SAN FRANCISCO MARKET UPDATE
Q2 2020 WRAP-UP | SINGLE FAMILY RESIDENCES
Despite being in a global pandemic and economic uncertainty, the San Francisco market remains strong. Both single-family homes and condominiums saw a rebound in median sale price last month of 10.9 percent and 8.1 percent respectively, setting a new record for single-family homes at $1,805,000. When looking at all of the Q2 data (which coincides with the shelter-in-place order), the bifurcation between property types becomes more apparent in several key metrics including median sale price (+0.9 percent for single-family and -4.0 for condominiums), median days on market (single-family homes shed a day and condominiums picked up 11), and the median price per square foot (+1.5 percent for single-family and -4.8 percent for condominiums).
Looking closer at single-family home data, though the number of closed and pending transactions was down significantly, a majority of key metrics trended positively.
Even with the rebound last month, the condominium market was a bit more hospitable to buyers in Q2 compared with the same time last year. The median sale price recorded at $1,200,000 for the quarter; a 4.0 percent decrease. The number of expired condominium listings increased 130.9 percent to 321 for the quarter. Data suggests newer construction has slowed down the most with just 10 closed transactions marked 'new construction'.
Mortgage rates hit another all-time low heading into the Fourth of July weekend with FreddieMac quoting, 'Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year. On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.'
Looking closer at single-family home data, though the number of closed and pending transactions was down significantly, a majority of key metrics trended positively.
Even with the rebound last month, the condominium market was a bit more hospitable to buyers in Q2 compared with the same time last year. The median sale price recorded at $1,200,000 for the quarter; a 4.0 percent decrease. The number of expired condominium listings increased 130.9 percent to 321 for the quarter. Data suggests newer construction has slowed down the most with just 10 closed transactions marked 'new construction'.
Mortgage rates hit another all-time low heading into the Fourth of July weekend with FreddieMac quoting, 'Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year. On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.'
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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 Q2 2020 | SINGLE FAMILY RESIDENCES
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2420 PACIFIC AVENUE, Pacific Heights
$22,000,000 $2,316/sq. ft. 6 bed / 4 bath 9,500 sq. ft. |
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2646 UNION STREET, Cow Hollow
$19,500,000 4 bed/7.5 bath |
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150 SAN BUENAVENTURA WAY, Pacific Heights
$18,000,000 $2,626/sq. ft. 5 bed/8 bath 6,855 sq. ft. |
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2555 WEBSTER STREET, Pacific Heights
$11,000,000 $1,126/sq. ft. 7 bed / 9 bath 9,765 sq. ft. |
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2312 PACIFIC AVENUE, Pacific Heights
$8,750,000 $1,169/sq. ft. 6 bed / 5.5 bath 7,485 sq. ft. |
Q2 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 Q2 2020 | CONDOMINIUMS/TIC/COOPs
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945 GREEN STREET #10, Russian Hill
$9,330,000 $2,405/sq. ft. 5 bed/5.5 bath 3,880 sq. ft. |
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1750 TAYLOR STREET #1701, Russian Hill
$7,950,000 $2,409/sq. ft. 3 bed/3.5 bath 3,300 sq. ft. |
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1170 SACRAMENTO STREET #9D, Nob Hill
$6,350,000 3 bed/4 bath |
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690 MARKET STREET #2401, Financial District
$4,900,000 $1,388/sq. ft. 4 bed/4.5 bath 3,595 sq. ft. |
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2646 GREENWICH STREET, Cow Hollow
$4,500,000 $2,922/sq. ft. 4 bed/3 bath 1,870 sq. ft. |
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