San Francisco median home price hits $1M
243 Romain, SF: $995K
With April’s close, the city was left with a new benchmark for San Francisco median home prices: single-family homes, according to the Business Journal, hit a median of $1 million dollars, a price not seen since the glory days of 2007 and a 32% jump from 2012. Further, Redfin data show that in mid-May, the median sold price was $1,030,000. That’s the sold price, readers; the list price median was a comparatively modest $799K, a fact that speaks to the power of too many buyers vying for too few properties.
The 2 bedroom, 1 bath home on Romain in SF’s Twin Peaks area (shown in the gallery above) lists for $995K, pretty close to the $1M mark. The square footage is not listed but two interesting facts about its history are: in 2008 it sold for $899K. In 1998, it sold at auction for just $106.5K.
High demand for homes goes unmet
The main culprit: low inventory. In April, inventory was down to a 1.1 month supply– a normal market would offer somewhere between five and seven months. In May, single-family home inventory was down 18.4% year-over-year, and condos down 24.8%. For condos too then, the laws of supply and demand are driving up prices. In mid-May, the median sold price for condos was $828K, up over 16% in one year’s time.
What does the median buy in San Francisco?
What does your typical $1 million dollar home look like? This isn’t as easy to answer as it could be if listing prices matched selling prices better. Redfin points out the sale-to-list ration for in mid-May was $112.2%, meaning sellers got well over full asking price for their homes. So we look today at a few samples from the current market: One priced at the median (pictured above); one below that may end up going for a million or more anyway; and one over the median that someone might dare offering less for. (Or not!)
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