San Francisco had only 93 single-family homes sales in January – the fewest for any month in the past 10 years.

Median sales prices were also down for both single-family homes and condo/loft/TICs, but still posted solid year-on-year appreciation gains – 5.2% and 2.8%, respectively. Inventory remains very low at just 1.7 months supply for single-family homes and 2.3 months for condo/loft/TICs.

Buyers continue to bid up prices with 70% of single-family homes and 52% of condo/loft/TICs selling above list price. The economic news and outlook remain strong and interest rates remain low, so expect continued price appreciation and fierce competition among buyers as the Spring season heats up.