Meaning that in the conclusion of the second quarter, the median price for MLS recorded single-family homes in SF reach $1.7 million, while condominium costs hit $1.3 million, up $80K and $65K, respectively, compared to previous year.
But that is the nature of a volatile season; a small but significant drop one month and record-highs another can all happen within precisely the exact same market, particularly since Core Logic’s evaluation focuses on short-term, month-to-month action, whilst Compass assesses trends over a few months at once.
(Note: Employees at recently public companies are not yet allowed to sell the stock they own, but expectation of the conclusion of the lock-out interval may push other people to purchase in the meantime.)
Only last month, Orange County-based company Core Logic reported that SF’s median home costs (condos and homes combined) dropped year over year for the first time since 2017, decreasing four percent to about $1.32 million.
That’s the evaluation of SF-based property group Compass, which released a new market report covering Bay Area home sales in June.
In San Francisco, the most affordable area was Bayview, using a median price of $912,500. The most expensive neighborhood was (what else?)
Looking back over the past 12 months, the median house price in SF was $1.6 million–that is not even the most expensive place in the region. Atherton averaged $6.6 million during exactly the exact same period, Los Altos Hills ran arrived at $4.6 million, and Hillsborough at $4.2 million.
Carlisle points the finger at a”confluence of favorable financial factors” for agitating prices once again, including”unicorn IPOs [that] have started to roll out after a press frenzy of speculation on their possible effects in the marketplace.”
The California Association of Realtors has not published its assessment of June SF housing earnings yet, however, the figures for May show a median price of more than $1.69 million.
Conversely, Vallejo’s median house price came in at $ which makes the North Bay town the most affordable in the area. Pittsburgh and Vacaville both averaged roughly $450,000.
In accordance with Compass economist Patrick Carlisle,”Both homes and condos are essentially back up to the peak prices they hit this past year at this time. […] Median home sales prices are much the same as last year, re-attaining, but so far, not exceeding previous peaks.”
“Both houses and condos are basically back up to the peak prices they hit last year at this time”
Although the soaring cost of buying a house in San Francisco has slowed–as well as stalled–within the last year, momentum is still moving, even if it’s measured in inches instead of yards.