San Francisco Real Estate market update

By
Real Estate Agent with Zephyr Real Estate, San Francisco BRE# 01265683

The Psychology of Uncertainty: SF Market Update

The Price Ceiling
The median sales price (MSP) for single family homes hit its highest point in February, at $1,700,000. It then slipped down to $1,650,000 in April. Condos followed a similar trajectory, with their MSP peaking at $1,268,000 in March and then dropping a little to $1,242,500 in April.

In the ultra-high-end market, the ceiling is around $7,000,000. After that the number of sales drop off precipitously. For buyers in this price range, the good news is that there is not a lot of competition. There is, however, a supply problem in this market since there are very few homes to choose from.

So, what’s with the MSP surge?
The steep climb between December and February cannot be attributed to one single cause. Certainly, the number of new listings continues to decline every year, and demand has not let up. Pending sales devour practically every new listing the moment it hits the market, and, with a 117.9% average of list price received, the competition to outbid other buyers is fierce.

This supply and demand problem is not new. However, the untamed stock market, rising bond prices, and climbing interests rates create a new pressure. While mortgage rates are still within the historically low range, there is no guarantee that this will last. Doubt often drives buyers into the market with a sense of urgency. Thus, the psychology of uncertainty may have driven the MSP surge in January more than any tangible market factors.

 
           
 
Avg. Days on Market
# Homes Sold
% List Price Received
$1,650,000
22
188
111%
 
 
 
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
San Francisco
 
 
Sold for $1,325,000
207 King Street, San Francisco
2BR // 1.1BA // Listed for $1,298,000
 
Sold for $2,850,000
2269 Francisco Street, San Francisco
3BR // 2BA // Listed for $2,695,000
 
 
Sold for $1,807,000
348 Madison Street, San Francisco
4BR // 3.1BA // Listed for $1,398,000
 
Sold for $950,000
68 Harriet Street, San Francisco
1BR // 1.1BA // Listed for $995,000

Newest Listings »

 

Recent Sales »

 
 
 
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Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.
 
 
 

 

Posted by

  David Ames 

  Top Producer 

 

  DavidAmes@zephyrsf.com

  (415) 271-2071

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Hello David,

I wrote a new post about reaching out to ActiveRain members that are following me at the AR network, your name showed up 17th on my list ;o)

May 25, 2018 09:23 AM #1
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