Median Home Sales Prices Bounce Back To 2018 Peaks – June 2019 Report

19 Jun Median Home Sales Prices Bounce Back To 2018 Peaks – June 2019 Report

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San Francisco Real Estate | June 2019 Market Report

High-demand/low-inventory spring market brings median home sales prices bouncing back to 2018 peaks. San Francisco luxury home sales hit new monthly high.

Median Home Sales Prices

We consider 3-month rolling median sales prices to be more reliable than single month figures, which are much more prone to less meaningful fluctuations. Both houses and condos are basically back up to the peak prices they hit last year at this time. June sales will mostly reflect accepted-offer activity in May, so it will be interesting to see that final bit of spring data. Market activity typically begins to significantly slow for the summer, hitting its mid-year low in August.

Median House Sales Prices since 1990 – The Long-Term Perspective

SF Median House Sales Prices since 1990

Luxury Home Sales Hit New Monthly High

For the purposes of this chart, we looked at all home sales of $2,500,000 and above: May 2019 sales were approximately 13% higher than the previous peak in May 2018. More data on the spring luxury home market can be found in the table further down in this report: High-price house sales saw the big jump this spring.

SF Luxury Home Market

Comparing Year-over-Year Spring Markets

Last year’s spring 2018 was a very, very hot market – around the Bay Area – which created a large burst in home-price appreciation. Spring 2019 in SF has also been very strong, with many of the supply and demand statistics only slightly cooler – a few more days on market, a bit less overbidding, etc. – plus an increase in high-end home sales. Median home sales prices are much the same as last year, re-attaining, but so far, not exceeding previous peaks to any significant degree.

San Francisco Real Estate Spring 2019

Median Price Changes in Selected Districts

Comparing annual median home prices to partial year prices is not really an apples-to-apples comparison because of the effect of market seasonality on sales prices, but the below analysis is still an interesting look at home-price trends.

We chose these districts to illustrate a range of price points in areas with a good number of sales. Some are up, some are down, some have relatively unchanged median sales prices: It fits in with the overall, city price stability mentioned earlier. Full-year 2019 median home prices may be significantly different than the year-to-date figures. Further down is a link to an updated San Francisco home price map, featuring the last 12 months of sales.

SF Median Price Trends Since 2012

SF Median Condo Sales Price Since 2012

Neighborhood Home Prices – by Bedroom Count

Following are 2 sample tables breaking out median house and condo sales prices over the past year in 3 city districts by bedroom count. Some neighborhoods had relatively few sales of a particular home size.

Below the tables are links to our complete analyses for all 10 Realtor districts with their 70-odd neighborhoods.

SF Real Estate Median House Sales Prices

SF Real Estate Median Condo Sales Prices

Selected Market Indicators

Besides giving more perspective to longer-term trends, these two charts are also excellent illustrations of how seasonality affects supply and demand statistics.

SF Avg Days on Market

SF Avg Sales to List Price

Selected Demographic & Economic Snapshots

Within the Bay Area, SF has by far the highest percentage of residents aged 25 to 34, and by far the highest percentage of single-person households. It also has the lowest percentage of residents under 5 years of age of any major metro area in the country. So, not too many children, but a big population bulge of millennials.

SF Demographics

This next chart graphs Bay Area unemployment rates from 1990 through January 2019. By April 2019, they had typically fallen another half percentage point.

Bay Area Unemployment

Feel free to connect us to anyone you know who has any questions about real estate in general. If we can’t help them, we know someone who can. Call us at 415-735-5867 for a no-obligation consultation. You can also email us at info@ruthkrishnan.com.

IT IS IMPOSSIBLE TO KNOW HOW MEDIAN AND AVERAGE VALUE STATISTICS APPLY TO ANY PARTICULAR HOME WITHOUT A SPECIFIC COMPARATIVE MARKET ANALYSIS. THESE ANALYSES WERE MADE IN GOOD FAITH WITH DATA FROM SOURCES DEEMED RELIABLE, BUT MAY CONTAIN ERRORS AND ARE SUBJECT TO REVISION. IT IS NOT OUR INTENT TO CONVINCE YOU OF A PARTICULAR POSITION, BUT TO ATTEMPT TO PROVIDE STRAIGHTFORWARD DATA AND ANALYSIS, SO YOU CAN MAKE YOUR OWN INFORMED DECISIONS. MEDIAN AND AVERAGE STATISTICS ARE ENORMOUS GENERALITIES: THERE ARE HUNDREDS OF DIFFERENT MARKETS IN SAN FRANCISCO AND THE BAY AREA, EACH WITH ITS OWN UNIQUE DYNAMICS. MEDIAN PRICES AND AVERAGE DOLLAR PER SQUARE FOOT VALUES CAN BE AND OFTEN ARE AFFECTED BY OTHER FACTORS BESIDES CHANGES IN FAIR MARKET VALUE. LONGER TERM TRENDS ARE MUCH MORE MEANINGFUL THAN SHORT-TERM.
COMPASS IS A REAL ESTATE BROKER LICENSED BY THE STATE OF CALIFORNIA, DRE 01527235. EQUAL HOUSING OPPORTUNITY. THIS REPORT HAS BEEN PREPARED SOLELY FOR INFORMATION PURPOSES. THE INFORMATION HEREIN IS BASED ON OR DERIVED FROM INFORMATION GENERALLY AVAILABLE TO THE PUBLIC AND/OR FROM SOURCES BELIEVED TO BE RELIABLE. NO REPRESENTATION OR WARRANTY CAN BE GIVEN WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION. COMPASS DISCLAIMS ANY AND ALL LIABILITY RELATING TO THIS REPORT, INCLUDING WITHOUT LIMITATION ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES FOR STATEMENTS CONTAINED IN, AND OMISSIONS FROM, THE REPORT. NOTHING CONTAINED HEREIN IS INTENDED TO BE OR SHOULD BE READ AS ANY REGULATORY, LEGAL, TAX, ACCOUNTING OR OTHER ADVICE AND COMPASS DOES NOT PROVIDE SUCH ADVICE. ALL OPINIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. COMPASS MAKES NO REPRESENTATION REGARDING THE ACCURACY OF ANY STATEMENTS REGARDING ANY REFERENCES TO THE LAWS, STATUTES OR REGULATIONS OF ANY STATE ARE THOSE OF THE AUTHOR(S). PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
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