{"id":50723,"date":"2016-06-16T04:00:56","date_gmt":"2016-06-16T11:00:56","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=50723"},"modified":"2020-10-05T16:22:47","modified_gmt":"2020-10-05T23:22:47","slug":"san-francisco-home-prices-flatten-as-condo-inventory-jumps","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/san-francisco-home-prices-flatten-as-condo-inventory-jumps\/","title":{"rendered":"San Francisco Home Prices Flatten As Condo Inventory Jumps"},"content":{"rendered":"

San Francisco home prices were flat in May from a year earlier, with the median holding at $1.3 million after years of record-breaking growth. Sales in the city fell nearly 9 percent, the fifth-straight month of declines as the market moves toward normalcy.<\/span><\/p>\n

For the second month, the supply of homes for sale jumped more than 50 percent, reaching its highest level in more than three years, as more homeowners put properties in an effort to catch prices at a peak.The number of homes newly listed for sale rose 6.4 percent in May from a year earlier.<\/span><\/p>\n

\"SF<\/figure>\n

That means more choice and bargaining power for house hunters, but the supply of properties on the market still hasn\u2019t caught up with demand, especially from buyers who want single-family homes.<\/span><\/p>\n

\"SF<\/figure>\n

The supply of condominiums and co-ops in particular has exploded, jumping nearly 70 percent from a year ago to its highest level since September 2012. Condo prices fell 5.6 percent in May from the same time last year, more than five times the drop in single-family sale prices.<\/span><\/p>\n

\u201cThe increase in inventory is at least partly because sellers feel we\u2019re approaching the top of the market and they don\u2019t want to miss out,\u201d Redfin agent <\/span>Mark Colwell<\/span><\/a> said. New condo construction has added to supply, too, putting pressure on pricing.<\/span><\/p>\n

\u201cThe only significant slowdown is in luxury condominiums, where a fair number of homes have come online,\u201d Colwell said. \u201cIt\u2019s not a flood, especially not relative to the jobs being created, and we\u2019re still seeing multiple offers on homes that are priced correctly. Properties owned by sellers with unrealistic price expectations are languishing.\u201d \u00a0<\/span><\/p>\n

Bay Area<\/span><\/h3>\n

Across the greater Bay Area, the median sale price rose 5.6 percent in May to $1.2 million. Sales were flat year over year after declining for three straight months. <\/span><\/p>\n

Hot Neighborhoods<\/span><\/h3>\n

The city\u2019s divide between condo and single-family markets was put into stark relief last month in Excelsior and South of Market, known as SoMa. <\/span><\/p>\n

\u201cExcelsior consists almost entirely of single-family homes, which still get multiple offers,\u201d Colwell said. In SoMa, a community of condominiums, \u201cyou have a lot of speculators who bought and are now trying to sell.\u201d<\/span><\/p>\n

In Excelsior, home sale prices jumped 15 percent in May from a year ago. In SoMa, they rose by one-tenth that amount.<\/span><\/p>\n

Ashbury Heights was the city\u2019s most expensive neighborhood last month, with a typical home fetching $2.2 million. <\/span>Pacific Heights<\/span><\/a> was close behind at $2.1 million. \u00a0\u00a0<\/span><\/p>\n

Homes in The <\/span>Tenderloin<\/span><\/a>, still the city\u2019s most-affordable neighborhood, had a median sale price of $535,000.<\/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\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$2,225,000<\/td>\n42.6%<\/td>\n8<\/td>\n-61.9%<\/td>\n3<\/td>\n0.0%<\/td>\n15<\/td>\n14<\/td>\n111.0%<\/td>\n<\/tr>\n
Bayview<\/a><\/td>\n$726,250<\/td>\n2.3%<\/td>\n24<\/td>\n-42.9%<\/td>\n23<\/td>\n-20.7%<\/td>\n36<\/td>\n17<\/td>\n107.5%<\/td>\n<\/tr>\n
Bernal Heights<\/a><\/td>\n$1,340,000<\/td>\n5.1%<\/td>\n51<\/td>\n-12.1%<\/td>\n25<\/td>\n66.7%<\/td>\n69<\/td>\n15<\/td>\n117.8%<\/td>\n<\/tr>\n
Castro<\/a><\/td>\n$1,140,500<\/td>\n18.7%<\/td>\n2<\/td>\n0.0%<\/td>\n1<\/td>\nNA<\/td>\n3<\/td>\n11<\/td>\n99.7%<\/td>\n<\/tr>\n
Civic Center \/ Van Ness<\/a><\/td>\n$762,500<\/td>\n-15.2%<\/td>\n32<\/td>\n52.4%<\/td>\n18<\/td>\n200.0%<\/td>\n51<\/td>\n14<\/td>\n105.3%<\/td>\n<\/tr>\n
Colma<\/a><\/td>\n$800,000<\/td>\nNA<\/td>\n1<\/td>\nNA<\/td>\n1<\/td>\nNA<\/td>\n1<\/td>\n98<\/td>\n106.8%<\/td>\n<\/tr>\n
Crocker Amazon<\/a><\/td>\n$777,500<\/td>\n-8.3%<\/td>\n8<\/td>\n-42.9%<\/td>\n13<\/td>\n160.0%<\/td>\n14<\/td>\n18<\/td>\n106.3%<\/td>\n<\/tr>\n
Daly City<\/a><\/td>\n$802,500<\/td>\n16.7%<\/td>\n52<\/td>\n0.0%<\/td>\n65<\/td>\n44.4%<\/td>\n46<\/td>\n23<\/td>\n108.0%<\/td>\n<\/tr>\n
Excelsior<\/a><\/td>\n$908,500<\/td>\n15.0%<\/td>\n24<\/td>\n-11.1%<\/td>\n12<\/td>\n-20.0%<\/td>\n31<\/td>\n14<\/td>\n114.9%<\/td>\n<\/tr>\n
Financial District<\/a><\/td>\n$1,337,000<\/td>\n-5.7%<\/td>\n4<\/td>\n-50.0%<\/td>\n7<\/td>\n133.3%<\/td>\n10<\/td>\n49<\/td>\n99.0%<\/td>\n<\/tr>\n
Forest Hill<\/a><\/td>\n$1,925,000<\/td>\n25.4%<\/td>\n7<\/td>\n-30.0%<\/td>\n3<\/td>\n-50.0%<\/td>\n7<\/td>\n22<\/td>\n105.5%<\/td>\n<\/tr>\n
Haight Ashbury<\/a><\/td>\n$1,375,000<\/td>\n-7.6%<\/td>\n9<\/td>\n-50.0%<\/td>\n4<\/td>\n-20.0%<\/td>\n17<\/td>\n14<\/td>\n111.3%<\/td>\n<\/tr>\n
Hayes Valley<\/a><\/td>\n$1,400,000<\/td>\n27.3%<\/td>\n5<\/td>\n-54.5%<\/td>\n8<\/td>\n700.0%<\/td>\n15<\/td>\n21<\/td>\n107.5%<\/td>\n<\/tr>\n
Ingleside<\/a><\/td>\n$800,000<\/td>\n5.3%<\/td>\n5<\/td>\n-28.6%<\/td>\n9<\/td>\nNA<\/td>\n12<\/td>\n21<\/td>\n111.7%<\/td>\n<\/tr>\n
Inner Richmond<\/a><\/td>\n$1,825,000<\/td>\n4.3%<\/td>\n26<\/td>\n-7.1%<\/td>\n7<\/td>\n-50.0%<\/td>\n27<\/td>\n14<\/td>\n110.2%<\/td>\n<\/tr>\n
Inner Sunset<\/a><\/td>\n$1,680,000<\/td>\n24.4%<\/td>\n27<\/td>\n22.7%<\/td>\n13<\/td>\n18.2%<\/td>\n34<\/td>\n16<\/td>\n115.5%<\/td>\n<\/tr>\n
Lower Haight<\/a><\/td>\n$1,265,000<\/td>\n2.8%<\/td>\n12<\/td>\n-36.8%<\/td>\n5<\/td>\n-50.0%<\/td>\n17<\/td>\n14<\/td>\n115.3%<\/td>\n<\/tr>\n
Merced Heights<\/a><\/td>\n$815,000<\/td>\n32.0%<\/td>\n17<\/td>\n21.4%<\/td>\n6<\/td>\n0.0%<\/td>\n18<\/td>\n14<\/td>\n114.7%<\/td>\n<\/tr>\n
Miraloma Park<\/a><\/td>\n$1,290,000<\/td>\n3.2%<\/td>\n24<\/td>\n-45.5%<\/td>\n20<\/td>\n42.9%<\/td>\n49<\/td>\n14<\/td>\n112.3%<\/td>\n<\/tr>\n
Mission<\/a><\/td>\n$1,215,000<\/td>\n21.5%<\/td>\n51<\/td>\n-42.7%<\/td>\n19<\/td>\n0.0%<\/td>\n47<\/td>\n25<\/td>\n107.0%<\/td>\n<\/tr>\n
Mission Bay<\/a><\/td>\n$1,305,000<\/td>\n-1.0%<\/td>\n49<\/td>\n28.9%<\/td>\n19<\/td>\n280.0%<\/td>\n57<\/td>\n19<\/td>\n101.8%<\/td>\n<\/tr>\n
Nob Hill<\/a><\/td>\n$1,305,000<\/td>\n-18.4%<\/td>\n18<\/td>\n-21.7%<\/td>\n16<\/td>\n100.0%<\/td>\n31<\/td>\n21<\/td>\n101.0%<\/td>\n<\/tr>\n
Noe Valley<\/a><\/td>\n$1,720,000<\/td>\n-2.8%<\/td>\n62<\/td>\n-26.2%<\/td>\n27<\/td>\n17.4%<\/td>\n79<\/td>\n14<\/td>\n110.1%<\/td>\n<\/tr>\n
Outer Mission<\/a><\/td>\n$865,000<\/td>\n7.3%<\/td>\n5<\/td>\n-58.3%<\/td>\n7<\/td>\n133.3%<\/td>\n17<\/td>\n14<\/td>\n113.2%<\/td>\n<\/tr>\n
Outer Richmond<\/a><\/td>\n$1,377,500<\/td>\n2.0%<\/td>\n22<\/td>\n4.8%<\/td>\n18<\/td>\n100.0%<\/td>\n35<\/td>\n20<\/td>\n117.0%<\/td>\n<\/tr>\n
Outer Sunset<\/a><\/td>\n$1,080,000<\/td>\n8.3%<\/td>\n44<\/td>\n15.8%<\/td>\n10<\/td>\n0.0%<\/td>\n43<\/td>\n14<\/td>\n119.3%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$923,000<\/td>\n8.3%<\/td>\n5<\/td>\n-37.5%<\/td>\n3<\/td>\n-25.0%<\/td>\n8<\/td>\n23<\/td>\n102.8%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$2,113,000<\/td>\n-19.0%<\/td>\n52<\/td>\n-5.4%<\/td>\n43<\/td>\n104.8%<\/td>\n89<\/td>\n13<\/td>\n106.1%<\/td>\n<\/tr>\n
Parkside<\/a><\/td>\n$1,176,000<\/td>\n6.9%<\/td>\n30<\/td>\n57.9%<\/td>\n9<\/td>\n-10.0%<\/td>\n27<\/td>\n16<\/td>\n118.7%<\/td>\n<\/tr>\n
Portola<\/a><\/td>\n$887,500<\/td>\n4.0%<\/td>\n14<\/td>\n-6.7%<\/td>\n12<\/td>\n50.0%<\/td>\n26<\/td>\n18<\/td>\n113.3%<\/td>\n<\/tr>\n
Potrero Hill<\/a><\/td>\n$1,160,000<\/td>\n-18.3%<\/td>\n45<\/td>\n12.5%<\/td>\n26<\/td>\n62.5%<\/td>\n59<\/td>\n15<\/td>\n108.6%<\/td>\n<\/tr>\n
Rincon Hill<\/a><\/td>\n$1,120,000<\/td>\n-6.7%<\/td>\n30<\/td>\n-14.3%<\/td>\n42<\/td>\n180.0%<\/td>\n60<\/td>\n14<\/td>\n101.2%<\/td>\n<\/tr>\n
Russian Hill<\/a><\/td>\n$1,619,774<\/td>\n-1.8%<\/td>\n32<\/td>\n18.5%<\/td>\n22<\/td>\n144.4%<\/td>\n52<\/td>\n13<\/td>\n106.2%<\/td>\n<\/tr>\n
South of Market<\/a><\/td>\n$987,500<\/td>\n1.5%<\/td>\n78<\/td>\n-22.0%<\/td>\n77<\/td>\n87.8%<\/td>\n135<\/td>\n20<\/td>\n101.9%<\/td>\n<\/tr>\n
South San Francisco<\/a><\/td>\n$850,000<\/td>\n13.3%<\/td>\n35<\/td>\n16.7%<\/td>\n55<\/td>\n19.6%<\/td>\n41<\/td>\n20<\/td>\n107.7%<\/td>\n<\/tr>\n
Sunnyside<\/a><\/td>\n$1,210,000<\/td>\n6.6%<\/td>\n23<\/td>\n4.5%<\/td>\n10<\/td>\n0.0%<\/td>\n28<\/td>\n13<\/td>\n118.7%<\/td>\n<\/tr>\n
Sunset District<\/a><\/td>\n$1,300,000<\/td>\n13.0%<\/td>\n147<\/td>\n8.9%<\/td>\n54<\/td>\n12.5%<\/td>\n174<\/td>\n14<\/td>\n118.8%<\/td>\n<\/tr>\n
Telegraph Hill<\/a><\/td>\n$990,000<\/td>\n-23.7%<\/td>\n18<\/td>\n-10.0%<\/td>\n7<\/td>\n0.0%<\/td>\n20<\/td>\n13<\/td>\n105.1%<\/td>\n<\/tr>\n
Tenderloin<\/a><\/td>\n$535,000<\/td>\n-38.9%<\/td>\n5<\/td>\n66.7%<\/td>\n3<\/td>\n0.0%<\/td>\n9<\/td>\n15<\/td>\n102.7%<\/td>\n<\/tr>\n
Twin Peaks<\/a><\/td>\n$1,650,000<\/td>\n50.0%<\/td>\n5<\/td>\n-58.3%<\/td>\n2<\/td>\n100.0%<\/td>\n5<\/td>\n12<\/td>\n107.4%<\/td>\n<\/tr>\n
Visitacion Valley<\/a><\/td>\n$790,000<\/td>\n4.4%<\/td>\n8<\/td>\n-60.0%<\/td>\n8<\/td>\n0.0%<\/td>\n15<\/td>\n14<\/td>\n109.9%<\/td>\n<\/tr>\n
Western Addition<\/a><\/td>\n$1,150,000<\/td>\n16.8%<\/td>\n13<\/td>\n-31.6%<\/td>\n7<\/td>\n40.0%<\/td>\n18<\/td>\n22<\/td>\n106.2%<\/td>\n<\/tr>\n
San Francisco, CA<\/b><\/td>\n$1,300,000<\/td>\n-0.1%<\/td>\n472<\/td>\n-8.9%<\/td>\n827<\/td>\n51.2%<\/td>\n649<\/td>\n15<\/td>\n110.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass the 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 May 31. Inventory measures listings active as of May 31.<\/span><\/p>\n

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

Phone<\/strong>: 206-588-6863
\n<\/span>Email<\/strong>: <\/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":"

San Francisco home prices were flat in May from a year earlier, with the median holding at $1.3 million after years of record-breaking growth.<\/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":[68],"coauthors":[],"class_list":["post-50723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-local"],"acf":[],"yoast_head":"\nSan Francisco Home Prices Flatten As Condo Inventory Jumps - 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