San Francisco Home Sales Plunge As Buyer Burnout Adds to Supply Woes

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San Francisco home prices rose 3.5 percent in March from a year earlier to a median $1.2 million, the smallest year-over-year increase in more than a year. Sales in the city tumbled more than 23 percent.

It was the third-straight sales drop and the steepest in at least six years as buyer burnout exacerbated the city’s ongoing supply shortage.

San Francisco home prices
Median sale prices

While the supply of homes for sale in the city has been increasing since September, there still aren’t enough sellers to meet buyer demand. The number of houses on the market increased nearly 32 percent in March compared to a year earlier, but supply fell to about six weeks, well below the six months that signals a balance of power between buyers and sellers.

“The lack of sales is not buyers saying forget it, it’s owners who don’t want to sell and become buyers in this market,” Redfin agent Mark Colwell said. “So we have primarily a supply problem, but there’s also fatigue from buyers who see prices approaching a ceiling and have less appetite for pushing the envelope.”

Despite the city’s rapid price escalation, values haven’t peaked yet, Colwell said.

“We’re probably in the seventh inning,” he said. “Multiple-offer situations are still not only prevalent but the norm in most neighborhoods. I would call it a normalization.”

San Francisco Home Sales

Bay Area

For homes across the greater Bay Area, the median sale price fell 1.8 percent year over year to $1.04 million, the first price drop in four years. Sales plunged more than 22 percent compared to March 2015 and now have fallen 21 of the last 22 months.

Hot Neighborhoods

Pacific Heights held on to top billing as the city’s most expensive community, with a median sale price of almost $2.14 million. In Russian Hill, a typical home fetched  $2.02 million, making it the city’s second priciest neighborhood.

Prices in the Tenderloin remained low, at $507,000, making it the city’s least-expensive neighborhood. Merced Heights (at $644,200) and Bayview ($670,000) followed.

Buyers had fewer choices in some of those more affordable communities, including Twin Peaks, Visitacion Valley, Portola and Forest Hill. Across the rest of the city, however, inventory increased, giving buyers slightly more leverage. In the Tenderloin, Civic Center/Van Ness and Mission Bay, inventory more than doubled in March from a year ago.

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 $1,350,000 -18.0% 11 -8.3% 3 0.0% 10 18 112.7%
Bayview $670,000 -4.3% 22 -29.0% 16 -20.0% 32 18 105.5%
Bernal Heights $1,410,000 22.2% 29 -46.3% 19 18.8% 51 14 114.0%
Castro $1,201,000 25.0% 1 -50.0% 1 NA 2 9 109.4%
Civic Center / Van Ness $922,500 8.3% 16 0.0% 17 183.3% 47 14 104.8%
Crocker Amazon $836,250 8.2% 12 20.0% 7 75.0% 12 21 106.9%
Daly City $755,000 4.4% 56 51.3% 58 9.4% 43 19 106.7%
Excelsior $910,000 29.5% 7 -68.2% 10 25.0% 21 15 112.6%
Financial District $843,750 -56.7% 2 -77.8% 7 75.0% 10 14.5 101.5%
Forest Hill $1,400,000 -3.4% 3 -40.0% 2 -50.0% 6 38 109.3%
Haight Ashbury $1,042,500 -13.5% 7 -30.0% 3 200.0% 10 26 105.2%
Hayes Valley $1,400,000 7.3% 5 -37.5% 9 800.0% 14 16.5 113.1%
Ingleside $870,000 2.3% 5 -28.6% 6 200.0% 7 84 116.9%
Inner Richmond $1,550,050 -11.4% 16 -15.8% 9 -40.0% 26 15.5 112.9%
Inner Sunset $1,555,000 28.9% 18 0.0% 5 -16.7% 26 17 113.0%
Lower Haight $1,360,000 23.6% 11 -26.7% 7 16.7% 20 13 113.4%
Merced Heights $644,215.5 0.7% 12 0.0% 5 -28.6% 18 13 114.2%
Miraloma Park $1,525,000 31.2% 17 -29.2% 10 11.1% 28 13 115.2%
Mission $1,174,500 16.3% 36 -50.7% 25 -7.4% 46 27 106.8%
Mission Bay $1,345,000 37.5% 33 83.3% 26 188.9% 62 16 101.8%
Nob Hill $1,200,000 -25.8% 15 -16.7% 11 0.0% 25 19 100.6%
Noe Valley $1,825,000 23.7% 35 -34.0% 20 33.3% 70 18 109.0%
Outer Mission $860,000 10.5% 5 -64.3% 5 25.0% 8 19 109.8%
Outer Richmond $1,000,000 -3.4% 15 7.1% 8 0.0% 28 22 113.4%
Outer Sunset $1,035,000 11.0% 27 3.8% 15 0.0% 43 14 120.7%
Pacific Heights $2,137,500 7.5% 34 -20.9% 35 169.2% 73 14 104.8%
Pacific Heights $923,000 13.2% 3 -40.0% 2 NA 3 59 106.9%
Parkside $1,168,000 19.2% 13 0.0% 10 25.0% 29 13 121.5%
Portola $848,000 22.9% 11 10.0% 5 -50.0% 16 26 103.0%
Potrero Hill $1,133,500 -19.0% 48 65.5% 16 45.5% 64 17 107.8%
Rincon Hill $1,197,500 -0.1% 22 -18.5% 25 108.3% 48 14.5 101.2%
Russian Hill $2,025,500 72.0% 20 0.0% 15 66.7% 37 12 105.9%
South of Market $968,000 -7.8% 75 -5.1% 67 55.8% 135 15 102.7%
South San Francisco $830,000 12.2% 36 9.1% 46 48.4% 40 19 107.1%
Sunnyside $1,290,000 29.0% 14 27.3% 6 0.0% 23 12 119.8%
Sunset District $1,205,000 9.6% 91 0.0% 42 0.0% 147 15 118.6%
Telegraph Hill $973,000 -44.0% 12 20.0% 9 12.5% 22 13 105.1%
Tenderloin $507,500 6.3% 6 200.0% 6 500.0% 10 24 101.8%
Twin Peaks $1,193,000 11.5% 7 16.7% 1 -83.3% 6 21 104.7%
Visitacion Valley $725,000 4.3% 7 -58.8% 3 -80.0% 10 14 108.6%
Western Addition $1,155,000 44.4% 16 0.0% 10 150.0% 20 18 104.8%
San Francisco $1,200,000 3.4% 390 -23.1% 650 31.9% 605 14 110.0%

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 March 31. Inventory measures listings active as of March 31.

For more information, contact Redfin journalist services

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

See Redfin’s data center to find out what’s happening in other cities.

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lorraine-woellertredfin-com

Senior Managing Editor, Research

Lorraine is enjoying her first real job after a career in journalism. She’s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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