San Francisco Housing Market Analysis - July 2024
The San Francisco, CA metro area housing market in July 2024 presents a nuanced picture with varying trends across different metrics. The median sales price for homes stands at $1,501,500, reflecting a year-over-year (YoY) decrease of 4.1%. This decline suggests a cooling in the market compared to the previous year.
Conversely, the median list price has seen a slight increase of 0.7% YoY, now at $1,399,900. This indicates that sellers are still optimistic about the market, despite the drop in actual sales prices. The median price per square foot has risen by 2.4% YoY to $997.89, while the median list price per square foot has also increased by 0.9% YoY to $937.50. These figures suggest that while overall prices may be softening, the value per square foot is appreciating.
In terms of sales activity, the number of homes sold has surged by 17.4% YoY to 857 units. Pending sales have also increased by 13.5% YoY, reaching 816 units. This uptick in sales activity indicates strong buyer interest and market movement. New listings have grown by 4.0% YoY to 935, showing that more homeowners are willing to sell their properties.
The inventory remains unchanged YoY at 1,805 units, suggesting a stable supply of homes in the market. However, the months of supply have dramatically decreased by 40.0% YoY to 2.10 months, indicating a faster turnover of homes and a potentially competitive market for buyers.
The median days on market have slightly decreased by 1.0% YoY to 21 days, showing that homes are selling relatively quickly. The average sale to list ratio has improved by 1.7% YoY to 104.9%, indicating that homes are selling for more than their listed prices. Additionally, 56.6% of homes sold above their list price, a 4.9% YoY increase, further highlighting the competitive nature of the market.
Price drops have seen a minor increase of 0.7% YoY to 20.7%, suggesting that some sellers are adjusting their expectations to align with market conditions. The percentage of homes going off the market within two weeks has risen by 5.1% YoY to 41.3%, indicating a brisk pace of transactions.
Overall, the San Francisco housing market in July 2024 shows a mix of declining sales prices but increasing sales activity and competitiveness. Buyers and sellers alike should be aware of these trends as they navigate the market.
