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|
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