San Francisco Market Update

April 2021 Wrap-Up

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 effects 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 begun sales. Among them is Yerba Buena Island's latest community of ultra-luxurious residences.

Tight inventory has made 2021 a great year to list a home. Call me for a free market analysis or see what your home is worth in this Spring market!

National mortgage rates remained under three percent last week with FreddieMac 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.