The San Francisco market is in full swing as we enter the spring selling season. Sales are up across the board and the single family home segment in particular is becoming increasingly competitive. Buyers are doing their homework first and coming to the property well informed and ready to make a quick clean offer if the house fits. Sellers are also now more than ever providing all disclosures up front as well as numerous inspections so that buyers can put forward their best offer.
The condominium sector posted a 21% increase in sales from last year and higher than any other February on record. That said, the median sale price decreased 4 percent and the median price per square foot dropped 6.3 percent. There was also a significant drop when comparing the percent of properties that sold over list price and the overall percent of list price received. This is likely due to a combination of factors, including more inventory for buyers to choose from.
National mortgage rates hit 3 percent for the first time since July indicating the economy is regaining its footing. FreddieMac reported, 'Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable. While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.'
YEAR-OVER-YEAR COMPARISON
SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH COMPARISON
SINGLE FAMILY RESIDENCES
CHANGE IN PAST MONTH:
SALE PRICE +6.7%
DAYS ON MARKET -6 Days
MEDIAN AREA VALUES
SINGLE FAMILY RESIDENCES
Q4 2020
* Small sample size (n<10); use caution when interpreting results.
TOP FIVE SALES IN FEBRUARY 2021
SINGLE FAMILY RESIDENCES
150 GLENBROOK AVENUE Clarendon Heights
$17,500,000 $2,352/sq. ft. 6 bed / 8 bath 7,440 sq. ft.
2100 JEFFERSON STREET Marina
$12,500,000 $2,083/sq. ft. 5 bed / 5 bath 6,000 sq. ft.
2455 VALLEJO STREET Pacific Heights
$9,400,000 5 bed / 6 bath
2889 PACIFIC AVENUE Pacific Heights
$7,900,000 $1,082/sq. ft. 6 bed / 7 bath 7,300 sq. ft.
2910 LAKE STREET Sea Cliff
$7,000,000 $1,347/sq. ft. 4 bed / 4 bath 5,195 sq. ft.
YEAR-OVER-YEAR COMPARISON
CONDOMINIUMS/TIC/COOPs
MONTH-OVER-MONTH COMPARISON
CONDOMINIUMS/TIC/COOPs
CHANGE IN PAST MONTH:
SALE PRICE +12.7%
DAYS ON MARKET -29 days
MEDIAN AREA VALUES
CONDOMINIUMS/TIC/COOPs
Q4 2020
* Small sample size (n<10); use caution when interpreting results.
TOP FIVE SALES IN FEBRUARY 2021
CONDOMINIUMS/TIC/COOPs
181 FREMONT #61B Yerba Buena
$6,600,000 $2,852/sq. ft. 3 bed/4 bath 2,314 sq. ft.
2121 WEBSTER STREET #PH3 Pacific Heights
$5,650,000 $2,560/sq. ft. 3 bed/3 bath 2,207 sq. ft.
401 HARRISON STREET #42C South Beach
$3,925,000 $2,023/sq. ft. 3 bed/3 bath 1,940 sq. ft.
2151 LAGUNA STREET #2 Pacific Heights
$3,725,000 $1,420/sq. ft. 4 bed/3 bath 2,624 sq. ft.
2304 WASHINGTON STREET #200 Pacific Heights
$3,300,000 $1,255/sq. ft. 4 bed/3 bath 2,629 sq. ft.