Photo: Joe Parks/Flickr
The San Francisco Association of Realtors’ (SFAR) August report reveals significant change in inventory and median sale prices for residential properties. Active listings for single-family homes dropped by 24.6 percent and condos/co-ops/TIC property listings declined by 33.4 percent from the previous year. Home prices continue to climb with less days on the market overall. In August, all property types averaged 28 days on the market.
Median home prices
The median sale price for a single-family home in San Francisco climbed 26.6 percent year-over-year in August to $1,254,444 while condos/co-ops/TIC property values jumped 12.4 percent to $1,045,000.
Single-family home sales, meanwhile, fell 10.9 percent year-over-year and condos/co-ops/TIC property transactions dropped by 22.3 percent.
Neighborhood highlights from the report
District 8 is located in Northeastern San Francisco and includes neighborhoods Nob Hill, Russian Hill and North Beach. The median sale price of a single-family home in District 8 soared from $2,462,000 in August 2014 to $7,650,000 in August 2015, representing a whopping 210.7 percent increase. District 8 is one of the areas with the least amount of single-family home inventory and the average days on the market for that property type was 600 percent higher last month than it was in August 2014. The number of active listings and sales for District 8 were comparable to last year.
District 4 experienced a 101 percent increase in the median sale price for condos/co-ops/TIC properties, climbing from $363,000 in August 2014 to $730,000 last month. District 4 neighborhoods include Twin Peaks West, West Portal, Forest Hill and Mira Loma Park.
District 9, the central east area of the city that includes SoMa, South Beach, Mission Bay and Dogpatch, lead the way with the greatest number of active listings for condos/co-ops/TICs with a 31.8 percent reduction in inventory.
Historically, after the summer months there is an increase in inventory from August to September.
“As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year,” SFAR stated in its report.