May 2016 Market Conditions
We saw first quarter median Single Family Home prices in San Francisco jump with their biggest percentage increase (5.6%) in a decade, and April’s numbers continue this strong upwards trend. The median price in San Francisco was $1,380,000 in April, the highest ever, and a 4.5% increase over March (yikes!).Single Family Home Median PricesPicture1Resale Condo/Loft Median PricesResale Condo-Loft median prices reversed their first quarter downward trend and went up 2.2% to end at a tie with the previous high median price of $1,125,000, back in June 2015. They are up 1.6% year-to-date.Picture2Days on Market – Single Family HomesPicture3Both the Single Family Homes and Resale Condo-Loft Days on Market inched up in April, moving from 16 to 21 days for homes and 21 to 27 days for condos.This compares to April, 2015’s 14 days and 18 days. So, up a bit from March and up a bit from April, 2015, but still incredibly low days on market.Days on Market – Resale Condo/LoftsPicture4Months Supply of Inventory – Single Family HomesPicture5Single Family Homes Months Supply of Inventory is up slightly to 2.3 from March’s 2.2 and a little above April, 2015’s 1.8.Likewise, for Resale Condo/Lofts, Months Supply inched up to 2.6 rom 2.6 and over last year’s 1.7. It is the fourth consecutive month of rising inventory, something to be watched, but still a strong sellers market.Months Supply of Inventory – Resale Condo/LoftsPicture6New Listings – Single Family HomesPicture7In April, there were 15 more single family homes listed for sale than in April, 2015, which was the first month of 2016 to exceed the number of listings in 2015. We are still down slightly, 1.5%, in the number of new listings homes year-to-date over 2015.Resale Condo-Lofts also saw fewer new listings in April 2016 than 2015 6 fewer new listings on the market, However, overall there have been more new condo/loft listings in 2016 than 2015, a rise of 6.7%. This helps explain the longer Days on Market and higher months of inventory.New Listings – Resale Condo/LoftsPicture8