San Francisco Home Sales Slowed for Fourth Month as Condo Supply Jumped

San Francisco city home prices rose 4 percent in April from a year earlier to a median $1.3 million. Sales fell more than 18 percent, the fourth-straight month of declines.

In good news for buyers, the supply of homes for sale jumped more than 50 percent, the biggest advance in more than five years, and more sellers entered the market. The number of new for-sale signs was 7.7 percent higher last month than in April 2015.

The supply of homes for sale in the city has been increasing at a rapid clip all year, but the growing inventory hasn’t been enough to seriously hamper price growth or meet buyer demand.  In April, there was less than a two-month supply of properties on the market, well below the six months that signals a balance between buyers and sellers.

That’s one reason nearly 70 percent of homebuyers paid more than sellers were asking in April.

“While this dramatic increase in inventory isn’t halting price growth, we have noticed that the type of property matters,” Redfin agent Mark Colwell said. “The backlog of buyers for single-family homes means that demand isn’t likely to slow down anytime soon, even with the number of homes on the market increasing as much as it has. However, we’re starting to notice that condo prices are beginning to flatten.”

Condo prices were up just 2.6 percent while inventory jumped 73.3 percent last month from  April 2015.

Bay Area

Across the greater Bay Area, the median sale price rose 6.2 percent year over year to $1.2 million after slowing in March. Sales plunged for the second month, falling 24.3 percent compared to a year earlier.

Hot Neighborhoods

Pacific Heights maintained its position as the city’s most expensive community, with a median sale price of $2.1 million. Close behind was Forest Hill at just more than $2 million. Noe Valley ($1.83 million), Russian Hill ($1.715 million) and Inner Sunset ($1.655 million) rounded out the top five.

The Tenderloin, the city’s most-affordable neighborhood, recorded three sales in the past three months, only one of which went for more than the seller was asking. That pushed the median price down more than 28 percent, to $485,000. It was the only place in the city where a typical home could be had for less than half a million dollars.

Across most of the city, buyers paid more than sellers were asking. The average home went for less than list price only in the Tenderloin, Rincon Hill and Colma.

See our city page for the most up-to-date data on San Francisco home prices.

Here’s what’s happening in your neighborhood:

Place	Median Sale Price	Year-Over-Year	Homes Sold	Year-Over-Year	Inventory	Year-Over-Year	New Listings	Median Days on Market	Avg Sale-to-List
Ashbury Heights	1350000	-0.244	9	-0.357	6	0.5	14	14	1.079
Bayview	770000	0.085	17	-0.575	16	-0.333	32	17	1.074
Bernal Heights	1345000	0.034	36	-0.41	28	0.647	65	15	1.159
Castro	1201000	0.25	1	-0.5	1	NA	3	9	1.094
Civic Center / Van Ness	845000	-0.05	27	0.35	18	0.8	44	14	1.052
Colma	770000	NA	1	NA	1	NA	NA	27	0.975
Crocker Amazon	715000	-0.144	9	-0.1	10	0.429	17	23	1.035
Daly City	831500	0.279	30	-0.348	69	0.568	54	20	1.075
Excelsior	940000	0.213	13	-0.435	9	-0.1	27	15	1.141
Financial District	1049000	-0.462	3	-0.667	4	0.333	5	49	1.013
Forest Hill	2012500	0.311	4	-0.333	1	-0.75	6	26	1.088
Haight Ashbury	1321250	0.096	6	-0.4	5	-0.444	12	20	1.029
Hayes Valley	1400000	0.077	5	-0.444	6	5	16	13	1.156
Ingleside	795000	-0.055	4	-0.429	5	1.5	8	57	1.006
Inner Richmond	1600000	-0.086	23	-0.08	4	-0.733	27	14	1.112
Inner Sunset	1655000	0.324	26	0.529	14	0.4	35	16	1.111
Lower Haight	1225000	0.04	13	-0.409	4	-0.333	14	14	1.071
Merced Heights	638500	0.051	13	0.083	7	0.4	20	14	1.152
Miraloma Park	1390000	0.112	24	-0.314	24	1.4	44	13	1.151
Mission	1207500	0.232	48	-0.448	29	0	52	31	1.061
Mission Bay	1330000	0.009	42	0.4	21	9.5	64	19	1.008
Nob Hill	935000	-0.422	16	-0.333	16	0.455	28	19	1.02
Noe Valley	1830000	0.109	58	-0.205	31	0.348	84	15	1.098
Outer Mission	982000	0.183	3	-0.727	11	1.2	12	14	1.218
Outer Richmond	1528000	0.284	15	-0.286	13	0.3	34	18	1.202
Outer Sunset	1075000	0.126	37	0.233	17	0.214	50	14	1.207
Pacific Heights	901500	0.015	6	-0.143	1	-0.667	4	33	1.032
Pacific Heights	2100000	-0.129	35	-0.286	41	1.05	82	12	1.077
Parkside	1168000	0.068	25	0.389	11	-0.154	32	16	1.147
Portola	834000	0.112	16	0.231	3	-0.5	15	20	1.095
Potrero Hill	1160000	-0.171	49	0.4	28	0.867	61	16	1.086
Rincon Hill	1120000	-0.128	28	-0.176	34	2.778	54	15	0.998
Russian Hill	1715000	0.429	24	0.043	19	1.714	46	13	1.056
South of Market	995000	0.015	72	-0.143	67	0.914	121	17	1.026
South San Francisco	840000	0.104	37	-0.098	51	0.378	41	15	1.089
Sunnyside	1210000	0.201	23	0.278	11	2.667	29	13	1.187
Sunset District	1258000	0.128	121	0.1	64	0.255	178	14	1.178
Telegraph Hill	949000	-0.269	11	-0.312	7	0	22	13	1.046
Tenderloin	485000	-0.284	3	-0.25	4	3	9	15	0.998
Twin Peaks	1475000	0.425	7	-0.364	3	0.5	5	15	1.045
Visitacion Valley	765000	0.048	10	-0.474	7	-0.462	12	27	1.014
Western Addition	1200000	0.371	15	0.154	11	1.75	22	27	1.044
San Francisco, CA	1300444	0.04	432	-0.182	816	0.503	688	16	1.092

NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass entire city.  Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended April 30. Inventory measures listings active as of April 30.

For more information, contact Redfin journalist services

Phone: 206-588-6863
Email: press@redfin.com

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