San Francisco Market Report: August 2013

Housing demand remained strong in August throughout San Francisco’s 10 Districts. Despite rising mortgage rates, single-family homes, condos, TICs and cooperatives throughout the city were snatched up in an average of 37 days. A drop in the number of new listings also helped sellers garner top dollar for their properties; 77.9 percent of single family homes sold over list price, while 66 percent of condos/TIC/Coops sold over list price in August.

New Listings were down 3.1 percent for single family homes and 8.3 percent for Condo/TIC/Coop properties. Pending Sales increased 1.3 percent for single family homes and 4.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 27.7 percent to $977,000 for single family homes and 12.1 percent to $812,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 21.7 percent for single family units and 30.8 percent for Condo/TIC/Coop units.

Unemployment rates continue to fall in California with the city of San Francisco alone adding an estimated 45,493 technology jobs in the past year. The influx of high-paid tech workers along with increased investment from overseas buyers has helped fuel demand for housing in the City and throughout the Bay Area.

August 2013 Median Price Days on Market
Single-Family Homes $977,000 37 Days
Condos/TICs $812,500 37 Days

 

To view the full market report from the San Francisco Association of Relators click here.

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