A market like no other. That’s the moniker for the 2021 San Francisco real estate market.
Single-family homes are flying off the market in multiple offer situations with the median sold price up 7.3% compared to January 2020.
On the other hand, both the number of sales as well as the sold prices in the condo/loft/TIC market has dropped. Median sold prices are down 1.3% while days on market and inventory have risen: 22.2% and 25% respectively.
Contributing to a prolonged single-family home inventory dearth, the number of new single-family home listings was down 24.8% compared to last January. Condo/Loft/TIC listings were also down, 24.3%.
Interest rates remain at historically low levels, continuing to enable more buyers qualifying to purchase and at higher prices.