San Francisco Housing Market: September 2024 Analysis
The San Francisco metro area housing market in September 2024 presents a dynamic landscape with notable shifts in pricing and sales activity. The Median Sales Price has reached $1,507,000, marking a 3.9% increase year-over-year. This upward trend in sales prices is mirrored by the Median List Price, which stands at $1,465,000, reflecting a 5.0% rise compared to the previous year.
In terms of Price Per Square Foot, the Median Sales Price per square foot is $982.14, showing a modest increase of 2.2% year-over-year. However, the Median List Price per square foot has decreased by 1.3%, now at $959.30. This divergence suggests a potential shift in buyer preferences or market dynamics affecting listing strategies.
Sales activity has shown positive momentum, with 761 Homes Sold, representing a 5.8% increase from the previous year. However, Pending Sales have slightly decreased by 0.5%, totaling 863. New Listings have also seen a decline of 1.9%, with 1,485 properties entering the market. Inventory levels have increased by 1.5%, reaching 2,249 homes, which may provide more options for prospective buyers.
The Months of Supply, a critical indicator of market balance, has decreased by 10.0% to 3.0 months, suggesting a tighter market compared to last year. Homes are selling faster, with the Median Days on Market down by 3.0% to 22 days, indicating strong buyer interest and competition.
The average sale to list ratio has improved to 104.6%, a 2.0% increase year-over-year, highlighting that homes are selling above their asking prices. Additionally, 56.0% of Homes Sold above list price, up by 4.0% from last year, further emphasizing the competitive nature of the market. Conversely, the percentage of Price Drops has decreased by 2.2%, now at 19.7%, suggesting sellers are achieving their pricing expectations more frequently.
Finally, the percentage of homes going off the market within two weeks has decreased by 3.5%, now at 44.3%. This indicates a slight slowdown in the speed at which homes are being snapped up, potentially due to the increased inventory or changing buyer dynamics.
