June 2018 housing stats report was recently released by SF Association of Realtors. It shows the following local real estate trends:
- Median Sales Price (“MSP”) of single family homes reached $1.622M, an +11% increase compared to June 2017. MSP for Condo/TIC/Coop properties was equal to $1.175M, a +4% increase v. the same time last year
- 89% of single family homes sold above their list price and those that fell into this category received 120% of their asking price. As a way of comparison, 68% of Condo/TIC/Coop properties sold above their asking price, receiving 107% of their list price.
Of note from the Report:
- While the strength of U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25%, marking the second rate hike this year and seventh since later 2015
- Buyers often react by locking in at the current rate ahead of assumed higher rates later – when this happens, accelerated price increases are possible, causing further strain on affordability
- Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing
For more details, please download the enclosed copy of the report.
With best wishes,
Associate Broker, Pricing Strategy Advisor (PSA®)
CalBRE No: 01445813
c: +1 (415) 601-0926
Disclaimer: Information provided herein was derived from public sources deemed reliable, it is intended for information purposes only, may contain errors and is subject to revision.