For our statistically-oriented clients and friends, it's been an interesting 2019 so far: a soaring stock market, low interest rates, limited inventory, a spring full of unicorn IPOs and, once again, record median house and condo prices in Q2.
As some of you may recall, in Q4 of 2018 the real estate market felt a bit lackluster (with whispers that the downturn was finally here!), but the Q2 numbers are in: the market is at an all-time high.
The median house sales price hit $1,700,000 — $80,000 above the previous peak for the same period in 2018. For condos, the new quarterly median price hit $1,250,00 — slightly above last year's $1,235,000.
We all know San Francisco has a sluggish summer —we'll blame Karl the Fog — but if the trends continue, it may be a recording-breaking fall.
If you're looking to buy or sell a home soon, we recommend getting the ball rolling now!
Median Home Sales Price Trends
All-time market high for single-family homes & condos!
Average Price per Square Foot
As with median sales prices, average price per square foot values reached new highs in Q2, bouncing back dramatically from the recent plunge. Overall, condos are selling for higher a price per square foot than houses.
San Francisco Luxury Home Sales
Hit New Peaks in Q2 2019
The first chart below breaks out luxury homes as defined by houses selling for $3m and above, and condos, co-ops and TICs selling for $2m or more.
The second chart looks at all home sales of $5m+ plus.
Days on Market
Clearly, properties across the board are still moving incredibly quickly, with the fastest moving properties in the $1-1.5m range.
Sales Price v. List Price
The most competitive price point for homes is in the $1-$1.5m range, with sales prices going for 16% over the asking price.