SF House & Condo/TIC/Coop Market Metrics, April 2022

The average 30-year fixed rate mortgage exceeded 5 percent in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70 percent compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.

In San Francisco, year over year, New Listings were down 38.7 percent for single-family homes and 26.4 percent for Condo/TIC/Coop properties. Pending Sales decreased 7.3 percent for single-family homes and 29.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 13.9 percent to $2,050,000 for single-family homes and 13.3 percent to $1,360,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 44.4 percent for single-family units and 27.1 percent for Condo/TIC/Coop units.

Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7 percent as of last measure, while pending sales dropped 1.2 percent, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15 percent increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.

DISTRICT 1

Central Richmond, Inner Richmond, Jordan Park / Laurel Heights, Lake Street, Lone Mountain, Outer Richmond, Sea Cliff 

DISTRICT 2

Central Sunset, Golden Gate Heights, Inner Parkside, Inner Sunset, Outer Parkside, Outer Sunset, Parkside

DISTRICT 3

Ingleside, Ingleside Heights, Lake Shore, Lakeside, Merced Heights, Merced Manor, Pine Lake Park, Stonestown

DISTRICT 4

Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park

DISTRICT 5

Buena Vista / Ashbury Heights, Clarendon Heights, Cole Valley / Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley / Dolores Heights, Glen Park, Haight Ashbury, Mission Dolores, Noe Valley, Twin Peaks

DISTRICT 6

Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition

DISTRICT 7

Cow Hollow, Marina District, Pacific Heights, Presidio Heights

DISTRICT 8

Downtown, Financial District, Nob Hill, North Beach, North Waterfront, Russian Hill, Civic Center, Telegraph Hill, Tenderloin

DISTRICT 9

Bernal Heights, Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach, South of Market, Yerba Buena

DISTRICT 10

Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Mission Terrance, Outer Mission, Portola, Silver Terrace, Visitacion Valley

Drop us a line for unique deals and off-market properties for sale > 415.715.9205 / mike@vulcca.com