The pace of home sales across San Francisco is tracking at a staggering rate. The second quarter of 2021 has closed, and there have been 3,544 residential units sold in San Francisco so far for the year. To appreciate just how many that is, we look back to 2019, a year pre-COVID; the whole year of 2019 saw a total of 4,951 residential units sold.
Single family homes remain the most desirable segment of the market. Sale prices for Q2 recorded 11.1 percent higher than Q2 of last year. Keeping in mind Q2 of 2020 was a very different market, the median sale price is still an all-time high for the quarter. Homes on average trade 15.7 percent over asking, though it is not uncommon for more popular homes to trade 20 percent, 30 percent, or even more over the list price. The neighborhoods that saw the most buyer activity during Q2 include the Mission, Sunset, and Noe Valley.
Sale prices for condominiums increased 4.3 percent from last year. The neighborhoods that saw the most buyer activity during Q2 include Pacific and Presidio Heights, the Mission, and a large resurgence in South Beach.
National mortgage rates moved down again this week with Freddie Mac reporting, 'Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week's jobs report. We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent.'