{"id":47202,"date":"2016-04-14T04:00:24","date_gmt":"2016-04-14T11:00:24","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=47202"},"modified":"2020-10-05T16:22:52","modified_gmt":"2020-10-05T23:22:52","slug":"march-san-francisco-housing-market-tracker","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/march-san-francisco-housing-market-tracker\/","title":{"rendered":"San Francisco Home Sales Plunge As Buyer Burnout Adds to Supply Woes"},"content":{"rendered":"

San Francisco\u00a0home 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.<\/span>
\n<\/span><\/p>\n

It was the third-straight sales drop and the steepest in at least six years as buyer burnout exacerbated the city\u2019s ongoing supply shortage. <\/span><\/p>\n

\n
\"San
Median sale prices<\/figcaption><\/figure>\n<\/figure>\n

While the supply of homes for sale in the city has been increasing since September, there still aren\u2019t 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.<\/span><\/p>\n

\u201cThe lack of sales is not buyers saying forget it, it\u2019s owners who don\u2019t want to sell and become buyers in this market,\u201d Redfin agent Mark Colwell said. \u201cSo we have primarily a supply problem, but there\u2019s also fatigue from buyers who see prices approaching a ceiling and have less appetite for pushing the envelope.\u201d<\/span><\/p>\n

Despite the city\u2019s rapid price escalation, values haven\u2019t peaked yet, Colwell said. <\/span><\/p>\n

\u201cWe\u2019re probably in the seventh inning,\u201d he said. \u201cMultiple-offer situations are still not only prevalent but the norm in most neighborhoods. I would call it a normalization.\u201d<\/span><\/p>\n

\"San<\/figure>\n

Bay Area<\/h3>\n

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. <\/span><\/p>\n

Hot Neighborhoods<\/h3>\n

Pacific Heights<\/span><\/a> held on to top billing as the city\u2019s most expensive community, with a median sale price of almost $2.14 million. In Russian Hill, a typical home fetched \u00a0$2.02 million, making it the city\u2019s second priciest neighborhood.<\/span><\/p>\n

Prices in the Tenderloin remained low, at $507,000, making it the city\u2019s least-expensive neighborhood. Merced Heights<\/a> (at $644,200) and Bayview ($670,000) followed. <\/span><\/p>\n

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. <\/span><\/p>\n

See our city page for the most up-to-date data on San Francisco <\/span>home prices<\/span><\/a>.<\/span><\/p>\n

Here\u2019s what\u2019s happening in your neighborhood:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Place<\/th>\nMedian Sale Price<\/th>\nYear-Over-Year<\/th>\nHomes Sold<\/th>\nYear-Over-Year<\/th>\nInventory<\/th>\nYear-Over-Year<\/th>\nNew Listings<\/th>\nMedian Days on Market<\/th>\nAvg Sale-to-List<\/th>\n<\/tr>\n<\/thead>\n
Ashbury Heights<\/a><\/td>\n$1,350,000<\/td>\n-18.0%<\/td>\n11<\/td>\n-8.3%<\/td>\n3<\/td>\n0.0%<\/td>\n10<\/td>\n18<\/td>\n112.7%<\/td>\n<\/tr>\n
Bayview<\/a><\/td>\n$670,000<\/td>\n-4.3%<\/td>\n22<\/td>\n-29.0%<\/td>\n16<\/td>\n-20.0%<\/td>\n32<\/td>\n18<\/td>\n105.5%<\/td>\n<\/tr>\n
Bernal Heights<\/a><\/td>\n$1,410,000<\/td>\n22.2%<\/td>\n29<\/td>\n-46.3%<\/td>\n19<\/td>\n18.8%<\/td>\n51<\/td>\n14<\/td>\n114.0%<\/td>\n<\/tr>\n
Castro<\/a><\/td>\n$1,201,000<\/td>\n25.0%<\/td>\n1<\/td>\n-50.0%<\/td>\n1<\/td>\nNA<\/td>\n2<\/td>\n9<\/td>\n109.4%<\/td>\n<\/tr>\n
Civic Center \/ Van Ness<\/a><\/td>\n$922,500<\/td>\n8.3%<\/td>\n16<\/td>\n0.0%<\/td>\n17<\/td>\n183.3%<\/td>\n47<\/td>\n14<\/td>\n104.8%<\/td>\n<\/tr>\n
Crocker Amazon<\/a><\/td>\n$836,250<\/td>\n8.2%<\/td>\n12<\/td>\n20.0%<\/td>\n7<\/td>\n75.0%<\/td>\n12<\/td>\n21<\/td>\n106.9%<\/td>\n<\/tr>\n
Daly City<\/a><\/td>\n$755,000<\/td>\n4.4%<\/td>\n56<\/td>\n51.3%<\/td>\n58<\/td>\n9.4%<\/td>\n43<\/td>\n19<\/td>\n106.7%<\/td>\n<\/tr>\n
Excelsior<\/a><\/td>\n$910,000<\/td>\n29.5%<\/td>\n7<\/td>\n-68.2%<\/td>\n10<\/td>\n25.0%<\/td>\n21<\/td>\n15<\/td>\n112.6%<\/td>\n<\/tr>\n
Financial District<\/a><\/td>\n$843,750<\/td>\n-56.7%<\/td>\n2<\/td>\n-77.8%<\/td>\n7<\/td>\n75.0%<\/td>\n10<\/td>\n14.5<\/td>\n101.5%<\/td>\n<\/tr>\n
Forest Hill<\/a><\/td>\n$1,400,000<\/td>\n-3.4%<\/td>\n3<\/td>\n-40.0%<\/td>\n2<\/td>\n-50.0%<\/td>\n6<\/td>\n38<\/td>\n109.3%<\/td>\n<\/tr>\n
Haight Ashbury<\/a><\/td>\n$1,042,500<\/td>\n-13.5%<\/td>\n7<\/td>\n-30.0%<\/td>\n3<\/td>\n200.0%<\/td>\n10<\/td>\n26<\/td>\n105.2%<\/td>\n<\/tr>\n
Hayes Valley<\/a><\/td>\n$1,400,000<\/td>\n7.3%<\/td>\n5<\/td>\n-37.5%<\/td>\n9<\/td>\n800.0%<\/td>\n14<\/td>\n16.5<\/td>\n113.1%<\/td>\n<\/tr>\n
Ingleside<\/a><\/td>\n$870,000<\/td>\n2.3%<\/td>\n5<\/td>\n-28.6%<\/td>\n6<\/td>\n200.0%<\/td>\n7<\/td>\n84<\/td>\n116.9%<\/td>\n<\/tr>\n
Inner Richmond<\/a><\/td>\n$1,550,050<\/td>\n-11.4%<\/td>\n16<\/td>\n-15.8%<\/td>\n9<\/td>\n-40.0%<\/td>\n26<\/td>\n15.5<\/td>\n112.9%<\/td>\n<\/tr>\n
Inner Sunset<\/a><\/td>\n$1,555,000<\/td>\n28.9%<\/td>\n18<\/td>\n0.0%<\/td>\n5<\/td>\n-16.7%<\/td>\n26<\/td>\n17<\/td>\n113.0%<\/td>\n<\/tr>\n
Lower Haight<\/a><\/td>\n$1,360,000<\/td>\n23.6%<\/td>\n11<\/td>\n-26.7%<\/td>\n7<\/td>\n16.7%<\/td>\n20<\/td>\n13<\/td>\n113.4%<\/td>\n<\/tr>\n
Merced Heights<\/a><\/td>\n$644,215.5<\/td>\n0.7%<\/td>\n12<\/td>\n0.0%<\/td>\n5<\/td>\n-28.6%<\/td>\n18<\/td>\n13<\/td>\n114.2%<\/td>\n<\/tr>\n
Miraloma Park<\/a><\/td>\n$1,525,000<\/td>\n31.2%<\/td>\n17<\/td>\n-29.2%<\/td>\n10<\/td>\n11.1%<\/td>\n28<\/td>\n13<\/td>\n115.2%<\/td>\n<\/tr>\n
Mission<\/a><\/td>\n$1,174,500<\/td>\n16.3%<\/td>\n36<\/td>\n-50.7%<\/td>\n25<\/td>\n-7.4%<\/td>\n46<\/td>\n27<\/td>\n106.8%<\/td>\n<\/tr>\n
Mission Bay<\/a><\/td>\n$1,345,000<\/td>\n37.5%<\/td>\n33<\/td>\n83.3%<\/td>\n26<\/td>\n188.9%<\/td>\n62<\/td>\n16<\/td>\n101.8%<\/td>\n<\/tr>\n
Nob Hill<\/a><\/td>\n$1,200,000<\/td>\n-25.8%<\/td>\n15<\/td>\n-16.7%<\/td>\n11<\/td>\n0.0%<\/td>\n25<\/td>\n19<\/td>\n100.6%<\/td>\n<\/tr>\n
Noe Valley<\/a><\/td>\n$1,825,000<\/td>\n23.7%<\/td>\n35<\/td>\n-34.0%<\/td>\n20<\/td>\n33.3%<\/td>\n70<\/td>\n18<\/td>\n109.0%<\/td>\n<\/tr>\n
Outer Mission<\/a><\/td>\n$860,000<\/td>\n10.5%<\/td>\n5<\/td>\n-64.3%<\/td>\n5<\/td>\n25.0%<\/td>\n8<\/td>\n19<\/td>\n109.8%<\/td>\n<\/tr>\n
Outer Richmond<\/a><\/td>\n$1,000,000<\/td>\n-3.4%<\/td>\n15<\/td>\n7.1%<\/td>\n8<\/td>\n0.0%<\/td>\n28<\/td>\n22<\/td>\n113.4%<\/td>\n<\/tr>\n
Outer Sunset<\/a><\/td>\n$1,035,000<\/td>\n11.0%<\/td>\n27<\/td>\n3.8%<\/td>\n15<\/td>\n0.0%<\/td>\n43<\/td>\n14<\/td>\n120.7%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$2,137,500<\/td>\n7.5%<\/td>\n34<\/td>\n-20.9%<\/td>\n35<\/td>\n169.2%<\/td>\n73<\/td>\n14<\/td>\n104.8%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$923,000<\/td>\n13.2%<\/td>\n3<\/td>\n-40.0%<\/td>\n2<\/td>\nNA<\/td>\n3<\/td>\n59<\/td>\n106.9%<\/td>\n<\/tr>\n
Parkside<\/a><\/td>\n$1,168,000<\/td>\n19.2%<\/td>\n13<\/td>\n0.0%<\/td>\n10<\/td>\n25.0%<\/td>\n29<\/td>\n13<\/td>\n121.5%<\/td>\n<\/tr>\n
Portola<\/a><\/td>\n$848,000<\/td>\n22.9%<\/td>\n11<\/td>\n10.0%<\/td>\n5<\/td>\n-50.0%<\/td>\n16<\/td>\n26<\/td>\n103.0%<\/td>\n<\/tr>\n
Potrero Hill<\/a><\/td>\n$1,133,500<\/td>\n-19.0%<\/td>\n48<\/td>\n65.5%<\/td>\n16<\/td>\n45.5%<\/td>\n64<\/td>\n17<\/td>\n107.8%<\/td>\n<\/tr>\n
Rincon Hill<\/a><\/td>\n$1,197,500<\/td>\n-0.1%<\/td>\n22<\/td>\n-18.5%<\/td>\n25<\/td>\n108.3%<\/td>\n48<\/td>\n14.5<\/td>\n101.2%<\/td>\n<\/tr>\n
Russian Hill<\/a><\/td>\n$2,025,500<\/td>\n72.0%<\/td>\n20<\/td>\n0.0%<\/td>\n15<\/td>\n66.7%<\/td>\n37<\/td>\n12<\/td>\n105.9%<\/td>\n<\/tr>\n
South of Market<\/a><\/td>\n$968,000<\/td>\n-7.8%<\/td>\n75<\/td>\n-5.1%<\/td>\n67<\/td>\n55.8%<\/td>\n135<\/td>\n15<\/td>\n102.7%<\/td>\n<\/tr>\n
South San Francisco<\/a><\/td>\n$830,000<\/td>\n12.2%<\/td>\n36<\/td>\n9.1%<\/td>\n46<\/td>\n48.4%<\/td>\n40<\/td>\n19<\/td>\n107.1%<\/td>\n<\/tr>\n
Sunnyside<\/a><\/td>\n$1,290,000<\/td>\n29.0%<\/td>\n14<\/td>\n27.3%<\/td>\n6<\/td>\n0.0%<\/td>\n23<\/td>\n12<\/td>\n119.8%<\/td>\n<\/tr>\n
Sunset District<\/a><\/td>\n$1,205,000<\/td>\n9.6%<\/td>\n91<\/td>\n0.0%<\/td>\n42<\/td>\n0.0%<\/td>\n147<\/td>\n15<\/td>\n118.6%<\/td>\n<\/tr>\n
Telegraph Hill<\/a><\/td>\n$973,000<\/td>\n-44.0%<\/td>\n12<\/td>\n20.0%<\/td>\n9<\/td>\n12.5%<\/td>\n22<\/td>\n13<\/td>\n105.1%<\/td>\n<\/tr>\n
Tenderloin<\/a><\/td>\n$507,500<\/td>\n6.3%<\/td>\n6<\/td>\n200.0%<\/td>\n6<\/td>\n500.0%<\/td>\n10<\/td>\n24<\/td>\n101.8%<\/td>\n<\/tr>\n
Twin Peaks<\/a><\/td>\n$1,193,000<\/td>\n11.5%<\/td>\n7<\/td>\n16.7%<\/td>\n1<\/td>\n-83.3%<\/td>\n6<\/td>\n21<\/td>\n104.7%<\/td>\n<\/tr>\n
Visitacion Valley<\/a><\/td>\n$725,000<\/td>\n4.3%<\/td>\n7<\/td>\n-58.8%<\/td>\n3<\/td>\n-80.0%<\/td>\n10<\/td>\n14<\/td>\n108.6%<\/td>\n<\/tr>\n
Western Addition<\/a><\/td>\n$1,155,000<\/td>\n44.4%<\/td>\n16<\/td>\n0.0%<\/td>\n10<\/td>\n150.0%<\/td>\n20<\/td>\n18<\/td>\n104.8%<\/td>\n<\/tr>\n
San Francisco<\/b><\/td>\n$1,200,000<\/td>\n3.4%<\/td>\n390<\/td>\n-23.1%<\/td>\n650<\/td>\n31.9%<\/td>\n605<\/td>\n14<\/td>\n110.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass entire city. \u00a0Data 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.<\/span><\/p>\n

For more information, contact Redfin journalist services<\/span><\/p>\n

Phone: 206-588-6863
\n<\/span>Email: <\/span>press@redfin.com<\/span><\/a><\/p>\n

See Redfin\u2019s <\/span>data center<\/span><\/a> to find out what\u2019s happening in other cities.<\/span><\/p>\n

To be added to Redfin\u2019s press release distribution list, <\/span>subscribe here.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While the supply of homes for sale in the city has been increasing since September, there still aren\u2019t enough sellers to meet buyer demand. <\/p>\n","protected":false},"author":13355,"featured_media":53492,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[32,68,59],"coauthors":[],"class_list":["post-47202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-housing-market-tracker","tag-local","tag-market-launch"],"acf":[],"yoast_head":"\nSan Francisco Home Sales Plunge As Buyer Burnout Adds to Supply Woes - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"San Francisco home sales tumbled more than 23 percent in March. 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