Increase in the number of homes for sale in San Francisco
It is a truth universally acknowledged that housing prices in San Francisco are staggeringly high, add to that, a high cost of living and buying a house is pretty much out-of-reach for many residents.
And even though San Franciscans have plenty of reasons to love living here, being a home owner could be one of them.The median home price in the city almost doubles that of a similar home elsewhere in California. If San Francisco home owners decide to sell, they will defintiely make a nice profit.
Data from April 2021 by Realtor shows that the median home price in San Francisco is $1.4 million making the city a top place for home ownership. Back in the year 2000, the median price was $422,000 and ten years later, in the year 2010,the median price was $881,000. However, the $1.4M in April 2021, was trending down -7.6% year-over-year. The median listing price per square foot was $959 and the median sale price was $1.5M.
For those who are currently on the hunt for a property , good news all around, SocketSite has diclosed that "the number of homes on the market in San Francisco ticks up, pending sales down"
There are about 920 homes for sales which the SocketSite claims is 10 percent more homes on the market than at the same time last year, “another 10-year seasonal high and 90 percent more inventory on the market than there was in mid-May of 2015”.According to them;
Listed single-family home inventory (270) is roughly even versus the same time last year while the number of condos on the market (650) is up 15 percent with the list price for 23 percent of the condos on the market having been reduced at least once, and 15 percent of the listings for single-family homes, versus 15 percent and 17 percent, respectively, at the same time last year
They mention that even though the number of houses in contract across the city is still up around 50 percent versus the same time last year, “pending sales dropped 6 percent over the past week with an average list price per square foot that’s down 7 percent, year-over-year”.
The SF Business Times has reported State numbers showing population loss in California, Bay Area counties and San Francisco. They report that some of those who left San Francisco and put their home up for rent with the idea of returning are deciding to stay where they are. One of the reasons for the increase of homes for sale could be that these home owners are now putting their homes up for sale.
As claimed by Realtor homes for sale in San Francisco usually sell after a month and half on the market, with the most popular neighborhoods being South Beach, Pacific Heights and Mission District.