August 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 $1.55M, an +12.5% increase compared to August 2017. MSP for Condo/TIC/Coop properties was equal to $1.249M, a +6.3% increase v. the same time last year
· 82% of single family homes sold above their list price and those that fell into this category received 114% of their asking price. As a way of comparison, 59% of Condo/TIC/Coop properties sold above their asking price, receiving 106% of their list price.
Of note from the report:
- Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, per NAR;
- The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years;
- Housing starts are performing admirable, prices are still inching upward, supply remains low and consumers are optimistic
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.