San Francisco Homes Continue to
Sell Fast and High as Inventory Drops
The first month of 2013 brought the same type of market
behavior that San Francisco has been experiencing for some
time now.
With the already low inventory of homes for sale being
consumed at such a rapid rate, bidding wars have broken out
throughout parts of the city and overall buyer demand remains
high.
As home prices continuing to rise, confidence among potential
home sellers is sure to bolster inventory and the housing market
in the coming months.
Single-Family Home Sales
Compared to January of last year, the inventory of single-family
homes for sale in the city dropped by 40.3 percent, to a total of
380 properties. The number of homes under contract also fell by
9.6 percent, while the number of homes sold increased by 16.9
percent, to a total of 152 properties sold.
For homes that were priced below $700,000, the months of
supply inventory shortened by as much as 53.3 percent to a
reading of 1.2 months. For higher-priced homes between
$700,000 and $1.2 million, the months of supply inventory also
fell, by 58.7 percent to 1.1 months.
(These exceedingly short time frames are indicative of a seller’s
market, where sellers have more leveraging power over buyers
who are all vying against a limited amount of properties.)
One area of the city which experienced robust sales activity is in
the Sunset District, over in the central-western part of town.
Single-Family Homes
Median Sales Price:
$735,000
Active For-Sale Inventory:
380
Days on Market:
36
Condominiums
Median Sales Price:
$765,000
Active For-Sale Inventory:
498
Days on Market:
45
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