February 2018 housing stats report was just released by SF Association of Realtors. It shows the following local real estate trends:
· Median Sales Price (“MSP”) of single family homes reached a new historic high of $1.715M, a remarkable +33% increase compared to February 2017. On the other hand, MSP for Condo/TIC/Coop properties was $1.104M, a -6.8% drop v. the same time last year.
· 80% of single family homes sold above their list price and those that fell into this category received 116% of their asking price. As a way of comparison, 59% of Condo/TIC/Coop properties sold above their asking price, receiving 105% of their list price.
Of note from the report: “…The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. … In February, prevailing mortgage rates continued to rise [reaching its highest level since January 2014]. This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes. … Upward rate pressure is likely to continue as long as the economy fares well.”
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.