San Francisco Real Estate Market Report for Condos – May 2017
Since the end of the winter rains, MLS data shows the average price of a condo in San Francisco has increased. In fact, the average sales price of a condo saw a percent increase of 14% since January 2017.
The monthly average sales price for San Francisco condos from 2014-2017. Source: SFARMLS
In San Francisco, June and July are historically ideal months to sell before it begins to slow down in August. However, open house activity does ramp back up in September for the Fall push. If you’re on the fence about selling, right now is your window of opportunity while the momentum is moving upward. With low condo inventory and strong buyer demand, take advantage of the current sellers’ market.
- Currently, there have been 901 condo sales since January 2017.
- 205 of those sales received cash offers. That’s about 23%, roughly on part with last year’s figures.
- In May 2016, the average sale price of a condo was $1,218,956.
- In May 2017, the average sale price of a condo increased to $1,308,722.
In synopsis, we can say that low inventory levels is what’s driving the market upward and it’s potentially a lucrative time to sell. Condos that show well and are priced correctly have been selling quickly, often at higher prices than asking.
Raising of Interest Rates?
The 30-year fixed-rate mortgage averaged 3.94%, the lowest in 2017 so far. As you know, this positively affects buying confidence. However, Feds have been considering a rate increase as soon as mid-June. Read more.
Full service means I do more for my clients. And at Pacific Union, we are committed to achieving the best price possible. Below is an example of how much more we bring to the table for our clients, averaging over $48,000 over asking prices on condo sales in 2017. We are leaders in customer service, loyal commitment and sales performance.
Methodology: For each brokerage, we searched all condo sales in 2017 and subtracted the average sales price from average list price. The result is the average dollar amount sold over asking for each brokerage for 2017 sales.