How’s the market in San Francisco? If you haven’t heard, it’s a very busy market right now, with more buyers than inventory. I gathered data and created a chart to help you visualize how rapidly the San Francisco real estate market has changed. Below, you can see the number of transactions reported in the MLS for the months of February 2012 and February 2013. Looking only at single family homes, the number of sales/purchases is down from 165 in February of 2012 to 122 in February of 2013. That’s a decrease of roughly 35%!
The chart below gives you some more insight into the market for single family homes. You can see that in February of 2012, the median list price for a single family home in San Francisco was $629,000 and the median sales price was just a little bit higher at $633,000. Fast forward 12 months to 2013, and you can see that the median list price is up substantially to $723,500 and the median sales price is up even higher to $800,500. The median size reported for 2012 was 1,404 and for 2013 was 1,412, so I think it is fair to assume that market dynamics are driving this change, not a feature of the underlying homes for sale.
Year over year, for single family homes, the median list price is up about 14%, and the median sales price is up about 20%. Please remember that these statistics are only for single family homes in San Francisco (districts 1- 10), and all data is from the San Francisco Association of Realtors multiple listing service (SFAR MLS). I’ll be taking a look at data for other property types in the next couple of days, so if you aren’t interested in single family home data, check back later in the week for a look at condos, TICs, and lofts. What are your thoughts?