The San Francisco luxury real estate market (defined as single family homes priced at $2,500,000 and above, and condominiums priced at $2,000,000 and above) remains a sellers market, although the supply of luxury condominiums has increased almost to the point of being considered a balanced market between buyers and sellers.
That said, the real story with condominiums is that there are almost 12 months of inventory in District 9. Of the 79 luxury condominiums currently on the market, 41 of them are in District 9. District 8 has a balanced market, with 19 active listings. The other districts have limited inventory and remain a sellers market.
Not surprisingly, then, sales prices remained strong in the luxury homes market, with the median sold price at 107% of list price. Not so for condominiums, where it fell to 96% of list price.
As in the non-luxury market, new listings were down sharply for both luxury homes and luxury condominiums, with homes down 49% compared to February 2016 and condominiums down 17%. The number of sales were unchanged for homes and down 13% for condominiums.