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San Francisco Real Estate Market: April 2021 Report

Q1 is typically a slow quarter, its sales and sales prices mostly reflecting activity during the mid-winter holiday “doldrums,” as the market gradually wakes up in the new year. But business went crazy this past winter — sales peaked for the year in Q4 — and first quarter activity was far higher than Q1 2020.

Interest rates, though still extremely low by historical standards, have climbed 20% since their all-time low in January.

Within this report, market statistics on districts and neighborhoods folow the full-city analysis.

(And here’s the usual disclaimer.) Statistics are generalities, essentially summaries of disparate data generated by dozens, hundreds or thousands of unique, individual sales. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller markets with fewer sales. Q1 2021 numbers are estimates using data available in early April: Late reported sales may alter these numbers. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.

Off we go with the April 2021 SF real estate market report!

Q1 2021 vs Q1 2020, Selected Statistics for SF Real Estate Market

  • Median single-family house sales price up 6.5%
  • Median 2-bedroom condo price down 10.6%
  • Home sales volume up 60%
  • Luxury single-family sales up 51%
  • Luxury condo sales up 39%

SF Real Estate Market Charts

Sales prices were up year-over-year in Q1 for single-family homes, down for 2-bedroom condos.

Q1 of 2021 saw more new listings hitting the market than in recent years.

Active listings on the SF real estate market were up 65% in March, year-over-year. This is largely driven by condos/co-ops/TICs, which make up nearly three quarters of total active listings.

Listings under contract were way up in March 2021 over March 2020.

Sales volume in Q4 2020 and Q1 2021 was considerably higher than in previous years.

Sales of both luxury single-family homes ($3 million+) and luxury condos ($2 million+) were up in Q1 2021.

Current high ratios of listings going into contract demonstrates strong buyer demand with respect to the number of listings available to purchase.

Single-family homes (houses) have historically spent less time on the market before selling than their condo counterparts. The pandemic only widened this gap.

After a drop-off in the ratio of listings that sold above list price, the numbers appear to be turning around.

Sales-price-to-list-price ratios remain down compared with recent years, but the difference is more pronounced among condo listings.

Comparative Review of San Francisco Neighborhood and District Real Estate Markets

Supply and demand trends — represented by statistics such as supply of inventory, home-price appreciation, time on market, overbidding asking prices, and so on — that characterize the city’s overall market also, unsurprisingly, generally pertain to its districts and neighborhoods.

But there are often significant differences in dynamics between neighborhoods tied to the specific balance (or imbalance) between buyer demand and the supply of listings for sale.

Property type — single-family or condo (small building or high-rise) — and how affordable or expensive an individual market is within the context of San Francisco’s general cost of housing, are often the major factors — though there are certainly other economic and demographic issues at play. In SF real estate, the devil is always in the details.

The following analyses review and compare San Francisco single-family and condo neighborhoods by a number of statistical measures. There is a map delineating the city’s many neighborhoods following the graphs and tables.

Mortgage rates remain very low in historical context, but they have ticked up roughly 20% since the all-time low in January 2021.

SF REAL ESTATE MARKET UPDATES AND INSIGHTS

Hopefully this San Francisco real estate market data can help you in planning your real estate future.

If you have questions about the market or your next steps to buying or selling, let us know! We’re always happy to help you and anyone you send our way.

If you are thinking of selling your San Francisco property, fill out our Seller Worksheet to tell us more about your situation. If you’re looking to buy a home in San Francisco, tell us your goals and timeframe in our Buyer Worksheet. Or send us a message with any general inquiries. Have a great day!

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