Posted by Charlene Delaney
Despite beautiful weather and signs of spring, inventory in San Francisco remained tight in February with new listings down 2.6 percent for single family homes and 21 percent for Condo/TIC/Coop properties.
Last month, the median sales price climbed 6.2 percent to $1,115,000 for single family homes, while Condo/TIC/Coop saw an increase of 17.4 percent to $1,100,000. Months Supply of Inventory, which looks at how long it would take to sell all of the active inventory given the current pace of sales, decreased 13.3 percent for single family units and 23.5 percent for Condo/TIC/Coop units.”
“Low levels of inventory have meant that 82 percent of single family homes are selling for more than the listing price, which is good news for your sellers and those who are thinking about selling. More than 60 percent of buyers of condos, TICs, and coops paid more than the listing price. A look across San Francisco’s 10 districts, shows that District 9, comprised of Yerba Buena, South Beach, South of Market, Mission Bay, Inner Mission, Potrero Hill, Central Waterfront / Dogpatch, and Bernal Heights, saw the most single family home sales in February 2015, while District 1, Sea Cliff, Lake, Jordan Park / Laurel Heights, Outer Richmond, Central Richmond, Inner Richmond, Lone Mountain, saw the largest jump in median sales price.”
For full report, click here: SFAR_MarketFocus_2015-February