2021: April San Francisco Real Estate Insider
I hope this email finds you well and optimistic as we close out the first quarter of 2021. I want to quickly update you on the San Francisco market. ‘Q1 is typically a slow quarter, its sales and sales prices mostly reflecting activity during the mid-winter holiday “doldrums,” as the market gradually wakes up in the new year. But business went crazy this past winter – sales peaked for the year in ‘Q4 – and first quarter activity was far higher than ‘Q1 2020.
When comparing ‘Q1 2021 vs. ‘Q1 2020, you will see some selected statistics that are pretty outrageous for a 12 month period of time. But, it reflects the current activity.
Median house sales price up 6.5%
Median 2-bedroom condo price down 10.6%
Home sales volume up 60%
Luxury house sales up 51%
Luxury condo sales up 39%
Single family homes recorded a new record for the quarter at $1,675,000; a 6.7% increase from last year. They are also selling slightly faster than last year at a median market time of just 12 days.
The condominium market is a bit more of a buyer’s market, even though there was a huge yearly increase in the number of sales (people trading up to single family homes in the City and people leaving the City). The median sale price decreased 3.8% with the median days on market increased to 36 days. More condominiums are selling, but at a slightly lower price and with longer time spent on the market.
On to the numbers.
