We love preparing these monthly reports, and start by reviewing last month’s report and then diving into the new data (courtesy of SFARMLS). We also check for any revisions to last month’s data; there’s usually something small but rarely anything huge. Trust that we will mention it if there is.
In last month’s update, we reported that April’s median single family home price in San Francisco hit a record high of $1,380,000. A subsequent revision to the data put that number at $1,377,500. May’s median price backed off that just a smidge, at $1,364,000, slightly less than a 1% decrease and still 3.4% ahead of May 2015 prices and 9.2% ahead year to date. This strong gain over 2015 combined with the incredibly low inventory shows that the market continues in the last three years’ pattern of being a strong sellers market.
Single Family Home Median Prices
Resale Condo/Loft Median Prices
Like Single Family Homes, Resale Condo/Loft median prices dropped less than 1% from April to May, to $1,115,000 from $1,125,000. They are up a scant 0.67% year-to-date. As you’ll see on the next page, inventory is still incredibly low, but the leveling off in sales prices definitely indicates a market that is coming into balance between buyers and sellers.
Days on Market – Single Family Homes
Both the Single Family Homes and Resale Condo/Loft Days on Market dropped in May, moving from 21 to 16 days for homes and 27 to 26 days for condo/lofts.
This compares to May 2015’s 14 and 15 days. So, still incredibly low days on market for both Single Family Homes and Resale Condo/Lofts.
Days on Market – Resale Condo/Lofts
Months Supply of Inventory – Single Family Homes
Single Family Homes Months Supply of Inventory is still hovering around the 2 month supply range – down slightly to 2.1 from April’s 2.4 and a little above May 2015’s 2.0.
Likewise, for Resale Condo/Lofts, Months Supply dropped from 2.7 to 2.5, up from last year’s 1.8. It is the first downtick this year in what had been consistently rising inventory, and is a confirmation that the Resale Condo/Loft market is still a strong sellers market.
Months Supply of Inventory – Resale Condo/Lofts
New Listings – Single Family Homes
May continued the lower-than-2015 trend for new listings on the market, with 32 fewer Single Family Homes listed in May 2016 than May 2015. We are now down 37 homes, or 3.1%, in the number of new listings of Single Family Homes year-to-date over 2015.
Likewise, there were 32 fewer Resale Condo-?oft listings in May than April, which was almost even with May 2015’s 275. However, overall there have been 77 more new condo/loft listings in 2016 than 2015, a rise of 5.7%. This helps explain the longer Days on Market and higher months of inventory.
New Listings – Resale Condo/Lofts