San Francisco Real Estate
July 2021 Report
2012 Photo by Jean-Francois Renaud, Creative Commons License
San Francisco Median House Price Changes
2021 YTD reflects sales through 6/30/21, reported to MLS by 7/3/21
Year-over-Year Changes, since 2000 Year-over-Year Change in Annual Median House Sales Price
$200,000
Partial year data for 2021 should be considered preliminary until fullyear data is available.
$175,000 $150,000 $125,000 $100,000
$150,000
$50,000
$175,000
$85,000
$90,000
$165,942
$153,281
$155,869
$75,511
$4,051
$35,488
$12,014
$112,453
$98,553
$40,762
$43,921
$39,295
$25,000
$119,814
$50,000
$-
Pandemic hits ▼
$75,000
$0
-$75,000
-$100,000 -$125,000
No adjustments made for inflation.
$(49,458)
2008 financial markets crash ►
$(103,109)
-$50,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
$(70,631)
-$25,000
This analysis reflects approximate year-to-year median dollar price changes for houses. On a percentage basis, the 2021 YTD change was 9%, far below the 29% increase in 2000 (dotcom peak). The condo median sales price was basically flat from 2020 to 2021 YTD.
Data through 2020 per the California Associations of Realtors for existing single family dwellings; 2021 an estimate using NorCal Regional MLS data. Data deemed reliable but may contain errors and subject to revision. All numbers are approximate. Changes in median sales prices are not perfect reflections of fair market value.
San Francisco Market Snapshot Statistics by Property Type, Q2 2021* Houses
Condos**
TICs
Co-ops
2-Unit Buildings
Sales Volume*
875 sales
1194 sales
141 sales
29 sales
125 sales
Median Sales Price*
$1,888,000
$1,235,000
$1,075,000
$1,725,000
$1,910,000
Median Square Footage*
1878 sq.ft.
1140 sq.ft.
1145 sq.ft.
1425 sq.ft.
2500 sq.ft.
Median $/Sq.Ft. Value*
$1072/sq.ft.
$1110/sq.ft.
$977/sq.ft.
$1154/sq.ft.
$746/sq.ft.
Median Days on Market*
11 days
19 days
40 days
57 days
33 days
% of Sales into Contract in 30 Days*
83% of sales
61% of sales
33% of sales
20% of sales
50% of sales
Active Listings
296 active listings
660 active listings
71 active listings
22 active listings
98 active listings
on 7/4/21***
* Sales reported to NorCal Regional MLS. Median values and statistics fluctuate for a variety of reasons. Data from sources deemed reliable, but may contain errors and subject to revision. Sq.ft. & $/sq.ft. figures calculated on sales which report square footage. Low sales volumes, such as seen in the co-op market make statistics less reliable. 2-4 unit buildings refer to residential multi-family properties. Late reported sales may alter these figures. Numbers are approximate. ** Condo statistics do not include new-project condo listings or sales unreported to MLS. *** Active listings posted to NorCal Regional MLS as of 6/21/21, include listings categorized as “Coming soon.”
San Francisco House Price Appreciation Median House Sales Prices, 2012 – Present, by Quarter
As reported to MLS, per Broker Metrics
$1,900,000
Median sales price is that price where half the homes sold for more and half for less. It is a very general statistic that typically disguises a wide range of prices in the underlying sales.
$1,800,000 $1,700,000 $1,600,000 $1,500,000
Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the year in spring (Q2). Longer-term trends are more meaningful than short-term changes.
$1,400,000 $1,300,000
Pandemic hits
$1,200,000 $1,100,000 $1,000,000 $900,000
$1,888,000
$1,650,000
$1,600,000
$1,625,000
$1,660,000
$1,550,000
$1,575,000
$1,580,000
$1,697,500
$1,545,000
$1,500,000
$1,550,000
$1,620,000
$1,610,000
$1,500,000
$1,362,500
$1,440,000
$1,300,000
$1,350,000
$1,280,000
$1,350,000
$1,308,500
$1,245,000
$1,225,000
$1,325,000
$1,112,500
$1,121,000
$1,036,500
$1,100,000
$968,000
$935,000
$900,000
$975,000
$809,000
$829,400
$750,000
$770,000
$666,000
$800,000 $700,000 $600,000
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic that can be affected by other factors besides changes in fair market value. All numbers are approximate and subject to revision. Last quarter may change with late reported sales.
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
Q1 2020
Q4 2019
Q3 2019
Q2 2019
Q1 2019
Q4 2018
Q3 2018
Q2 2018
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
$500,000
Many SF neighborhoods had too few sales for reliable analysis.
San Francisco, Spring 2021 House Sales* A Sampling of San Francisco’s 70+ Neighborhoods
Number of HOUSE Sales
Median HOUSE Sales Price
Median $ per Square Foot
Median House Size
Pacific & Presidio Heights
35
$6,750,000
$1600/sq.ft.
4350 sq.ft.
St. Francis Wood
11
$4,200,000
$1224/sq.ft.
3627 sq.ft.
Marina & Cow Hollow
29
$3,775,000
$1417/sq.ft.
2600 sq.ft.
Cole Valley, Ashbury Hghts, BV Park
15
$3,500,000
$1183/sq.ft.
2610 sq.ft.
Lake Street, Jordan Park, Sea Cliff
12
$3,400,000
$1253/sq.ft.
2846 sq.ft.
Noe & Eureka Valleys
98
$3,000,000
$1335/sq.ft.
2375 sq.ft.
Glen Park
30
$2,252,500
$1379/sq.ft.
1525 sq.ft.
Richmond District & Lone Mtn.
48
$2,225,000
$1104/sq.ft.
2200 sq.ft.
Inner Sunset, Golden Gate Heights
24
$2,090,000
$1094/sq.ft.
1915 sq.ft.
Miraloma Park & Midtown Terrace
38
$1,810,000
$1117/sq.ft.
1665 sq.ft.
Potrero Hill
35
$1,800,000
$1038/sq.ft.
1725 sq.ft.
Lakeside & Lake Shore
13
$1,700,000
$972/sq.ft.
1865 sq.ft.
Central Sunset & Parkside
69
$1,700,000
$1044/sq.ft.
1650 sq.ft.
Bernal Heights
67
$1,680,000
$1060/sq.ft.
1445 sq.ft.
Outer Sunset & Parkside
61
$1,600,000
$1173/sq.ft.
1320 sq.ft.
Sunnyside
30
$1,500,000
$975/sq.ft.
1600 sq.ft.
Portola
19
$1,300,000
$886/sq.ft.
1475 sq.ft.
Excelsior
30
$1,285,000
$839/sq.ft.
1500 sq.ft.
Oceanview
11
$1,150,000
$942/sq.ft.
1200 sq.ft.
Bayview & Visitacion Valley
40
$1,125,000
$719/sq.ft.
1400 sq.ft.
* Sales reported to NorCal Regional MLS, March–mid-June 2021. Median values fluctuate for a variety of reasons. Data from sources deemed reliable, but may contain errors and subject to revision. Sq.ft. & $/sq.ft. figures calculated on sales which report square footage. Late reported sales may alter these figures. All numbers approximate.
San Francisco Condo Price Appreciation Median Condo Sales Prices, 2012 – Present, by Quarter
As reported to NorCal Regional MLS, per Infosparks
$1,250,000
Seasonal fluctuations are common. Longer-term trends are more meaningful than short-term changes.
$1,200,000 $1,150,000 $1,100,000 $1,050,000 $1,000,000 $950,000
Pandemic hits
$900,000 $850,000 $800,000 $750,000
$1,235,000
$1,175,000
$1,150,000
$1,225,000
$1,150,000
$1,220,000
$1,218,000
$1,236,000
$1,235,000
$1,160,000
$1,200,000
$1,150,000
$1,206,000
$1,120,000
$1,178,000
$1,175,000
$1,120,000
$1,138,000
$1,075,000
$1,055,000
$1,130,000
$1,099,000
$1,105,000
$1,047,500
$1,125,000
$1,079,500
$995,000
$950,000
$949,500
$950,000
$830,000
$840,000
$850,000
$805,000
$775,000
$750,000
$724,000
$646,000
$700,000 $650,000 $600,000
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic that can be affected by other factors besides changes in fair market value. All numbers are approximate and subject to revision. Last quarter may change with late reported activity.
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
Q1 2020
Q4 2019
Q3 2019
Q2 2019
Q1 2019
Q4 2018
Q3 2018
Q2 2018
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
$550,000
San Francisco, Spring 2021, 2-Bedroom/2-Bath Condo Sales* A Sampling of San Francisco’s Neighborhoods
# of 2BR/2BA CONDO Sales
Median 2 BR/2 BA Condo Sales Price
Median $ per Square Foot
Median 2/2 Condo Size
Pacific & Presidio Heights, Cow Hollow, Marina (D7) Noe-Eureka-Cole Valleys; Glen Park; Ashbury-Corona Hghts (D5) Richmond District, Lake Street, Jordan Park/Laurel Heights (D1) South Beach
50
$1,600,000
$1250/sq.ft.
1375 sq.ft.
37
$1,545,000
$1240/sq.ft.
1305 sq.ft.
18
$1,535,000
$1114/sq.ft.
1465 sq.ft.
69
$1,500,000
$1163/sq.ft.
1317 sq.ft.
Mission Bay
33
$1,340,000
$1159/sq.ft.
1230 sq.ft.
Inner Mission
26
$1,312,500
$1202/sq.ft.
1144 sq.ft.
Russian, Nob, Telegraph Hills, North Beach, Financial District Lower Pacific Hts, Hayes Valley, Alamo Square, NoPa Potrero Hill
39
$1,310,000
$1179/sq.ft.
1105 sq.ft.
38
$1,300,000
$1212/sq.ft.
1127 sq.ft.
13
$1,230,000
$1143/sq.ft.
1075 sq.ft.
Van Ness/Civic Center
15
$1,150,000
$1022/sq.ft.
1129 sq.ft.
South of Market (SoMa)
19
$1,115,000
$865/sq.ft.
1312 sq.ft.
Bayview/Hunter’s Point/ Candlestick Point (D10)
18
$735,000
$694/sq.ft.
1065 sq.ft.
All things being equal, a smaller unit will typically sell for a higher dollar per square foot value. Units on higher floors usually sell for higher, often much higher, values. * Sales reported to NorCal Regional MLS, March – mid-June 2021: not all sales are reported. Many SF neighborhoods had too few sales for reliable analysis. Realtor districts (D1, D5, D7, etc.) often include other neighborhoods adjacent to those listed. Median values often fluctuate due to a variety of factors. Late reported sales may alter these figures. Not all sales report square footage. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
San Francisco Home Sales 6 Months Sales by Price Segment*
June 2021 update
$5,000,000+▼ 2% Under $500,000 $3,000,000 - $4,999,999
6%
3%
24% 13% $2,000,000 - $2,999,999
$500,000 - $999,999
Approximately 3885 MLS sales occurred in the six months through mid-June 2021. 54% of MLS sales were condos, 38% were houses, 6% TICs, 1% co-ops, and 1% townhouses. Of homes selling for under $1 million, 88% were condos, co-ops and TICs.
$1,500,000 - $1,999,999
20%
79% of sales of $3 million+ were houses. $1,000,000 - $1,499,999
1% of homes sold for over $8 million. One half of 1% sold for over $10 million.
31%
* 6 months sales of houses, townhouses, condos, co-ops, TICs reported to NorCal Regional MLS through mid-June 2021. Does not include sales unreported to MLS, such as many new-project condo sales. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.
Excerpts from the report, “Status of the Re-Opening of the San Francisco Economy” issued on June 24, 2021 by the Office of the Controller & the Office of Economic Analysis of the City & County of San Francisco; Lead authors Ted Egan, Ph.D., Chief Economist & Asim Khan, Ph.D., Senior Economist
More than 45% of small businesses in SF remain closed. (Source: Womply, Opportunity Insights) The five-county San Francisco metro area continues to lag comparable metro areas in office attendance, with a weekly office attendance rate below 20%. (Source: Kastle Systems) As of Q1 2021, the commercial office vacancy rate remains very high at over 16%. The prepandemic average was below 6%. (Source: Jones Lang LaSalle) At about 35%, the hotel occupancy rate, though recovering, remains well below the pre-pandemic average, which was close to 80%. (Source: STR) Employment in the San Francisco Metro Division is recovering slowly. Total employment is still down 10% from its pre-pandemic level. The unemployment rate has declined from over 12% at the start of the pandemic, to 5.1% in May of this year. The pre-pandemic rate was just over 2%. (Source: CA Employment Development Department) Evening freeway speeds in downtown have dropped, indicating the return of traffic congestion. However, BART ridership to downtown San Francisco stations was 12% of normal in May. (Sources: San Francisco County Transportation Authority, BART) Travel at SF International Airport, though recovering, is still almost 70% down from 2019. (Source: San Francisco International Airport) There are clear signs of recovery in apartment rents in San Francisco. However, average asking rents remain approximately 19% below pre-pandemic rates. (Source: ApartmentList) The number of building permits for new housing are well below 2019 levels. (Source: HUD) The full report can be downloaded @ https://openbook.sfgov.org/webreports/details3.aspx?id=2964 These excerpts were compiled and edited in good faith, but may contain errors and subject to revision. Readers are encouraged to review the complete report, which also includes other statistics and insights.
New Listings Coming on Market San Francisco Market Dynamics & Seasonality
Sept. 2020
1000
Sept. 2019
For houses and condos
900
Spring 2021
800 700
Spring 2019
600
Aug. fires
Feb. 2020
500 400
MidSummer
300 200
Pandemic Hits
December
100
December
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.
Jun-21
May-21
Apr-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Jan-19
Dec-18
0
Active Listings on Market San Francisco Real Estate Market Dynamics
For houses and condos
Oct. 2020
This is a snapshot measure of how many active listings can be expected on any given day of the specified month. This number is affected by 2 major dynamics: 1) how many new listings come on market, and 2) how quickly buyers purchase them. This metric is typically affected by seasonal factors.
1,800 1,600 1,400
Spring 2018
1,200
October 2019
Spring 2019
Spring 2021
Pandemic hits
October 2018
1,000 800 600 400 200
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
0
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.
San Francisco Market Dynamics & Seasonality Houses, condos, co-ops and TICs as listed in NorCal Regional MLS, per Infosparks.
Listings Accepting Offers (Going into Contract) by Month
March-May 2021
The June number of listings going into contract was down about 15% from the March-May average. It is not unusual for market activity to begin to slow in June, typically continuing to cool through August before picking up in early autumn.
800
Oct. 2020
700
October 2018
Spring 2018
Spring 2019
October 2019
600
500
Summer
400
Summer 300
January 200
January
Does not include many new-project condo listings and sales not reported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate. Last month estimated based on available data: Late reported activity may change this number.
Jun-21
May-21
Apr-21
Feb-21 Mar-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Feb-19 Mar-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
Aug-18
Jul-18
Jun-18
May-18
Apr-18
Feb-18 Mar-18
Jan-18
100
Mar-20
Pandemic hits
Unit HOUSE Sales by Month since 2018 San Francisco Market Dynamics & Seasonality House Sales
Condo, Co-op, TIC Sales
Spring 2021
Closed sales are a lagging indicator: Sales closing in one month generally reflect accepted offers in the previous month. Spring 2021 sales volume ran well above seasonal norms. Condo sales hit an all-time high.
450 400
May 2019
350
Sales reported to NorCal Regional MLS, per Infosparks
Condo
Dec. 2020
Oct. 2019
300
March 2020
250
House 200 150
Late Summer
Jan.-Feb 2021
100
January
Pandemic hits
50 January
Does not include new-project condo sales unreported to MLS.
Activity reported to NorCal Regional MLS, per Infosparks. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate. Last month numbers estimated based on available data.
Jun-21
May-21
Apr-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Jan-19
0
Percentage of Listings Accepting Offers by Quarter San Francisco Market Dynamics since 2016 The higher the percentage of listings accepting offers (going into contract), the stronger the buyer demand as compared to the supply of listings for sale.
60%
55%
50%
45%
Pandemic hits
40%
35%
53%
44%
53%
52%
58%
49%
58%
53%
56%
44%
48%
48%
55%
41%
48%
40%
29%
35%
43%
48%
60%
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
25%
Q2 2016
30%
Residential market activity reported to SFARMLS, per Broker Metrics. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Late reported activity may alter the number of the last period.
San Francisco Market Supply & Demand Months Supply of Inventory (MSI), January 2018 – Present 11
Condo MSI
10
House MSI
9 8
Months Supply of Inventory (MSI) measures how long it would take to sell the existing inventory of listings for sale at the 12-month-average monthly rate of sale. Lower readings indicate stronger demand as compared to supply. Since autumn 2020, MSI numbers have plunged as demand has soared.
Inventory soared in the aftermath of shelter in place
7 6
5
Demand soared in late 2020, dropping MSI figures
4 3
Pandemic hits
2
MLS data per Infosparks. Last reading may change with late reported activity. Does not include new-project condo activity unreported to MLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.
Jun-21
May-21
Apr-21
Mar-21
Jan-21
Feb-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
Aug-18
Jul-18
Jun-18
May-18
Apr-18
Mar-18
Feb-18
Jan-18
1
San Francisco Luxury HOUSE Sales Closed Sales Priced $3 Million+, by Month June 2021 70
Luxury house sales hit a dramatic new high in Spring 2021. Luxury home sales have blasted to new peaks in every county in the Bay Area.
60
50
Oct. 2018
May 2019
May 2018
Fall 2020
40
30
January
January
January
January
Oct. 2019
20
10
Pandemic Hits
As reported to NorCal Regional MLS, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Last month data estimated using available data.
Jun-21
Apr-21
May-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Jan-19
Dec-18
Oct-18
Nov-18
Sep-18
Aug-18
Jul-18
Jun-18
May-18
Apr-18
Mar-18
Feb-18
Jan-18
0
San Francisco Luxury House Market June 2021 update: 12 months sales reported to MLS
House Sales of $3,000,000+, by District, 12 Months Sales* $3m - $3.999m Noe, Eureka & Cole Valleys/ Ashbury Heights, BV Park (D5)
$4m - $4.999m
$5m - $7.999m
84
Pacific & Presidio Heights/ Cow Hollow/ Marina (D7)
28
25
Sea Cliff/ Lake St./ Jordan Pk/ Richmond District (D1)
33
13
St. Francis Wood/ Forest Hill Monterey Heights (D4)
33
12
Lower Pacific Heights/ Hayes Valley/ Alamo Sq. (D6)
12
Potrero Hill/ Inner Mission Bernal Heights (D9)
19
Russian, Nob & Telegraph Hills (D8)
6 2 21
Inner Sunset/ GG Heights/ Parkside (D2)
7 11
Lakeside/ Merced Manor (D3) 21
50
13
4 1
6 1
32
$8 million+ 28
31
6 1
1
There were 21 house sales reported to MLS during the 12-month period with sales prices of $10 million+: 18 of these were in Pacific & Presidio Heights, Cow Hollow and Marina (District 7). The highest priced house sale reported to MLS during the 12-month period was in Presidio Heights at $24,950,000. The second highest was in Sea Cliff at $24,000,000. .
Unit Sales in Price Segment
* 12 months sales reported to NorCal Regional MLS through mid-June 2021. Not all luxury home sales are reported to MLS. Neighborhood groupings correspond to SF Realtor districts, which often include adjacent neighborhoods not listed. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
3
San Francisco Luxury CONDO Sales* *Condos, co-ops & TICs as reported to NorCal Regional MLS, per Infosparks
Closed Sales Priced $2 Million & Above, by Month
Spring 2021 60
Luxury condo, co-op and TIC sales hit a new high in Spring 2021. May 2018
50
April 2019
Oct. 2019 40
Oct. 2018
30
20
10
As reported to NorCal Regional MLS, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Last month data estimated using available data.
Jun-21
Apr-21
May-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
0 Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Jan-19
Dec-18
Oct-18
Nov-18
Sep-18
Aug-18
Jul-18
Jun-18
May-18
Apr-18
Mar-18
Feb-18
Jan-18
Pandemic Hits
San Francisco Luxury Condo, Co-op & TIC Market June 2021 update: 12 months sales reported to MLS
Sales Prices of $2 Million+, by District, 12 Months Sales* $2m - $2.999 million Pacific & Presidio Heights/ Cow Hollow/ Marina (D7)
102
So. Beach/ SoMa/ Mission Bay/ Mission/ Potrero Hill (D9) 47
Noe, Eureka & Cole Valleys/ Ashbury & Corona Heights (D5) Lake Street/ Jordan Park/ Richmond Dist/Lone Mtn (D1)
22
Hayes Valley/ NoPa/ Alamo Sq./ Lower Pacific Heights (D6)
20
4
1
31
22
18
54
$5 million+ 35
70
Russian, Nob & Telegraph Hills/ Financial District (D8)
Sunset (D2)
$3m - $4.999 million
4
5
6
373 of these MLS sales were of condos, 27 were TICs, and 23 were co-ops
The highest priced sale reported to MLS during the 12-month period was a co-op for $14,500,000 in Pacific Heights. As of mid-June 2021, the following active/coming-soon listings were posted to MLS: 85 at prices $2,000,000 to $2,999,999; 53 at $3,000,000 to $4,999,999; 28 at $5,000,000 to $9,999,999; and 4 at $10 million+. The highest priced MLS listing was a co-op in Pacific Heights for $25 million. (Does not include new-project condos not listed in MLS.)
Unit Sales by Price Segment * 12 months sales reported to NorCal Regional MLS through mid-June 2021 – many new luxury condo projects do not report all listings & sales. Neighborhood groupings correspond to SF Realtor districts, which include other neighborhoods. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
9
Sales Price to List Price Differences, Spring 2021 Sales* San Francisco Home Sales Accepting Offers within 30 Days 0%
South Beach -2% - 2% Pacific/Presidio Heights
2%
Mission Bay
2%
5%
Condos Houses Condos
Marina-Cow Hollow
6% Houses
Russian & Nob Hills
6% Condos
All SF Condos
7% Condos
Hayes Valley-NoPa
8% Condos
Noe-Eureka Valleys
8% Houses
Inner Mission
9% Condos
Potrero Hill
10% Houses ▼
All SF Houses
12%
Portola
12%
Bayview/Visit. Vly
14%
Richmond-Lake St.
15%
Bernal Heights
15%
Miraloma/Midtown Ter.
16%
St. Francis Wood
18%
Sunset/Parkside
24%
10%
15%
20%
Green bars reflect selected condo markets. Blue bars reflect selected house markets. Illustrating average % differences between sales and list prices on homes which sold relatively quickly – i.e. went into contract within 30 days of coming on market. 10% = an average sales price 10% above list price. Overbidding typically occurs when buyers compete to purchase new listings. Houses are generally seeing more overbidding than condos, but the condo market heated up rapidly in 2021
* Sales reported to NorCal Regional MLS, March – mid-June 2021: not all sales are reported. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
Strategic underpricing of new listings by agents and sellers can also be a factor in this statistic.
Percentage of Homes Selling Quickly, Spring 2021 Sales* San Francisco Home Sales Accepting Offers within 30 Days 40%
50%
Mission Bay
53% Condos
South Beach
54% Condos
Inner Mission
59% Condos
All SF Condos
61% Condos
Hayes Valley-NoPa
67% Condos
Potrero Hill
71% Houses
Russian & Nob Hills
75% Condos
Bernal Heights
70%
80%
77%
Bayview/Visit. Vly
77%
Noe-Eureka Valleys
78%
Marina-Cow Hollow
82%
All SF Houses
83%
Portola
84%
Miraloma/Midtown Ter.
86%
Richmond-Lake St. (D1)
92%
Sunset/Parkside (D2)
94%
90%
Green bars reflect selected condo markets. Blue bars reflect selected house markets.
76% Houses ▼
Pacific/Presidio Heights
St. Francis Wood
60%
Illustrating the percentage of home sales that went into contract within 30 days of coming on market. Higher percentages reflect higher demand. Many of these percentages are extremely high on a historical basis.
100%
* Sales reported to NorCal Regional MLS, March – mid-June 2021: not all sales are reported. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
100%
San Francisco Employment Trends Per California Employment
Number of Employed Residents since 2000
Development Dept. (EDD)
2019- May 2021
Employment Numbers by Month January 2000 to May 2021
575,000
According to CA EDD, San Francisco employment numbers dropped by approximately 92,000 (16%) in the immediate impact of the pandemic, but then recovered 37,500 jobs through May 2021. EDD estimates that the civilian labor force – the number of residents able to work, not the number employed – is currently down by about 40,000 (7%) since early 2020, which suggests some decline in population (probably predominantly relocated tenants).
550,000
525,000
500,000
Dotcom peak
May 2020 ------
475,000
2007 – 2008 peak
450,000
425,000
400,000
EDD data. Last month’s data is labeled “preliminary” by EDD. EDD often goes back to revise past data releases. Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate.
Jan-21
Jun-20
Nov-19
Apr-19
Sep-18
Feb-18
Jul-17
Dec-16
May-16
Oct-15
Mar-15
Aug-14
Jan-14
Jun-13
Nov-12
Apr-12
Sep-11
Feb-11
Jul-10
Dec-09
May-09
Oct-08
Mar-08
Aug-07
Jan-07
Jun-06
Nov-05
Apr-05
Sep-04
Feb-04
Jul-03
Dec-02
May-02
Oct-01
Mar-01
Aug-00
Jan-00
375,000
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate. Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis. Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales. Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage. 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.