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July’s median sales price for single family in San Francisco followed its seasonal backing off of its May peak, dropping to $1,431,000 from May’s $1,500,838.
Single family home inventory continues to be at its lowest level, 1.6 months, since last December, and its lowest July level in a decade. This continues to be caused by fewer homes coming on the market, while sales stay fairly constant. The number of new listings on the market in 2017 is down 10% from 2016 while the number of sales is up 1.4%.
The incredibly tight supply coupled with strong demand pushed overbids up as well, to 117%, the highest since September, 2015.
Condo listings are also down year-to-date compared to 2016, by 12.7%. And, like homes, sales are up, by 4.3%, leading to a 2 months supply. And, like single family homes, condos were bid up above list price to a median overbid of 107%.