Despite beautiful weather and signs of spring, inventory in San Francisco remained tight in March with listings down 20 percent for single family homes and 25 percent for Condos, TICs, and Coop units compared to March of 2014.
Last month, the median sales price climbed 27 percent to $1,250,00 for single family homes, while Condos, TICs, and Coops saw an increase of 14 percent to $1,100,000. Months Supply of Inventory, which looks at how long it would take to sell all of the active inventory given the current pace of sales, decreased 13.3 percent for single family units and 17.6 percent for Condos, TICs, and Coop units.
Low levels of inventory have meant that 77 percent of single family homes are selling for more than the listing price, which is good news for your sellers and those who are thinking about selling. More than 68 percent of buyers of condos, TICs, and coops paid more than the listing price.
A look across San Francisco’s 10 districts, shows that District 9, comprised of Yerba Buena, South Beach, South of Market, Mission Bay, Inner Mission, Potrero Hill, Central Waterfront / Dogpatch, and Bernal Heights, saw the most Condo, TIC, and Coop sales in March 2015, while District 1, with Sea Cliff, Lake, Jordan Park / Laurel Heights, Outer Richmond, Central Richmond, Inner Richmond, Lone Mountain, saw the largest jump in median sales price.
credit: SFAR