Trends at a Glance

For single-family homes, here are the key figures for June 2023 compared with May 2023 and June 2022:

• Home Sales: In June 2023, there were 198 home sales in San Francisco, compared to 184 in May and 230 in June 2022.
• Median Price: The median sales price for single-family, re-sale homes in June 2023 was $1,595,000, down 3.3% from May ($1,650,000) and down 13.8% from June 2022 ($1,850,070).
• Average Price: The average sales price for single-family, re-sale homes in June 2023 was $2,021,635, down 5.4% from May ($2,138,057) and down 10.9% from June 2022 ($2,269,212).
• Sales Price/List Price (SP/LP): The ratio of the sales price to the list price for single-family homes rose from 104.1% in May to 105.0% in June 2023. In comparison, the SP/LP ratio was 114.4% in June 2022.
• Days on Market: The average number of days on the market for single-family homes in June 2023 was 25, slightly shorter than 28 days in May and significantly longer than 16 days in June 2022.

For lofts, townhomes, and TICs, here are the key figures for June 2023 compared with May 2023 and June 2022:

• Condo Sales: In June 2023, there were 189 condo sales in San Francisco, compared to 221 in May and 292 in June 2022.
• Median Price: The median sales price for condos/lofts in June 2023 was $1,100,000, down 12.2% from June 2022 ($1,252,500) and slightly lower than May ($1,150,000).
• Average Price: The average sales price for condos/lofts in June 2023 was $1,264,974, down 7.3% from June 2022 ($1,365,157) and slightly higher than May ($1,189,507).
• Sales Price/List Price (SP/LP): The ratio of the sales price to the list price for condos/townhomes rose from 99.9% in May to 100.3% in June 2023. In comparison, the SP/LP ratio was 105.3% in June 2022.
• Days on Market: The average number of days on the market for condos/lofts in June 2023 was 50, compared to 56 days in May and 38 days in June 2022.

Market Analysis

The San Francisco real estate market in June 2023 continued to see a decrease in prices and sales compared to previous months and the same period last year.

For single-family, re-sale homes, the median sales price declined by 3.3% from May and was down 13.8% year-over-year. The average sales price decreased by 5.4% month-over-month and 10.9% year-over-year. Sales of single-family homes fell by 13.9% year-over-year, with 198 homes sold in San Francisco last month. It is important to note that the average number of homes sold per month since 2000 is 214.

The condo/loft market showed a similar trend, with the median sales price down 12.2% year-over-year and the average sales price down 7.3% year-over-year. Sales of condos/lofts fell by 35.3% year-over-year, with 189 units sold in June. The average number of units sold per month since 2000 is 230.

The sales price to list price ratio increased slightly for homes, indicating that buyers were paying slightly more over the listed price. However, for condos/townhomes, the ratio also rose but remained close to 100%.

The average days on market for homes increased to 25 days, indicating a slightly longer period from listing to contract. For condos/lofts, the average days on market increased to 50 days.

Momentum Statistics

Sales momentum for homes showed a slight improvement, rising from -45.9 to -44.3. This indicates a slight increase in sales activity compared to the previous period. However, sales momentum for condos/lofts decreased by 0.4 of a point to -67.7, suggesting a decline in sales activity for this segment.

Pricing momentum for single-family homes fell 1 point to -17.5, indicating a downward trend in pricing. Similarly, pricing momentum for condos/lofts fell by 1.3 points to -9.4.

Please note that these momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.

If you are planning on selling your property, please call us for a free comparative market analysis to help you understand the current market conditions and determine the optimal selling strategy.

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Thank you for staying informed about the San Francisco real estate market. Feel free to reach out to us with any questions and further assistance.

Information based on the 'The Real Estate Report of Local Market Trends for San Francisco' by Robb Fleischer, Broker/Officer for AMSI and Novo Real Estate Services.