San Francisco Real Estate Market Trends / Stats

San Francisco Real Estate Statistics, Market Trends, and Facts for 2023-2024

San Francisco home prices in March 2023 had decreased by 10.4% compared to the previous year, with a median price of $1.4 million.
Homes in San Francisco sell on average 29 days after on the market, compared to 15 days in the previous year.
417 homes were sold in March 2023, down from 662 in the previous year.
Median sale price in San Francisco is 239% higher than the national average.
The housing market in San Francisco is very competitive, with homes selling in 28 days.
Many homes in San Francisco get multiple offers, some with waived contingencies, and sell for about 2% above the list price.
Some homes can sell for about 8% above the list price and go pending in around 13 days.
In Jan ’23 – Mar ’23, 25% of San Francisco homebuyers searched to move out of San Francisco, while 75% looked to stay within the metropolitan area.
Across the nation, 2% of homebuyers searched to move into San Francisco from outside metros.
75% of San Francisco homebuyers searched to stay within the San Francisco metropolitan area.

Key SF Bay Area Real State Stats

Sales prices for single-family resale homes increased by 17.9% from February but decreased by 15.1% from the previous year.
The average sales price for single-family resale homes increased by 26.5% from February but decreased by 7.6% from the previous year.
Sales of single-family, resale homes fell by 39.1% from the previous year, with only 148 homes sold in San Francisco last month, below the average of 214 since 2000.
The median sales price for condos/lofts decreased by 11% from the previous year.
The average sales price for condos/lofts decreased by 14% from the previous year.
Sales of condos/lofts fell by 35.7% from the previous year, with only 241 condos/lofts sold last month, below the average of 230 since 2000.
The sales price to list price ratio increased from 102.4% to 103.5% for homes and 98.4% to 100.7% for condos/townhomes.
The average days on the market were 55 for condos and lofts and 28 for homes.
Sales of homes dropped from -29 to -34.6, while sales for condos/lofts were down 5.7 points to -54.6.
Pricing for single-family homes fell 3 points to -9.8, while pricing momentum for condos/lofts fell 1 point to -5.6.
The new home market has over eight months of supply of homes available at the present sale rate, with builders offering a range of concessions to entice buyers.
The National Association of Realtors Pending Home Sales Index posted a 0.8% increase in February, a third consecutive gain.
Mortgage applications increased in the last four weeks, with requests for purchase-money mortgages up about 19.3% in the previous four weeks and applications to refinance existing mortgages up by about 26% compared to where they ended February.

2023 San Francisco RE Facts

The existing housing market has improved slightly over the winter, but challenges of availability and affordability still permeate the market.
Kalamazoo homebuyers searched to move into San Francisco more than any other metro, followed by Wausau and Duluth.
Sacramento was the most popular destination among San Francisco homebuyers, followed by Los Angeles and Seattle.

The San Francisco and the Bay Area real estate market trends below shows mixed results. Single-family resale homes are experiencing a significant increase in the median sales price by 17.9% from February but a decrease of 15.1% from the previous year. The average sales price increased by 26.5% month-over-month but decreased by 7.6% year-over-year. Sales of single-family resale homes fell by 39.1% year-over-year. On the other hand, condos and lofts saw a decrease in the median sales price by 11% year-over-year, and the average sales price was down by 14% year-over-year. Sales of condos and lofts fell by 35.7% year-over-year.

Sales price to list price ratio rose for homes, condos/townhomes. This suggests buyers pay over what sellers ask, possibly due to limited inventory and high demand. The average days on the market for homes was 28, indicating a relatively fast-paced market, while condos/lofts had an average of 55 days on the market, suggesting a slower need.

The momentum statistics for both homes and condos/lofts show a decline. Sales momentum for homes dropped from -29 to -34.6, while for condos/lofts, it was down 5.7 points to -54.6. Pricing momentum for single-family homes fell by 3 points to -9.8, and for condos/lofts, it fell by 1 point to -5.6. These trends indicate a shift towards a buyer’s market and is good news for we buy houses San Francisco companies called flippers.

The SF Bay Area comprises many micro markets and neighborhoods that can vary greatly in value often called NorCal or Northern California. However, the decline in sales momentum for both homes and condos/lofts could suggest that the market is beginning to stabilize. The decrease in sales for both properties could indicate a shift in buyer preferences. It may also be due to the limited inventory available in the market. It could also be due to the pandemic’s effect on the market, with people opting to move out of the city to more affordable areas.

The San Francisco, real estate market, remains relatively strong, with high prices and demand exceeding supply. However, the decline in sales momentum could signal a shift towards a more balanced market, with buyers having more bargaining power if you need to sell my house fast San Francisco, the team at Maple Home Buyers can help because we buy houses Bay Area.

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