Market Report - San Francisco, CA

Golden Gate Bridge spans San Francisco Bay beneath pink dusk clouds.

San Francisco Real Estate

September 2020 Report

Despite the terrible fires, SF had a very active month in listings going into contract in August, hitting a high point for the year and matching the high points of recent years. Surprisingly, the fires did not significantly impact the number of deals being made in most Bay Area counties during the last 2 weeks of the month - the exceptions being Santa Cruz, Sonoma, Monterey and Napa Counties, which saw declines of 13% to 33%.

San Francisco homes going into contract by month, showing seasonal peaks and a pandemic-era dip and recovery.

The number of active listings on the SF market has risen dramatically over the last few months, outpacing the increase in listings going into contract. However, there are significant differences between the house and condo markets, which are discussed later in the report.

San Francisco active listings chart, showing monthly counts from 2016 to August 2020 and a sharp 2020 rise.

With the increase in inventory has come a big jump in the number of listings reducing asking price. In some market segments, sellers are now competing for buyers, instead of buyers competing for listings.

San Francisco active-listing price reductions, January 2017–August 2020, with a sharp increase in summer 2020.

The next two charts illustrate how the house and condo markets have diverged since the pandemic hit. The condo market is much weaker, comparing demand to supply. However, within the condo market, different neighborhoods are seeing varying dynamics, and hundreds of condos are still selling each month. More detail follows later in the report.

San Francisco market chart compares condo and house listings, price reductions, contracts, sales, and returns to market.

Regarding the next chart, the lower the Months Supply of Inventory (MSI), the stronger the demand as compared to the supply of listings for sale. Much of the SF house market (blue columns) remains firmly in "seller's market" territory, but the condo market's supply (red columns) is outpacing buyer demand, especially in the higher price segments.

San Francisco housing supply and demand chart comparing house and condo inventory by price segment.

Below is a comparison of median house sales prices, sizes and dollar per square foot values around the Bay Area this past summer.

Bay Area median house sale prices by county and home size, June–August 2020.

A review of year-over-year changes in the number of luxury home sales around the Bay Area this past summer. Some other counties have seen astounding increases. SF luxury house sales increased by a more modest percentage; SF luxury condo sales declined year over year.

Chart comparing Bay Area luxury home sales by county in summer 2019 and summer 2020, with year-over-year changes.

The following 3 charts illustrate aspects of the SF HOUSE market: Median house sales price trends by bedroom count; sales volumes and median sales prices by Realtor district; and the number of active house listings by Realtor district with an analysis of months supply of inventory.

San Francisco median house sale prices by bedroom count, charted from 2005 to 2020.

San Francisco house market breakdown chart comparing sales volume and median prices by Realtor district.

Chart comparing San Francisco house listings and months of inventory by realtor district in August 2020.

The following 3 charts illustrate aspects of the SF CONDO & CO-OP market: Median sales price trends by bedroom count; sales volumes and median sales prices by Realtor district; and the number of active listings by Realtor district with an analysis of months supply of inventory.

Line chart of San Francisco condo and co-op prices by bedroom count, 2005–2020.

Chart comparing San Francisco condo and co-op sales and median prices by realtor district.

San Francisco condo listings chart by realtor district, with bar counts and months of supply.

In last month's report, we looked at era of construction for the city's houses. The chart below does the same for the SF condo, co-op and TIC market.

Chart comparing San Francisco condo sales, median prices, and square footage across seven construction eras.

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