SAN FRANCISCO MARKET UPDATE
OCTOBER 2020 WRAP-UP | SINGLE FAMILY RESIDENCES
In a year that has been anything but conventional, the San Francisco market remained very active during October. Typically, market activity lightens as the holiday seasonality kicks in during November, and heats back up during mid-January and through the spring. This year, we expect things to slow down but not as much as usual with the pent-up demand and record-low mortgage rates. However, increased inventory remains a factor.
For the first time since May, the aggregate monthly median sale price of Single-family homes recorded slightly lower than last year at $1,627,778. Similarly, the price per square foot also ticked down 1.3 percent. Sales activity still remained higher though with nearly 20 percent more homes going into contract and 10.7 percent more homes closing. Inventory clocked in at 7.6 percent higher.
Property types have been differently affected by the pandemic and inventory in the condominium segment has been soaring; October closed with 72.7 percent more homes on the market compared with the same time last year. the median sale price and the median price per square foot both experienced a drop of 11 percent last month and price reductions are heavily concentrated in this sector of the market. That being said, there were still nearly 20 percent more condominiums that went into contract, though the increase in supply continues to exceed the demand. Condominiums also stayed on the market longer with the median days reaching 31.
Mortgage rates dropped to new lows yet again last week (averaging 2.78 percent for a 30-yr fixed) with FreddieMac reporting, 'Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.'
For the first time since May, the aggregate monthly median sale price of Single-family homes recorded slightly lower than last year at $1,627,778. Similarly, the price per square foot also ticked down 1.3 percent. Sales activity still remained higher though with nearly 20 percent more homes going into contract and 10.7 percent more homes closing. Inventory clocked in at 7.6 percent higher.
Property types have been differently affected by the pandemic and inventory in the condominium segment has been soaring; October closed with 72.7 percent more homes on the market compared with the same time last year. the median sale price and the median price per square foot both experienced a drop of 11 percent last month and price reductions are heavily concentrated in this sector of the market. That being said, there were still nearly 20 percent more condominiums that went into contract, though the increase in supply continues to exceed the demand. Condominiums also stayed on the market longer with the median days reaching 31.
Mortgage rates dropped to new lows yet again last week (averaging 2.78 percent for a 30-yr fixed) with FreddieMac reporting, 'Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.'
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YEAR-OVER-YEAR COMPARISON | SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH | SINGLE FAMILY RESIDENCES
MEDIAN AREA VALUES | SINGLE FAMILY RESIDENCES
TOP FIVE SALES IN OCTOBER 2020 | SINGLE FAMILY RESIDENCES
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3959-3961 WASHINGTON , Presidio Heights
$10,500,000 $1,772/sq. ft. 5 bed / 5 bath 5,925 sq. ft. |
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3741 BRODERICK STREET, Marina
$8,800,000 $1,754/sq. ft. 5 bed / 4 bath 5,016 sq. ft. |
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147 29TH STREET, Noe Valley
$5,600,000 $1,352/sq. ft. 5 bed/5.5 bath 4,141 sq. ft. |
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1812 LYON STREET, Pacific Heights
$5,500,000 $1,452/sq. ft. 4 bed / 5 bath 3,789 sq. ft. |
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3569 WASHINGTON STREET, Presidio Heights
$5,500,000 $1,532/sq. ft. 4 bed/5 bath 3,590 sq. ft. |
OCTOBER 2020 WRAP-UP | CONDOMINIUMS/TIC/COOPs
YEAR-OVER-YEAR COMPARISON | CONDOMINIUMS/TIC/COOPs
MONTH-OVER-MONTH | CONDOMINIUMS/TIC/COOPs
MEDIAN AREA VALUES | CONDOMINIUMS/TIC/COOPs
TOP FIVE SALES IN OCTOBER 2020 | CONDOMINIUMS/TIC/COOPs
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488 FOLSOM STREET #5001, South Beach
$4,675,000 $2,165/sq. ft. 3 bed/3.5 bath 2,159 sq. ft. |
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301 MISSION STREET #50C, Yerba Buena
$4,300,000 $1,525/sq. ft. 2 bed/3 bath 2,819 sq. ft. |
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2151 SACRAMENTO STREET #4, Pacific Heights
$3,500,000 $1,270/sq. ft. 4 bed/4 bath 2,756 sq. ft. |
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3305 BRODERICK STREET, Marina
$3,100,000 $1,372/sq. ft. 3 bed/3.5 bath 2,260 sq. ft. |
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2130 15TH STREET, Duboce Triangle
$3,000,000 $1,105/sq. ft. 4 bed/3 bath 2,715 sq. ft. |
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