Thanks to Polaris Pacific real estate consultants for its August 2018 report specific to the condominium market in San Francisco, we have updated data pertaining to this extraordinarily and consistently hot market.
The median price for a single-family home in San Francisco was $1.2M in August 2018, a +7.6% increase. The volume of closings increased by +2.3% and the average days on the market fell to 20 days from 23 days in Q2 2018. The total number of resales in Q2 2018 rose +2.3% compared with last year.
Square footage prices for newly built condominiums in San Francisco looked like this in August 2018:
- low rise building (1-4 stories) – $1,332/sq.,’ +8.1% y/y
- mid rise building (5-12 stories) – $1,348/sq.’ +9.7% y/y
- high rise building (13+ stories) $1,393/sq.’ +5.7% y/y
The median square footage price for a resale property in San Francisco came in at $1,200/sq.’.
Median price differentials in San Francisco’s 10 districts ranged from the lowest – $798,100 in District 10 (Bay View-Hunter’s Point) to the highest median price of $1,550,000 in District 7 (Pacific Heights).
Since March 2015, the median sale price for a single-family home in San Francisco has been above $1M.
All cash buyers represented 27.2% of total buyers in Q2 2018, a substantial drop of -32.0% from Q2 2017. Investor buyers represented 23.0% of all buyers, an +18% increase from Q2 2017.
The months of remaining inventory (MRI) in Q2 2018 stood at 2 months, a decrease of -4.5% from Q2 2017. (The MRI statistic has decreased every year in metro San Francisco from 2010-2015. It is a key indicator of a seller’s market.)
There were 565 unsold new condominiums on the market in San Francisco during Q2 2018. This number represents an increase of +30.6% from Q2 2017.