The San Francisco house market was stable this summer, with year-over-year values and volume in July and August holding steady.
350 single-family homes sold at a median price of $1,574,000 during these months, a slight increase from last year’s 297 homes sold at $1.5M. Homes typically went under contract in 14 days, reflecting a brisk summer pace.
Sellers saw their homes go into contract within an average of 14 days—a relatively fast timeframe for the summer.
More than 100 homes sold for 20% or more above their list price, particularly in neighborhoods like the Richmond, Sunset, and Parkside which consistently see significant overbids.
Cash sales were also strong, accounting for 18% of transactions.
Additionally, the luxury market showed signs of life. 45 homes sold for $3M or more, with buyers paying just above asking. A notable sale was at 37 Magnolia in the Marina, where a 2010-renovated 4BR/4.5BA home listed at $3M sold for all cash $3,750,000 in an auction. (Photo courtesy of Sotheby’s International Realty and Colla & Ray Real Estate)
Looking ahead, September is expected to bring more inventory. There are currently 228 homes on the market with an average list price of $2.8M, while 137 homes are in contract at a lower average price of $1,536,000, highlighting what most buyers can afford.
[All data courtesy of the San Francisco Multiple Listing Service]