The cost of single-family homes in San Francisco is on the rise, while condominium prices are falling.
The typical single-family home price in the city in May rose 7 percent year over year to $1.735 million, the San Francisco Business Times reported, citing figures from Compass.
San Francisco’s year-to-date home sales volume was up 12 percent from a year ago, and average days on the market were the lowest in 12 months.
Over the same period, the median condo sale prices ticked down 1 percent to $1.135 million.
Condo median sales prices have generally reflected much lower appreciation over the past six years than houses, Patrick Carlisle, chief market analyst for Compass in San Francisco, told the Business Times. Some condo markets have seen little or no appreciation since 2018.
Overall, 82 percent of house sales and 44 percent of condo sales sold for over asking price in San Francisco last month.
Meanwhile, home sales of luxury properties of $5 million or more “spectacularly outpaced the overall market,” Carlisle said.
The late spring selling season brought San Francisco’s famed “Full House” Victorian to market for $6.5 million. The city’s most expensive listing this year was at 2990 Broadway for $38 million. The Sea Cliff home of venture capitalist George Sarlo also just came to market for $26 million.
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Across the Bay Area, typical single-family home prices rose last month in all nine counties. Three counties — including Santa Clara, the hottest market in the Bay Area, San Mateo and Sonoma — hit new price highs.
Most other counties saw their highest prices since mid-2022, but remained down from spring 2022 peaks, Carlisle said.
Other year-over-year regional changes include an 8 percent increase in the number of new listings coming to market and a 7.5 percent increase in the number of home sales.
— Dana Bartholomew