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.
About the Author
Scott Whelan provides San Francisco real estate sales and advisory services. His work centers on pricing strategy, market positioning, and identifying off-market opportunities.
For detailed comps, off-market opportunities, or a property-specific analysis, contact Scott Whelan directly.