January Housing Market Updates for San Francisco
The median single-family home and condo prices fell month-over-month, which is typical for the winter season. Year-over-year, single-family home prices increased considerably, up 10%, while condos were down 8%. Inventory has continued to decline as fewer homes have come to market and sales have remained high. Inventory for condos is almost twice as high relative to last year, which has been the primary driver of price decreases.
Single-family home sales have climbed since the initial months of the pandemic (March through May). Generally, buyers and sellers left the market in April and May, causing pent-up demand. Since May, sales have increased and were still near their highest levels in 2020 for single-family homes. Usually, we expect sales to decline in the autumn and winter months, but the 2020 summer selling season was delayed and seems to be spilling well into the autumn/winter season. Single-family home inventory dropped precipitously over the last two months due to unusually high sales numbers, and it is likely to decline further as we make our way through the winter months.