San Francisco Market Report: March 2015

All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
New Listings were down 13.6% for single family homes and 8.9% for Condo/TIC/Coop properties. Pending Sales increased 6.0% for single family homes but decreased 0.7% for Condo/TIC/Coop properties.

The Median Sales Price was up 27.6% to $1,250,000 for single family homes and 14.0% to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 13.3% for single family units and 17.6% for Condo/TIC/Coop units.

On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year

March 2015 Median Price Days on Market
Single-Family Homes $1,250,000 24 Days
Condos/TICs $1,100,000 29 Days

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