February continued the torrid sales pace set in January for both single-family home and condo/loft/TIC purchases in San Francisco.
Single-family homes continue to receive multiple offers with the median sold price up a whopping 11.0% to $1,787,000 compared to a last year’s $1,610,000. The number of sales was also up, 134 vs. 115, or 16.5%, for single-family homes. It was up, even more, 28.4%, from 176 to 226 for condo/loft/TICs.
However, while the median sales price rose for single-family homes, it fell 3.2% to $1,248,000 for condo/loft/TICs. Days on market was up slightly, from 25% to 28%, from last year for single-family homes but has more than doubled from 28 to 64 for condo/loft/TICs, reflecting the slightly softer market for these property types.
Inventory remains very low for single-family homes, just 1.2 months, which signals a strong seller’s market. Condo/loft/TIC inventory has risen to 2.9 months, up 20.7% over last year, but still considered a seller’s market.
Interest rates have climbed up about .25%, but not enough that it is being felt yet either in the number or aggressiveness of buyers’ offers.