The San Francisco market strengthened sharply in September, with houses and condos competing for less inventory. Active listings were 18% lower for houses and 33% lower for condos than last year, while overbidding surged, and both medians rose more than 15%, making it the most competitive market in the region.
- Sales: 191 single-family homes closed in September, up 4% YoY and up 23% from August. Condo closings fell 2% YoY to 230.
- Prices: The single-family median rose 17% YoY to $2,050,000. The condo median rose 23% YoY to $1,355,500.
- Competition: 92% of single-family sales closed above list, up 17 points YoY. Condo overbidding was 66%, up 27 points.
- Inventory: Active single-family listings fell 18% YoY to 237, while new listings fell 8% to 315. Condo active listings fell 33% to 521.
- Single family: Days on market fell to 16 days from 23 a year ago, while months of supply was 1. Price reductions fell 42% YoY, with the reduction rate at 5%.
- Condos: Condo competition rebounded: overbidding rose 27 points to 66%, days on market fell 28% to 32, and supply sat at 2 months. Condo price cuts nearly doubled to 58, but from a low base.
- MoM: Fall inventory arrived: new single-family listings rose 62% and active listings 49% from August. Single-family closings rose 23%, and both medians rose 11%.
The takeaway: A very tight single-family market and a condo market that is very competitive.
