The median sales price of single family homes in San Francisco soared past the $1 million mark in April to its highest point in the last 12 months. Despite the sounds of construction giving way to new housing units in ever-growing pockets of the city, supply remains tight, leaving sellers to fight for the few listings that come on the market.
New Listings were down 29.1 percent for single family homes and 23.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 14.5 percent for single family homes and 8.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 10.0 percent to $1,100,000 for single family homes and 6.8 percent to $902,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 38.1 percent for single family units and 40.0 percent for Condo/TIC/Coop units.
To read the full report, check out this SF Market Analysis PDF from the San Francisco Realtors Association!