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San Francisco market update – February results

by Rob Regan on March 21, 2013

My firm Pacific Union posted their February Bay Area and Tahoe “Monthly Real Estate Update”. These are the excerpts for San Francisco (click on the headings for the charts:

SAN FRANCISCO, CONDOS

San Francisco’s condominium market remained red-hot in February, with sales closing just 34 days after being listed — down from 62 days in December and 70 days in February 2012.
The median sales price rose to $824,750, the highest in more than a year, and sellers received an average of 3.6 percent above the asking price.
Available homes on the market slipped to an extremely tight 1.7-months’ supply, down from a 3.4 months’ supply one year ago.

SAN FRANCISCO, SINGLE-FAMILY HOMES

The median sales price for single-family homes in San Francisco shot up 26 percent to $801,000 in February, an increase of $166,000 from a year earlier.
And sellers had another reason to be thankful: Final prices were, on average, nearly 6 percent above asking prices.
Homes closed an average of 31 days after being listed, the fewest days on market in more than a year after four straight months of declines. The housing supply was measured at 1.8 months’ supply, the highest level since last September, but still evidence of a tight market.

As an aside, I just ran a recent sale report for a new buyer client looking for condos in Noe Valley, Corona Heights and Ashbury Heights and the average over-asking for their segment of the market is 10% with one condo selling for 24% over asking, and another for 35% over asking.  So keep in mind, the PacUnion report is all of San Francisco and some segments are far hotter than others.

If you’re starting a San Francisco home search start here: www.SF-MLS-Search.com

If you’re curious what your San Francisco home is worth enter your data at www.Evaluate-My-Home.com and you’ll get a prompt reply.

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