While median pricing for both single family homes and condos fell in October, there were some glimmers of light in the month's data. For one, fewer new listings came on-market and there were fewer active listings at the end of the month compared to September 2020. This could help stabilize the market a bit, particularly the condo market, as existing inventory sells through. Months supply of inventory also decreased compared to last month, though continues well above what we've become used to here in San Francisco.
These numbers, though, are still up compared to October 2019. That's because like everything else 2020, the typical real estate seasons were thrown for a loop. The March shutdown threw the Spring season, typically the busiest, out the window. As a result, the summer saw the lift that is typically seen in spring and that lift continued through the Fall (usually the 2nd busiest selling season). I mention this because it's important context when comparing year-over-year growth or contraction. It's also important to keep in mind that one or two months does not a trend make. As we enter the holiday season it will be interesting to see whether we see the usual slow-down or if the market continues to chug along. There are 4 IPOs in the hopper before the end of the year, and it remains to be seen whether or if they affect the San Francisco real estate market.
Median Sales Price:
The median sales price for single family homes dropped less than 1% in October vs. October 2020. It was also down from September's median price. Condos and lofts were down 12% compared to last year, and were also down compared to last month.
Single family homes saw a 1.2% increase in new listings compared to the same month last year, but was down from September's 300+ new listings. Condos and lofts showed a year over year 15% increase to 336 new listings in October, but also were down from September's almost 500 new listings.
As mentioned above, active listings were down compared to September but up compared to October 2019. Single family home active listings were up 16%, while condo and loft listings were up 81%. This is a trend which I've written about in previous blogs. Condo inventory has roughly doubled this year.
Percentage of Properties Sold Over List Price:
Sixty eight percent of single family homes sold for over their list price in October, down more than 15% compared to the same month last year. However this was up a bit from September 2020. Almost 43% of condos and lofts sold for over their list price, down 36% from last year but also up from 33% in September of this year.
Average Perc entage of List Price Received:
On average single family homes sold for 108% of their list price, down 5% compared to the previous year but up slightly compared to last month. Condos and lofts sold for 101% on average, down 4.8% but also up compared to last month.
Months Supply of Inventory:
Single family homes had 3.6 months of inventory in October, up 20% year-over-year but down from the over 4 months of inventory in September. Condos and lofts had 7.4 months of inventory, also up year over year but down from over 8 months in September.
Average Days on Market:
Single family homes spent an average of 27 days on the market before accepting an offer, up almost 23% compared to the same month last year. Condos and lofts spent an average of 39 days on market, up 44%.
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.