{"id":51819,"date":"2016-07-21T04:50:46","date_gmt":"2016-07-21T11:50:46","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51819"},"modified":"2020-10-06T10:43:42","modified_gmt":"2020-10-06T17:43:42","slug":"san-francisco-home-sales-slow-despite-a-rush-of-new-sellers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/san-francisco-home-sales-slow-despite-a-rush-of-new-sellers\/","title":{"rendered":"San Francisco Home Sales Slow Despite a Rush of New Sellers"},"content":{"rendered":"

San Francisco<\/span><\/a> 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. \u00a0<\/span><\/p>\n

\"San<\/figure>\n

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. \u00a0Condo<\/a> 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.<\/span><\/p>\n

\u201cWe have a lot of folks who are just trying to take advantage of what they perceive as the top of the market,\u201d Redfin agent <\/span>Mark Colwell<\/span><\/a> said. Prices might be peaking for condos, he said, but not for single-family homes.<\/span><\/p>\n

\u201cThere’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,\u201d Colwell said.<\/span><\/p>\n

\"San<\/figure>\n

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

Although inventory has improved, it hasn\u2019t 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.<\/span><\/p>\n

Bay Area<\/h3>\n

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.<\/p>\n

Hot Neighborhoods<\/h3>\n

Twin Peaks had only three home sales, but all went for more than asking price, pushing the neighborhood\u2019s median price to $2.1 million, the city\u2019s highest. \u00a0<\/span><\/p>\n

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<\/a>, Nob Hill, Mission Bay, Rincon Hill<\/a>\u00a0and 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.<\/span><\/p>\n

In Nob Hill<\/a> 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. <\/span><\/p>\n

The Tenderloin continued its streak as the city\u2019s most-affordable community, with a median sale price of $535,000 based on five sales.<\/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$1,510,000<\/td>\n18.4%<\/td>\n10<\/td>\n-56.5%<\/td>\n4<\/td>\n0.0%<\/td>\n16<\/td>\n14<\/td>\n103.1%<\/td>\n<\/tr>\n
Bayview<\/a><\/td>\n$726,250<\/td>\n-0.2%<\/td>\n28<\/td>\n-33.3%<\/td>\n30<\/td>\n87.5%<\/td>\n41<\/td>\n17<\/td>\n108.1%<\/td>\n<\/tr>\n
Bernal Heights<\/a><\/td>\n$1,280,000<\/td>\n-1.9%<\/td>\n61<\/td>\n10.9%<\/td>\n28<\/td>\n33.3%<\/td>\n80<\/td>\n15<\/td>\n117.7%<\/td>\n<\/tr>\n
Castro<\/a><\/td>\n$1,090,000<\/td>\n-32.6%<\/td>\n2<\/td>\n100.0%<\/td>\n1<\/td>\nNA<\/td>\n2<\/td>\n14<\/td>\n97.5%<\/td>\n<\/tr>\n
Civic Center \/ Van Ness<\/a><\/td>\n$712,500<\/td>\n-18.8%<\/td>\n30<\/td>\n7.1%<\/td>\n32<\/td>\n128.6%<\/td>\n59<\/td>\n16<\/td>\n105.8%<\/td>\n<\/tr>\n
Colma<\/a><\/td>\n$755,000<\/td>\n11.8%<\/td>\n1<\/td>\n0.0%<\/td>\n1<\/td>\n-66.7%<\/td>\n1<\/td>\n14<\/td>\n111.9%<\/td>\n<\/tr>\n
Crocker Amazon<\/a><\/td>\n$886,500<\/td>\n4.5%<\/td>\n7<\/td>\n-41.7%<\/td>\n12<\/td>\n100.0%<\/td>\n16<\/td>\n24<\/td>\n105.1%<\/td>\n<\/tr>\n
Daly City<\/a><\/td>\n$804,000<\/td>\n8.1%<\/td>\n51<\/td>\n10.9%<\/td>\n83<\/td>\n62.8%<\/td>\n70<\/td>\n23<\/td>\n107.4%<\/td>\n<\/tr>\n
Excelsior<\/a><\/td>\n$890,000<\/td>\n13.4%<\/td>\n31<\/td>\n10.7%<\/td>\n13<\/td>\n0.0%<\/td>\n34<\/td>\n14<\/td>\n113.0%<\/td>\n<\/tr>\n
Financial District<\/a><\/td>\n$1,625,000<\/td>\n20.4%<\/td>\n7<\/td>\n0.0%<\/td>\n7<\/td>\n75.0%<\/td>\n10<\/td>\n49<\/td>\n99.2%<\/td>\n<\/tr>\n
Forest Hill<\/a><\/td>\n$2,100,000<\/td>\n13.5%<\/td>\n8<\/td>\n-27.3%<\/td>\n2<\/td>\n0.0%<\/td>\n9<\/td>\n18<\/td>\n105.2%<\/td>\n<\/tr>\n
Haight Ashbury<\/a><\/td>\n$1,535,000<\/td>\n17.4%<\/td>\n13<\/td>\n-50.0%<\/td>\n7<\/td>\n75.0%<\/td>\n18<\/td>\n14<\/td>\n109.7%<\/td>\n<\/tr>\n
Hayes Valley<\/a><\/td>\n$1,400,000<\/td>\n20.4%<\/td>\n7<\/td>\n16.7%<\/td>\n9<\/td>\n-10.0%<\/td>\n19<\/td>\n23<\/td>\n105.9%<\/td>\n<\/tr>\n
Ingleside<\/a><\/td>\n$844,000<\/td>\n16.8%<\/td>\n12<\/td>\n100.0%<\/td>\n3<\/td>\n0.0%<\/td>\n12<\/td>\n14<\/td>\n112.0%<\/td>\n<\/tr>\n
Inner Richmond<\/a><\/td>\n$1,825,000<\/td>\n4.3%<\/td>\n24<\/td>\n-31.4%<\/td>\n9<\/td>\n-35.7%<\/td>\n24<\/td>\n13<\/td>\n110.7%<\/td>\n<\/tr>\n
Inner Sunset<\/a><\/td>\n$1,600,000<\/td>\n13.5%<\/td>\n31<\/td>\n63.2%<\/td>\n11<\/td>\n-8.3%<\/td>\n32<\/td>\n17<\/td>\n114.3%<\/td>\n<\/tr>\n
Lower Haight<\/a><\/td>\n$1,383,750<\/td>\n17.2%<\/td>\n14<\/td>\n-22.2%<\/td>\n8<\/td>\n100.0%<\/td>\n17<\/td>\n13<\/td>\n115.1%<\/td>\n<\/tr>\n
Merced Heights<\/a><\/td>\n$740,000<\/td>\n19.4%<\/td>\n17<\/td>\n30.8%<\/td>\n7<\/td>\n-12.5%<\/td>\n18<\/td>\n19<\/td>\n109.6%<\/td>\n<\/tr>\n
Miraloma Park<\/a><\/td>\n$1,200,000<\/td>\n-14.3%<\/td>\n34<\/td>\n-26.1%<\/td>\n20<\/td>\n100.0%<\/td>\n48<\/td>\n15<\/td>\n111.6%<\/td>\n<\/tr>\n
Mission<\/a><\/td>\n$1,210,000<\/td>\n23.5%<\/td>\n41<\/td>\n-46.8%<\/td>\n23<\/td>\n76.9%<\/td>\n50<\/td>\n20<\/td>\n105.7%<\/td>\n<\/tr>\n
Mission Bay<\/a><\/td>\n$1,282,500<\/td>\n-5.7%<\/td>\n46<\/td>\n12.2%<\/td>\n23<\/td>\n228.6%<\/td>\n45<\/td>\n29<\/td>\n100.7%<\/td>\n<\/tr>\n
Nob Hill<\/a><\/td>\n$1,754,000<\/td>\n34.9%<\/td>\n22<\/td>\n-24.1%<\/td>\n17<\/td>\n88.9%<\/td>\n28<\/td>\n29<\/td>\n99.7%<\/td>\n<\/tr>\n
Noe Valley<\/a><\/td>\n$1,669,000<\/td>\n-8.1%<\/td>\n74<\/td>\n2.8%<\/td>\n38<\/td>\n58.3%<\/td>\n88<\/td>\n15<\/td>\n108.9%<\/td>\n<\/tr>\n
Outer Mission<\/a><\/td>\n$610,000<\/td>\n-37.4%<\/td>\n10<\/td>\n42.9%<\/td>\n10<\/td>\n233.3%<\/td>\n18<\/td>\n29<\/td>\n100.1%<\/td>\n<\/tr>\n
Outer Richmond<\/a><\/td>\n$1,400,000<\/td>\n7.7%<\/td>\n25<\/td>\n8.7%<\/td>\n18<\/td>\n63.6%<\/td>\n30<\/td>\n20<\/td>\n117.2%<\/td>\n<\/tr>\n
Outer Sunset<\/a><\/td>\n$1,100,000<\/td>\n10.5%<\/td>\n49<\/td>\n8.9%<\/td>\n14<\/td>\n27.3%<\/td>\n45<\/td>\n15<\/td>\n117.5%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$1,082,500<\/td>\n19.1%<\/td>\n6<\/td>\n-25.0%<\/td>\n4<\/td>\n100.0%<\/td>\n9<\/td>\n14<\/td>\n108.7%<\/td>\n<\/tr>\n
Pacific Heights<\/a><\/td>\n$1,917,500<\/td>\n-14.8%<\/td>\n62<\/td>\n17.0%<\/td>\n43<\/td>\n138.9%<\/td>\n83<\/td>\n17<\/td>\n105.2%<\/td>\n<\/tr>\n
Parkside<\/a><\/td>\n$1,250,500<\/td>\n10.2%<\/td>\n33<\/td>\n13.8%<\/td>\n9<\/td>\n28.6%<\/td>\n31<\/td>\n16<\/td>\n117.3%<\/td>\n<\/tr>\n
Portola<\/a><\/td>\n$950,000<\/td>\n8.0%<\/td>\n15<\/td>\n-11.8%<\/td>\n7<\/td>\n-12.5%<\/td>\n20<\/td>\n14<\/td>\n113.4%<\/td>\n<\/tr>\n
Potrero Hill<\/a><\/td>\n$1,137,000<\/td>\n-21.4%<\/td>\n44<\/td>\n4.8%<\/td>\n32<\/td>\n77.8%<\/td>\n56<\/td>\n14<\/td>\n109.7%<\/td>\n<\/tr>\n
Rincon Hill<\/a><\/td>\n$1,247,500<\/td>\n4.0%<\/td>\n28<\/td>\n-17.6%<\/td>\n40<\/td>\n344.4%<\/td>\n59<\/td>\n23<\/td>\n99.3%<\/td>\n<\/tr>\n
Russian Hill<\/a><\/td>\n$1,600,000<\/td>\n-26.9%<\/td>\n35<\/td>\n34.6%<\/td>\n22<\/td>\n69.2%<\/td>\n49<\/td>\n14<\/td>\n105.2%<\/td>\n<\/tr>\n
South of Market<\/a><\/td>\n$959,000<\/td>\n-4.4%<\/td>\n70<\/td>\n-27.1%<\/td>\n100<\/td>\n117.4%<\/td>\n139<\/td>\n28<\/td>\n102.0%<\/td>\n<\/tr>\n
South San Francisco<\/a><\/td>\n$800,000<\/td>\n6.0%<\/td>\n36<\/td>\n5.9%<\/td>\n73<\/td>\n58.7%<\/td>\n58<\/td>\n17<\/td>\n106.9%<\/td>\n<\/tr>\n
Sunnyside<\/a><\/td>\n$1,130,000<\/td>\n-9.6%<\/td>\n23<\/td>\n-8.0%<\/td>\n8<\/td>\n33.3%<\/td>\n24<\/td>\n15<\/td>\n115.8%<\/td>\n<\/tr>\n
Sunset District<\/a><\/td>\n$1,275,000<\/td>\n6.2%<\/td>\n165<\/td>\n5.1%<\/td>\n50<\/td>\n16.3%<\/td>\n183<\/td>\n15<\/td>\n117.7%<\/td>\n<\/tr>\n
Telegraph Hill<\/a><\/td>\n$1,331,000<\/td>\n43.1%<\/td>\n13<\/td>\n-35.0%<\/td>\n11<\/td>\n175.0%<\/td>\n18<\/td>\n19<\/td>\n102.8%<\/td>\n<\/tr>\n
Tenderloin<\/a><\/td>\n$535,000<\/td>\n-38.9%<\/td>\n5<\/td>\n66.7%<\/td>\n4<\/td>\n33.3%<\/td>\n6<\/td>\n13<\/td>\n102.5%<\/td>\n<\/tr>\n
Twin Peaks<\/a><\/td>\n$2,110,000<\/td>\n118.1%<\/td>\n3<\/td>\n-75.0%<\/td>\n6<\/td>\n50.0%<\/td>\n7<\/td>\n14<\/td>\n109.1%<\/td>\n<\/tr>\n
Visitacion Valley<\/a><\/td>\n$850,000<\/td>\n17.6%<\/td>\n9<\/td>\n-62.5%<\/td>\n10<\/td>\n0.0%<\/td>\n20<\/td>\n14<\/td>\n110.0%<\/td>\n<\/tr>\n
Western Addition<\/a><\/td>\n$1,100,000<\/td>\n-4.3%<\/td>\n15<\/td>\n-31.8%<\/td>\n13<\/td>\n30.0%<\/td>\n23<\/td>\n22<\/td>\n105.3%<\/td>\n<\/tr>\n
San Francisco, CA<\/b><\/td>\n$1,250,000<\/td>\n2.0%<\/td>\n515<\/td>\n-6.9%<\/td>\n981<\/td>\n77.4%<\/td>\n653<\/td>\n17<\/td>\n107.6%<\/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 June 30. Inventory measures listings active as of June 30.<\/p>\n

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

Phone: 206-588-6863<\/span><\/p>\n

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":"

Price growth has slowed after four years of double-digit inflation, which has sellers rushing into the market. The supply of homes for sale jumped 77 percent. <\/p>\n","protected":false},"author":13355,"featured_media":0,"comment_status":"closed","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":[68,59],"coauthors":[],"class_list":["post-51819","post","type-post","status-publish","format-standard","hentry","category-regional-trends","tag-local","tag-market-launch"],"acf":[],"yoast_head":"\nSan Francisco Home Sales Slow Despite a Rush of New Sellers - 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