San Francisco Home Sales Slow Despite a Rush of New Sellers

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San Francisco home prices rose 2 percent in June from a year earlier, to a median $1.25 million. Sales in the city fell 6.9 percent, the sixth year-over-year slowdown.  

San Francisco Home Prices

Price growth has slowed this year after four years double-digit inflation, which has sellers rushing into the market. The supply of homes for sale jumped 77.4 percent.  Condo owners in particular were active in June, causing inventory of those units to more than double from the same time last year. Single-family inventory was up 37.4 percent.

“We have a lot of folks who are just trying to take advantage of what they perceive as the top of the market,” Redfin agent Mark Colwell said. Prices might be peaking for condos, he said, but not for single-family homes.

“There’s a feeling that a one- or two-bedroom condo can cost only so much, but that feeling doesn’t seem to apply with single-family homes,” Colwell said.

San Francisco Home Sales

The city had more than 980 homes listed for sale in June, compared to 553 in June 2015. The number of new for-sale signs planted in June was up 8.5 percent, the sixth month of year-over-year growth.

Although inventory has improved, it hasn’t caught up with demand and buyers remain discouraged by high prices and a lack of choice. Less than 67 percent of homes sold for more than asking price, down 10 percent from a year ago. It was the third-straight month of year-over-year declines.

Bay Area

Across the greater Bay Area, the median sale price rose 9.1 percent in June to $1.2 million. Sales slowed, dropping 2.6 percent year over year.

Hot Neighborhoods

Twin Peaks had only three home sales, but all went for more than asking price, pushing the neighborhood’s median price to $2.1 million, the city’s highest.  

That contrasted with other high-end neighborhoods in the city, where fewer sellers were able to command as much money as they wanted. In the Financial District, Nob Hill, Mission Bay, Rincon Hill and other communities where a typical home sold for more than $1.5 million, sellers had to compromise as fewer houses fetched more than asking price.

In Nob Hill about one in three homes sold above list price, a 37 percent drop from a year ago. In the Financial District, it was fewer than one in seven, a drop of nearly 29 percent.

The Tenderloin continued its streak as the city’s most-affordable community, with a median sale price of $535,000 based on five sales.

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 $1,510,000 18.4% 10 -56.5% 4 0.0% 16 14 103.1%
Bayview $726,250 -0.2% 28 -33.3% 30 87.5% 41 17 108.1%
Bernal Heights $1,280,000 -1.9% 61 10.9% 28 33.3% 80 15 117.7%
Castro $1,090,000 -32.6% 2 100.0% 1 NA 2 14 97.5%
Civic Center / Van Ness $712,500 -18.8% 30 7.1% 32 128.6% 59 16 105.8%
Colma $755,000 11.8% 1 0.0% 1 -66.7% 1 14 111.9%
Crocker Amazon $886,500 4.5% 7 -41.7% 12 100.0% 16 24 105.1%
Daly City $804,000 8.1% 51 10.9% 83 62.8% 70 23 107.4%
Excelsior $890,000 13.4% 31 10.7% 13 0.0% 34 14 113.0%
Financial District $1,625,000 20.4% 7 0.0% 7 75.0% 10 49 99.2%
Forest Hill $2,100,000 13.5% 8 -27.3% 2 0.0% 9 18 105.2%
Haight Ashbury $1,535,000 17.4% 13 -50.0% 7 75.0% 18 14 109.7%
Hayes Valley $1,400,000 20.4% 7 16.7% 9 -10.0% 19 23 105.9%
Ingleside $844,000 16.8% 12 100.0% 3 0.0% 12 14 112.0%
Inner Richmond $1,825,000 4.3% 24 -31.4% 9 -35.7% 24 13 110.7%
Inner Sunset $1,600,000 13.5% 31 63.2% 11 -8.3% 32 17 114.3%
Lower Haight $1,383,750 17.2% 14 -22.2% 8 100.0% 17 13 115.1%
Merced Heights $740,000 19.4% 17 30.8% 7 -12.5% 18 19 109.6%
Miraloma Park $1,200,000 -14.3% 34 -26.1% 20 100.0% 48 15 111.6%
Mission $1,210,000 23.5% 41 -46.8% 23 76.9% 50 20 105.7%
Mission Bay $1,282,500 -5.7% 46 12.2% 23 228.6% 45 29 100.7%
Nob Hill $1,754,000 34.9% 22 -24.1% 17 88.9% 28 29 99.7%
Noe Valley $1,669,000 -8.1% 74 2.8% 38 58.3% 88 15 108.9%
Outer Mission $610,000 -37.4% 10 42.9% 10 233.3% 18 29 100.1%
Outer Richmond $1,400,000 7.7% 25 8.7% 18 63.6% 30 20 117.2%
Outer Sunset $1,100,000 10.5% 49 8.9% 14 27.3% 45 15 117.5%
Pacific Heights $1,082,500 19.1% 6 -25.0% 4 100.0% 9 14 108.7%
Pacific Heights $1,917,500 -14.8% 62 17.0% 43 138.9% 83 17 105.2%
Parkside $1,250,500 10.2% 33 13.8% 9 28.6% 31 16 117.3%
Portola $950,000 8.0% 15 -11.8% 7 -12.5% 20 14 113.4%
Potrero Hill $1,137,000 -21.4% 44 4.8% 32 77.8% 56 14 109.7%
Rincon Hill $1,247,500 4.0% 28 -17.6% 40 344.4% 59 23 99.3%
Russian Hill $1,600,000 -26.9% 35 34.6% 22 69.2% 49 14 105.2%
South of Market $959,000 -4.4% 70 -27.1% 100 117.4% 139 28 102.0%
South San Francisco $800,000 6.0% 36 5.9% 73 58.7% 58 17 106.9%
Sunnyside $1,130,000 -9.6% 23 -8.0% 8 33.3% 24 15 115.8%
Sunset District $1,275,000 6.2% 165 5.1% 50 16.3% 183 15 117.7%
Telegraph Hill $1,331,000 43.1% 13 -35.0% 11 175.0% 18 19 102.8%
Tenderloin $535,000 -38.9% 5 66.7% 4 33.3% 6 13 102.5%
Twin Peaks $2,110,000 118.1% 3 -75.0% 6 50.0% 7 14 109.1%
Visitacion Valley $850,000 17.6% 9 -62.5% 10 0.0% 20 14 110.0%
Western Addition $1,100,000 -4.3% 15 -31.8% 13 30.0% 23 22 105.3%
San Francisco, CA $1,250,000 2.0% 515 -6.9% 981 77.4% 653 17 107.6%

NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass the 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 June 30. Inventory measures listings active as of June 30.

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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