San Francisco Real Estate Market Report: December 2020
San Francisco real estate market report for December 2020
Our friends at Compass maintain bayareamarketreports.com with the most up-to-date and comprehensive analysis of San Francisco home prices, values, conditions and trends of the San Francisco Bay Area residential real estate market.
Here’s a rundown of the latest San Francisco real estate market report from Patrick Carlisle, Chief Market Analyst of Compass for the San Francisco Bay Area. Click here for the full report.
December Real Estate Market Report: A Strange Year Begins Winding Down
Though the pandemic upended many normal seasonal trends this year, the market did begin its typical “holiday season” slowdown in November – however activity remained well above levels of last year. It is unknown how the latest Covid-19 circumstances may affect the market in December, which is usually by far the slowest month of the year.
More importantly, we hope you and your loved ones stay safe and well during this challenging holiday season.
- In 1990, the SF median house price was about $300,000; it is currently running about $1,650,000.
- A big increase in supply since the pandemic struck has led to declines in condo median sales prices.
- As is typical, the number of new listings plunged in November. December is usually the month with the lowest number of new listings coming on market.
- With the decline in new listings, overall listing inventory dropped, but remained much higher than in previous years.
- The number of condos on the market dramatically increased since the pandemic struck, but began to decline in November.
- Market activity as measured by the number of listings going into contract is significantly higher on a year-over-year basis: over 40% higher in November 2020.
- The house market has been significantly stronger than the market for condos since the pandemic struck.
- The number of listings reducing price dropped in November, but remained elevated over previous years.
Bay Area Luxury Real Estate Market
- The Bay Area counties which have seen the largest percentage increases in the sales of luxury homes since May have been Sonoma and Santa Cruz (despite the fires), and Monterey. Lake Tahoe saw a incredible 187% jump in luxury home sales.
- If you’re looking for a home priced $5 million and above, the greatest choice of listings are available in Lake Tahoe, Pacific-Presidio Heights, Palo Alto, Hillsborough, and Carmel.
- View the Compass NorCal Luxury Market Report, December 2020
Read the full San Francisco Real Estate Market Report, December 2020 at bayareamarketreports.com.
Questions about the San Francisco real estate market? Get in touch with us any time.