The San Francisco Homes Market
Paragon’s May 2013 Snapshot
April’s market was basically more of the same of what we’ve been seeing for the last 12-16 months in San Francisco. Virtually all of our statistics are at historic or near-historic readings: number of homes for sale way down, months supply of inventory way down, percentage of listings accepting offers way up, days on market way down — all leading to overall house and condo median and average prices climbing to perhaps the highest points they’ve ever reached. We will add the usual caveat that no one or two months of data should be considered definitive until confirmed over the longer term: though there is no doubt that San Francisco is experiencing a red hot market, prices can fluctuate for various reasons, including seasonality.
We will have to wait and see if the current heights reached in home prices are the new baseline, a springtime blip, or a way station to even higher real estate values.