San Francisco Market Report: September 2013

While children returned to classrooms in September, buyers continued to scour the City for available housing stock and sellers closed transactions in fewer days than any other month this year. San Francisco’s residential market remains red hot going into the last quarter of 2013, while many regions throughout the country are just now starting to thaw.

New Listings were down 12.0 percent for single family homes but increased 7.5 percent for Condo/TIC/Coop properties. Pending Sales increased 14.1 percent for single family homes and 11.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 29.0 percent to $935,000 for single family homes and 6.8 percent to $829,044 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 28.6 percent for single family units and 23.3 percent for Condo/TIC/Coop units.

There’s some evidence that it’s not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there’s a fresh crop of buyers looking for a bigger space to raise their own little darlings.

September 2013 Median Price Days on Market
Single-Family Homes $935,000 30 Days
Condos/TICs $829,044 35 Days

 

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

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