State of the Market – San Francisco/Peninsula February 2019

Sales Down 6% YoY,
Inventory up 45% YoY,
Single Family Home Prices are down 7% YoY,
Condo/Coop/TIC/Loft Prices are down 14% YoY,
2-4 Units Prices are down 26% YoY,
5+ Units Prices are down 42% YoY

San Francisco Single Family Home Prices are down 7% to $1,680,053 compared to January of 2018 – $1,788,506.

Average sale price for a Single Family Home in San Francisco in January of 2019 was $1,680,053 vs January of 2018 – $1,788,506.

Average sale price for the Condo/Coop/TIC/Loft in San Francisco in January of 2019 was $1,176,949 vs January of 2018 – $1,341,840.

Average sale price for 2-4 Units in San Francisco in January of 2019 was $1,960,890 vs January of 2018 – $2,468,083.

Average sale price for 5+ units in San Francisco in January of 2019 was $3,735,889 vs January of 2018 – $5,322,538.

There are currently 732 active homes for sale in San Francisco as of February 6, 2019 vs 477 active homes the month prior.

Compared to the same period last year (2018), there were only 507 active homes which equals to 45% increase in inventory year over year.

The total number of existing homes, condos and townhomes and multi family homes sold during January was 233. Compared to one year ago, January sales were down 6 percent.

1) Overall sales were down 6% year-over-year from 248 in January 2018 to 233 in January 2019.
2) Active inventory (single-family and townhomes and condos and multi family) is up sharply from a year ago, from a total of 507 in January 2018 to 732 in January 2019. Note: Total inventory was up 45% year-over-year. This is a significant increase in inventory, although months-of-supply is still low

Inventory of properties for sale in San Francisco as of February 6, 2019 = 732
Single-Family Homes = 200
Condo/Coop/TIC/Loft = 386
2-4 Units = 100
5+ units = 46
There is currently about 3 month worth of inventory, meaning if there was not another home listed, it would take about just about 3 month for all the current homes on the market to sell.
Once we reach 6 months of inventory, the market will turn to a Buyer market.

February 2019 Peninsula/Silicon Valley Market Update

In Menlo Park, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was 18 days vs 31 days one month prior with the average sale price $2,587,375.00 (in November was $2,988,398.00). Price Received was the same as an asking price.

In Foster City, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was 24 days with the average sale price $1,693,500.00 (in November was $1,538,625.00). Price Received was 3% LESS then an asking price.

In Belmont, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was only 26 days with the average sale price $1,860,545.00 (in November was $1,827,875.00). Price Received was 2% MORE than asking price.

In San Carlos, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was only 31 days with the average sale price $1,898,368.00 (in November was $1,938,684.00). Price Received was 3% MORE than asking price.

In San Mateo, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was only 26 days with the average sale price $1,561,556.00 (in November was $1,744,359.00). Price Received was 2% MORE than asking price.

In Burlingame, CA – AVERAGE DAYS ON MARKET for Single Family Houses in December was 31 days with the average sale price $2,377,647.00. (in November was $2,537,578.00). Price Received was 4% MORE than asking price.

As you are aware, the market has remained steady for some time now and continues to be a Sellers market.
If you were thinking of selling your home in the near future, now is the time to do so to get the top dollar for your home before the market has a chance to turn.

If you have any questions or require any assistance please feel free to contact me at 415-385-8949 or email me at valkrysov@realtyfinancial.com.

Reminder: As you know that I am in real estate sales and my passion is to bring buyers/sellers together.
Who have you talked to in past couple days that might be thinking about buying/selling in San Francisco and/or in Silicon Valley or anywhere in the US/Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit from).

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