San Francisco real estate market characterized by high demand
February 12, 2021 | Source: Compass California Real Estate Blog
Home sales surge at the end 2020 as high demand gets 2021 off to a heated start for San Francisco real estate.
Our January report focused mostly on 2020’s annual statistics. This report will put most of its attention on quarterly and monthly indicators, which better illustrate changes occurring as 2020 progressed and 2021 began.
Of Bay Area counties, San Francisco was most negatively affected in the months immediately following the implementation of shelter-in-place. Inventory soared and sales plunged, especially in its condo market. In the second half of the year, buyers rushed back into the market.
Sales volume, very unusually, peaked for the year in December, hitting its highest point in history (for December). Home sales in January were up 67 percent over January 2020, a tremendous increase. Year-over-year, house median sales prices are up a little, and condo median prices, divided by size of unit, were down about 10 percent.
The city remains a very complex market, varying by neighborhood, property type and price segment. And vaccines may alter dynamics considerably in 2021.