San Francisco Market Report: May 2014

The American Dream of homeownership is alive and well, but here in San Francisco, buyers must contend with an array of market factors, including decreasing supply and increasing competition, to make that dream a reality. With single family homes selling for 116 percent of list price and condos/TIC/Coop going for 109 percent of list price, it’s always a good idea to have a seasoned realtor in your corner.
New Listings were down 28.3 percent for single family homes and 18.5 percent for Condo/TIC/Coop properties. Pending Sales decreased 23.0 percent for single family homes and 20.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 8.1 percent to $1,100,000 for single family homes and 14.8 percent to $952,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.8 percent for single family units and 25.0 percent for Condo/TIC/Coop units.

We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth.

May 2014 Median Price Days on Market
Single-Family Homes $1,100,000 26 Days
Condos/TICs $902,500 30 Days

 

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

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