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March 2021: SF Real Estate Market Update

March 10, 2021

March 2021 Real Estate Market

The Spring Market Began in January and Continues to Accelerate

The SF real estate market is heating up fast:

  • New listings are up 10%
  • Listings pending sale are up 95%
  • Luxury house sales are up 87%

At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much sooner than sellers (new listing supply), a dynamic which commonly accelerates as spring gets underway. When demand surges while new listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes.

This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming much more common. And this has occurred with a vengeance in early 2021, especially within the city's single-family home market.

This report will look at median house and condo list and sales prices, supply and demand from a variety of angles, the surge in luxury home sales, home prices along the Bay Area coast, and the recent jump in interest rates.

Home values struggled to break through historic highs last year, but 2021 is off to a strong start with February sale prices up about 5% year-over-year.

SF single-family market dynamics

San Francisco median single-family sale prices did go up last year, but not as sharply as in some Bay Area counties.

Annual Bay Area median home sale prices

San Francisco condo sales prices are still fighting their way back after last year's slump, but sales volume has made a dramatic comeback, showing the demand is there. The pandemic caused a sharp divergence between segments of the condo market.

SF condo market dynamics

Year-over-year, single-family home sales volume increased about 45% in the first two months of 2021. The spring market sprung early.

SF single-family market by month

Similarly, condo/co-op/TIC sales increased 48% year-over-year in the first two months of 2021.

SF condo market by month

Listing supply is down across the board, but condos are still lagging behind single-family homes in this tight market.

SF real estate market snapshot

New listings increased 10% year-over-year last month...

SF new real estate listings

...bringing the number of active listings for sale in February 2021 to 66% higher year-over-year.

SF active real estate listings

A majority of currently active listings are priced below $1,499,000, and the vast majority of them are condos.

SF real estate market by price segment

Another sign of an early, strong spring market, pending sales were up 95% year-over-year in February 2021.

SF real estate market dynamics

Over the past 12 months, the most commonly sold type of property were 2-bedroom condos.

SF home sales by property type

Price reductions exploded last year amidst a tumultuous market. They have fallen sharply from their autumn peak, but are still higher than normal for this time of year.

SF real estate market seasonality

MLS Districts 5 and 7 saw the most luxury home sales above $3,000,000 over the past 12 months.

SF Luxury home sales

Single-family luxury home sales ($3M+) were up 87% year-over-year in February.

SF Luxury home seasonality

San Francisco's highest-priced segment, single-family homes over $5M, saw a huge increase in sales in the past year.

SF Ultra-luxury home sales

Since 2012, the largest jump in single-family homes sold above $3M occurred in MLS District 5, home to Noe Valley, Eureka Valley, Cole Valley, Ashbury and Clarendon Heights.

SF Luxury Single-Family Trends

The highest condo sale in the past 12 months was for $12,555,000 and a whopping $2,726 per square foot, at Four Seasons Residences in Yerba Buena.

SF Luxury Condo Sale Prices

Luxury condo sales in San Francisco are continuing to bounce back, up 17% year-over-year in February 2021.

SF Luxury Condo Market

Home prices, size, lot size, quality and more vary widely among Bay Area coastal communities.

Bay Area Coastal Real Estate

National average mortgage rates have ticked up recently, but they still remain historically low. Buyers may see this as added incentive to buy sooner than later.

Mortgage Interest Rate Trends

San Francisco Real Estate News and Analysis

We hope this SF real estate market update is helpful to you! If you have questions about SF real estate, get in touch! We're happy to hear from you.

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