The February issues of Market Focus Report. Issued by the San Francisco Association of Realtors characterized a continued return to market normalization. As mortgage delinquencies fade, banks are listing bargain-priced porduct less often. That means investor activity - which accounts for a substantial market share - is moderating. That's not to say that rates and prices aren't still attractive to owner-occupant buyers. Some short term volatility is expeted as part of a normal market readjustment.
Those of you in the know, know that you can buy a single family home in San Francisco throughout a broad range of neighborhoods. And depending on the neighborhood, list prices currently start from $408,000 for a habitable home in the Southeast part of the City to an average high in the $2-$3 Million range, with the most pricey listing at $30,000,000 for a 7 bedroom, 7 bath, 13,500 sf home in Pacific Heights. There are currently 39 active listings over $1.5 Million.
Compared to February of last year, the Citywide Median Sales Price was up 35.7 percent to $1,086,500 for single family homes and 23.5 percent to $926,000 for condo properties. The Active for sale inventory is 275 for single family homes and 397 for condo properties, with an average of 39 days on Market. The months of Supply of Inventory decreased 23.5 percent for single family homes to 1.3 months and down 36.4 percent for Condominium units to 1.4 months.
With such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one!
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