San Francisco’s median sold price for condo/loft/TIC’s hit a new high in July, at $1,250,000. Single family homes were slightly off their June all-time high of $1,700,000 but still posted the second highest price month ever at $1,660,000. Not surprisingly, sold prices per square foot also hit all time highs, at $1,002 and $1,173, respectively.
These sold prices are up modestly year-on-year, 2.3% for homes and 4.2% for condo/loft/TIC’s. While this is well below the preceding two year’s annual appreciation for single family homes (10.6% and 7%), it is slightly above last year’s 3.7% appreciation for condo/loft/TIC’s.
The number of properties sold was similar the past five July’s, but there was a sharp reduction in the number of new listings in both single family homes and condo/loft/TIC’s. And since demand continues to outstrip supply, as evidenced by 81% of homes and 67% of condo/loft/TIC’s selling above list price, this sharp drop in new listings will contribute to continued inventory under-supply and likely support continued high sold prices.
Properties continue to fly off the market, with just 13 and 14 days on market, respectively, for single family homes and condo/loft/TIC’s.