest listing at $24,800,000 in Cow Hollow near the Marina district. There are currently 71 active listings over $1.5 Million. The Citywide SFH Median Sales Price currently sits at $915,000. The Active for Sale inventory is 487 and an average of 27 days on Market. Here’s an excerpt from the April report:
Compared to March of last year, the inventory of single-family homes for sale in the City dropped by 34.2 percent, to a total of 487 properties currently for sale. The number of homes under contract also fell by 10.2 percent, while the number of homes sold decreased by 9.9 percent, to a total of 201 properties. The decrease in sales is a direct result of lack of inventory.
For homes that were priced below $700,000, the average number of days on market fell by 55 percent to just 25 days. For higher priced homes between $700,000 and $1.2 million, the average number of days on market fell by 53 percent to 26 days.
District 6 in San Francisco exhibited the largest gain in median home prices of all districts, jumping 102 percent in March 2013 compared to March 2012 figures. The jump was a result of very few home sales during the month. The median home price in the district (which includes the neighborhoods of Hayes Valley, Western Addition, NOPA and Lower Pacific Heights) rose to $2.2 million in March
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area