The extraordinary sales momentum that has exploded since February continued last month, albeit relatively calmer than March and April. There were 687 total residential properties sold across San Francisco, registering as the busiest May on record.
Single-family homes sold across the city continue to push the median sale price higher for the sector. May recorded at $1,900,000; a 19.7 percent increase from May 2020 and a 17.3 percent increase from May 2019. The segment remains extremely competitive with the median time active on market being just 10 days.
A tremendous amount of condominiums traded hands last month; nearly 300 percent more than May 2020, which was anything but a typical month. This is to be somewhat expected as May 2020 was the first month following the initial shelter-in-place order. However, sales number for May 2021 is also 31 percent higher than May 2019.
This exceptional level of demand for housing is not expected to stop anytime soon. A recent report by Zillow researchers say millions of additional households are expected to enter the housing market in 2021.
National mortgage rates remained under three percent last week with Freddie Mac reporting, 'Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough. There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners however, continued low rates make refinancing an option worth considering.'