San Francisco Market Report: December 2013

In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. Here in San Francisco, the proverbial glass remained more than half full throughout the year.

New Listings were down 7.8 percent for single family homes and 22.8 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 4.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 15.3 percent to $962,500 for single family homes and 10.2 percent to $770,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 28.6 percent for single family units and 43.8 percent for Condo/TIC/Coop units.

Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve’s long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.

December 2013 Median Price Days on Market
Single-Family Homes $962,000 42 Days
Condos/TICs $770,000 44 Days

 

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

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