San Francisco Housing Market Analysis - August 2024
The San Francisco, CA metro area housing market in August 2024 presents various indicators showing both positive and negative trends. This analysis delves into the key metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The Median Sales Price for homes in the San Francisco metro area stands at $1,450,000, reflecting a year-over-year (YoY) decrease of 3.9%. This decline suggests a cooling in the market compared to the previous year. Conversely, the Median List Price is $1,398,000, showing a marginal YoY decrease of 0.1%. This slight drop indicates that sellers are adjusting their expectations in response to market conditions.
Price Per Square Foot
The median Price Per Square Foot has increased by 2.0% YoY, reaching $988.37. This rise indicates that while overall prices may be softening, the value per unit area is appreciating. Similarly, the Median List Price per square foot has seen a modest increase of 0.7% YoY, now at $941.18.
Sales and Inventory
The number of Homes Sold in August 2024 is 813, marking a significant YoY increase of 5.9%. Pending Sales have also surged by 11.6% YoY, totaling 869. These figures suggest a robust demand in the market. New Listings have risen by 2.8% YoY to 1,015, while inventory has grown by 3.5% YoY to 1,767 homes. The Months of Supply remains steady at 2.20, indicating a balanced market.
Market Dynamics
The Median Days on Market is 26, showing a slight YoY decrease of 1.0%, which implies that homes are selling slightly faster than they did a year ago. The average sale to list ratio has improved by 1.5% YoY, now at 104.2%, indicating that homes are selling above their list prices. Additionally, 55.0% of Homes Sold above their list price, a 6.0% YoY increase, highlighting competitive bidding among buyers.
Price Adjustments and Off-Market Activity
The percentage of Price Drops has decreased by 1.6% YoY to 18.4%, suggesting that fewer sellers are resorting to price reductions to attract buyers. Moreover, 42.9% of homes went off the market within two weeks, a 4.9% YoY increase, indicating a swift market where well-priced homes are quickly snapped up.
In summary, the San Francisco housing market in August 2024 exhibits a blend of declining median prices and increasing demand. While the overall sales prices have softened, the market remains competitive with homes selling quickly and often above list prices. The increase in Pending Sales and New Listings, coupled with a stable Months of Supply, suggests a balanced yet dynamic market environment.
