Highlights
- The Market is more Balanced for Buyers and Sellers
- The Quality of Inventory is Better with a Broader Selection
- Median Asking Price per Square Foot is $1000
- Average Days on the Market is 60-80 days
- Listing Expiring or Withdrawn Without Selling is up 60%
- New San Francisco Inventory Supply through Q4 2017:
- Condo Developments: 855 units
- Apartment Developments: 5,268 units
By virtually every measurement of supply and demand, the SF real estate market has cooled in Q3 of 2016 when compared to the 4 previous quarters, often wildly overheated spring selling seasons. Listing inventory is up significantly, while the number of sales is down; and median sales prices for houses and condos increased year over year, but at much smaller percentages than the torrid rates of previous years. On the other hand, to keep perspective, the supply of inventory has become more balance for buyers and sellers.
Within the city, different market segments are experiencing varying realities. Very generally speaking, the market for more affordable homes is stronger than that for luxury homes; the market for houses stronger than that for condos; and the market for luxury condos is slightly cooling. Districts with the most new construction, i.e. adding more supply, are usually softening more quickly. It also appears that the city is cooling before other, more affordable Bay Area County markets. San Francisco led the way out of the market recession as the recovery began in 2012 and now may be leading the way in the transition to a less frenzied market.