Last month, there were more residential sales in San Francisco than any other month on record. Many local vendors that provide staging, inspections, contract work, etc., are booked solid with no slowdown in sight. This flurry of activity has had differing affects on each segment of the market.
In April, single family homes reached a median sale price of $1,800,000; the highest ever in recorded history. Three out of four properties sold over asking with the average closing price being 13.9 percent higher than the list price.
While there were nearly 300 percent more condominium sales last month compared with April 2020, the sector continues to post lower numbers on most other key metrics. This is good news for potential buyers as several exciting new projects have recently also begun sales. Among them are Yerba Buena Island's latest community of ultra luxurious residences, as well as Murano in Cow Hollow, Elevant near Civic Center, and Serif in Mid-Market.
National mortgage rates remained under three percent last week with Freddie Mac reporting, 'Mortgage rates have remained under three percent for three consecutive weeks. Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It's also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.'