November begins the slower time of the San Francisco real estate market. Fewer homes come on, particularly on the higher end, and often buyers move their attention toward end of year festivities. We can expect even fewer homes will come on the market in December. Many homes that haven't yet found their buyer will come off the market until after the holidays (which is not to say that they all aren't open to a buyer's interest, so if you see something you might like let me know).
Still, the San Francisco market remained solid given the limited inventory, which was even lower than last year. On average homes sold quickly, and many are still seeing multiple offers over asking price. See all of the stats below.
Median Sales Price:
Single family home median sales price jumped a surprising 13% compared to the same month last year, ending at $1,619,000. This was still below October 2019's median sale price of $1,650,000. Condos and lofts, on the other hand, decreased 1.1% in price to $1,185,000 compared to both the same month last year by 1.1% and compared to last month's median price of $1,350,000.
New listings in general tend to slow down in November for the coming holiday season, particularly in the high luxury end of the market. Even so, both single family homes and condos and lofts new listings dropped double digits. New listings for single family homes dropped more than 35% compared to November 2018, and condos and lofts dropped a whopping 46% for the same time period.
Not surprisingly active listings were also down in November. Active single family home listings were down almost 25% while condos and lofts were down 15.5%. So even in a month with very little inventory most years, we had even less this year.
Percentage Sold Over List Price:
More than three-quarters of single family homes sold over list price in November, up almost 5% compared to last November (though lower than the 81% that sold over list price in October). Almost two-third of condos and lofts sold for over their list price, up 16% compared to the same month last year.
Average Percentage of List Price Received:
The average percentage of list price received remained pretty much the same as last November with single family homes receiving 111.6% of list price. Condos and lofts received 105% of list price on average. Both were down a bit compared to October.
Months Supply of Inventory:
MSI not surprisingly was low in November given that the market starts to slow for the holidays and not as many new listings come onto the market. Single family homes had a paltry 1.9 months of inventory in November, down almost 25% compared to the same month last year. Condos and lofts had just 2.4 months of inventory, down almost 8% compared to last year. MSI measures how many months it would take for all homes on the market to sell at the current sales pace.
Average Days on Market:
The average days on market tells us how quickly homes are going into contract. Single family homes were in contract after an average of 24 days, down almost 8% compared to November last year. Condos and lofts on average went into contract after 33 days, almost 11% more quickly than in November 2018.
The fine print: All information deemed reliable but not guaranteed or warranted. Data comes from MLS so does not include off-market and most new construction condo sales. The San Francisco real estate market is dynamic so statistics can change on a daily basis. These statistics are meant to be a snapshot of the day and time they were pulled.