On the heels of my last report in April, the market continues to pick up pace in most all price-points in San Francisco. A confluence of positive economic factors sent San Francisco median home sales prices to new peaks in Q2. On a quarterly basis, the median house sales price hit $1,700,000; $80,000 above the previous peak in Q2 2018 – powered by a monthly high of $1,770,000 achieved in June.
For condos, the new quarterly median price peak was $1,250,000; slightly above last years $1,235,000 – fueled by a new monthly high of $1,300,000 in June. The market typically slows down significantly in San Francisco for the summer holidays through August before picking up again in September for a busy, though relatively short autumn selling season (running through mid-November).
The only market segment that seems to be a bit finicky is luxury ($3,000,000 to $5,000,000). Homes in this price point are sitting unless they are in spotless condition and properly priced. The ultra-luxury market ($5,000,000+) is moving well. As you can see by the chart, the top end buyers are spending freely.
What neighborhoods are the luxury homes selling in throughout the city?
On to our corner of the City. In the Sea Cliff & Lake Street Corridor the numbers are fairly flat on a quarter-to-quarter basis and the Lake Street Corridor sales activity is down by over 50% on an annual basis. Properties in both neighborhoods priced under $6,000,000 seem to be selling very quickly. For reference, as of the day I put this report together (7/10), there is only one house available in both neighborhoods. As usual; sellers are calling the shots.
Here are the consecutive quarter & year over year numbers:
Looking at the top neighborhood sales; both of these homes were highly desired. The sellers are surely pleased (as well as the new neighborhood residents).
Overall, the Bay Area macro view of real estate does show a slowing. But, when focusing on the premium markets and premium neighborhoods (i.e San Francisco), we are still experiencing more demand than supply. San Francisco in general is still on the upswing and properties in Sea Cliff and Lake Street are in demand.