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Instead of the Standard Mid-February Inauguration, San Francisco’s Spring Selling Season Started in January

And that means it’s time to check in with the numbers. New listings are up 10%, pending sale are up 95%, and luxury house sales are up 87%. For those of you that can’t get enough data, below are a few of the charts outlining a few of the highlights.

Annual Median Bay Area House Sales Price

Yes, even during a pandemic, San Francisco real estate prices climbed. While the median house sales price wasn’t quite as impressive as in most other Bay Area counties, it’s still notable and as usual among the highest in the nine Bay Area counties, six of which are represented above. 

Condo, Co-op & TIC Sales by Month

In a year-over-year comparison between January/February of 2019 and 2020, San Francisco condo, co-op and TIC sales were up roughly 48%.  Why?  Well word on the street was there was a deal or two to be had in SF, relative to past years, so as luck would have it the bargain shoppers came out.  Turns out the bargains aren’t quite as steep as one might hope if you are a Buyer but for the time being rents have continued to see quite the haircut from their peaks if you are in the market for a rental. 

San Francisco Listings by Price Segment

This is a true snapshot, as these numbers fluctuate once homes are listed and sold.

San Francisco Luxury House Market Seasonality

Again, in a year-over-year comparison, active listings for sale in February 2021 were 66% higher.

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Bay Area Coastal Real Estate

A little bit of interesting data – the beach towns….having grown up in Half Moon Bay, this piqued my interest.

Takeaway

 As we’ve been reporting for some time, every significant market in the US has a serious undersupply of homes for sale and that does not appear to be about to correct itself anytime soon. But in every market there is still the correct way to price, deals to be had and overprices properties that will sit garnering no offers or interest. Please use any and all of this information as a guide, and when you’re ready to talk about your specific situation and the best strategy, give me a call! 


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