The San Francisco Real Estate Market

The table below compares Q3 statistics across 5 years.  Since the dynamics of the SF house and condo markets have significantly diverged since the pandemic struck – the san francisco condo market has been weaker – we broke some of the 2020 stats out separately in the table, and then in some of the charts following.

The inventory of condo listings on the market has been soaring, and price reductions are heavily concentrated in the condo market. Hundreds are still selling each month and that number has been rebounding in the last couple months – but increases in supply continue to outpace demand. Within the condo market, the high-rise segment appears to be the weakest, almost certainly due to pandemic-related reasons.

Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger or more expensive houses. Affluent and very affluent buyers are an increasing percentage of the total market throughout the Bay Area. In San Francisco, the average size of houses sold in Q3 jumped almost 6% year over year.