San Francisco Market Report

January 2024

Introduction:

Economic indicators show significant improvement, indicating a more promising housing market in 2024.

In the last two months of 2023, the average weekly rate for a 30-year mortgage fell from 7.79% to 6.61%. Because inflation has been dropping, experts think the Fed will start lowering its key interest rate in 2024 in several steps. Analysts are predicting that mortgage rates will keep going down.

The stock market ended 2023 on a high note, with the S&P Index up by 25% and the Nasdaq by 45%. However, there’s been a slight dip early in 2024. This is important for the wealth of families in the Bay Area.

In 2023, the median price for houses dropped 13% from 2022. But in the last quarter, the drop was less than 1% compared to the same time the previous year.

The real estate market in 2023 faced several challenges:

  • high-interest rates
  • uncertainty in financial markets
  • negative news stories
  • social and economic issues in downtown areas
  • a low number of new listings, especially for houses compared to condos

This led to a significant drop in sales. Many people who might have sold their homes decided not to because they were locked into their current mortgages with low rates.

But things are looking up…

Interest rates are falling, the news is more optimistic, AI companies are growing downtown, and the economy and consumer confidence are improving. All these signs point to a brighter 2024 for San Francisco real estate.

Note: As we’ve seen in recent years, economic, political, and social factors can change fast and in unexpected ways. This affects interest rates, inflation, consumer confidence, and the housing and financial markets. All predictions are based on current data and trends but are still just educated guesses.

Market Psychology

The shift in economic indicators started influencing market attitudes around early to mid-November, just before the significant holiday slowdown. Since buying a home typically takes 30 to 60 days from getting a loan approved and having an offer accepted to the final sale, we will start seeing a real impact on sales figures once the data from early 2024 comes in.

“Inflation around the globe is slowing way faster than expected. If economists are right...next year [will see] inflation back to normal levels for the first time in three years.”

“Consumer sentiment...soared 14% in December [due to] substantial improvements in how consumers view the trajectory of inflation...All age, income, education, geographic, and political identification groups saw gains in sentiment...[2024] inflation expectations plunged from 4.5% last month to 3.1% this month.”

“Housing starts surged to a six-month high, sales of previously owned homes picked up from a 13-year low and builder optimism boosted by increased interest from prospective buyers. Meanwhile, Americans’ home-buying plans rose this month by the most in more than a year. The bounce back comes as mortgage rates have declined by...the biggest drop over a comparable period since 2009.”

“The 30-year fixed-rate mortgage remained below 7%...after 17 consecutive weeks above. Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market...Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.”

Mortgages

Interest Rates in 2023 – Average Weekly Rates 30-Year Conforming Fixed-Rate Loans*

As of December 28, 2023, Freddie Mac reports that the average interest rate for 30-year loans fell for the ninth consecutive week, reaching 6.61%. For 15-year loans, the rate was at 5.93%.

Bar chart showing 30 year confirming fixed-rate loans, weekly average readings (mortgage interest rate in 2023).

*Source: Percentage Interest Rate, Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average (https://www.freddiemac.com/pmms). While this data is considered reliable, there might be slight variations in the daily and weekly rates reported by different sources. Also, while accurate, these numbers are approximations.

San Francisco Median House Prices

Yearly Median Sales Price from 1993 to Present*

It’s important to remember that median prices are more about spotting overall market trends and less about specific values. These figures can be influenced by factors other than actual market value changes. Also, San Francisco is made up of neighborhoods with a wide range of property values. Yearly data can hide the significant fluctuations that happen within the same year.

For 2023, the median house sales price in San Francisco dropped by around 13% from 2022.

Bar chart showing San Francisco Median House Prices from 1993 - 2023.

*Source: California Association of Realtors annual historical survey for existing single-family dwellings. The 2023 figure is an estimate based on sales reported to the NorCal MLS Alliance by early January 2024. While this data is generally reliable, it may contain errors and is subject to revision. All figures are approximations and might be updated with late-reported sales. Different sources calculate median sales prices in slightly varying ways.

House Price Trends

San Francisco Quarterly Median Sales Prices from 2012 to Present*

The median sales price is the middle value in a list of prices – half the homes sold for more and half for less. This number is a simple measure that doesn’t fully capture the wide variety of prices in the actual sales. It’s also common to see seasonal changes in these prices, often with the highest median prices appearing in the year’s second quarter.

Comparing year over year, the median house sales price in Q4 of 2023 was almost the same as in Q4 of 2022, down by less than 1%.

Bar Chart showing quarterly San Francisco House Prices since 2023

*This data is reported to the NORCAL MLS® ALLIANCE and is based on Broker Metrics or Infosparks. Please note that all numbers are approximate and may be adjusted, especially the figures for the most recent quarter, which might change with late-reported sales.

Condo Trends

In 2023, the median condo sales price in San Francisco decreased by around 6% compared to 2022.

San Francisco Condo Price Appreciation Quarterly Median Sales Prices from 2012 to Present*

Median prices are a tool for understanding overall market trends, but they’re broad measures. They can be influenced by factors other than just changes in the market value. It’s important to remember that condo projects and neighborhoods have various values in San Francisco. Also, yearly data might only partially reveal the notable fluctuations throughout the year.

Bar chart showing yearly Condo Prices in San Francisco since 1993.

*This information is based on sales reported to the NorCal MLS Alliance by early January 2024. Remember, the median sales price is when half of the properties were sold for more and half for less. While this data is considered reliable, it may contain errors and is subject to later adjustments. All figures are approximations and might be updated with sales reported later.

Condo Trends

Comparing year over year, the median condo sales price in the fourth quarter of 2023 was down by about 1% from the same period in 2022.

San Francisco Condo Price Appreciation Quarterly Median Sales Prices from 2012 to Present*

Seasonal changes in median sales prices are a regular occurrence. Typically, the highest prices for the year are seen in the second quarter. It’s also worth noting that different areas in the city show varied trends in median prices.

Bar chart showing San Francisco condo price appreciation, quarterly, since 2012.

*This data comes from the NORCAL MLS® ALLIANCE and is based on Broker Metrics/Infosparks. Keep in mind that all numbers are estimates and may be updated. The figures for the most recent quarter are particularly subject to change with any late-reported sales. Also, this data doesn’t include sales of new condo projects that weren’t reported to the MLS.

Condo Trends

Downtown/South vs Market/Civic Center district

San Francisco Median Condo Prices Annual Median Sales Prices Since 2005*

This comparison focuses on median condo sales prices between the greater Downtown/South of Market/Civic Center district, which was most affected by the pandemic’s negative economic and social impacts, and the rest of San Francisco.

* The data is based on sales reported to the NorCal MLS Alliance. The median sales price is the point at which half of the condos were sold for more and half for less. It’s important to note that while this data is generally considered reliable, it may contain inaccuracies and is subject to future revisions. All figures are estimates and could be adjusted based on sales reported later.

Condo Trends

San Francisco Median Condo & TIC Prices

Annual Median Sales Prices from 2000 to Present*

Median prices are helpful for understanding overall market trends, although they are broad indicators and can be influenced by various factors beyond changes in market value.

Bar chart showing San Francisco Median Condo & TIC Prices, by year from 1993 – 2023.

*This information is based on sales reported to the NorCal MLS Alliance. The median sales price represents the middle value in the sales data, where half of the properties sold for more and half for less. Please be aware that while this data is considered reliable, there may be inaccuracies, and it is subject to future revisions. All the figures provided are approximate and could be updated based on sales reported at a later date.

Home Value

In San Francisco, condos generally have higher per-square-foot values than houses, although this gap has decreased in recent years.

San Francisco Median $/Sq.Ft. Values Annual Median Home Values Since 2005*

Median values provide a general idea of market trends but can be influenced by various factors besides changes in market value. It’s important to note that these values can differ significantly across different submarkets within the county.

Bar chart comparing house value vs. condo value in San Francisco Real Estate Markets.

*This data is based on calculations from NorCal MLS Alliance Infosparks, reflecting sales reported to MLS. While this data is considered reliable, it may have errors and is subject to future revisions. All numbers are estimates and might be adjusted based on sales reported at a later date.

New Low for New Listings

San Francisco Annual New-Listing Volume Yearly Number of New Listings Since 2005*

2023 saw the lowest number of new listings in decades in San Francisco.

Bar chart showing San Francisco's annual amount of new listings per year, over the range 2005 - 2023.

*This data includes all attached and detached residential home listings recorded by the NorCal MLS Alliance as per Infosparks calculations in early January 2024. While the information is generally reliable, it may have errors and is subject to future updates. All figures are approximate and could be revised due to late-reported activity. It’s important to note that not all listings are posted to MLS, and in San Francisco, many new-project condo sales are not listed on MLS.

Significant Sales Volume Dips

In 2023, the sales volume decreased by approximately 27% compared to 2022.

San Francisco Annual Sales Volume Yearly Home Sales Since 2005*

Sales volume is influenced by buyers’ demand and the number of listings available. These factors are heavily impacted by economic conditions, both positive and negative, leading to significant shifts within a single year, as seen in 2022.

Bar Chart showing San Francisco annual sales volume since 2005.

*This information includes all attached and detached residential home sales reported to the NorCal MLS Alliance, based on Infosparks calculations. The generally reliable data may have errors and is open to future revisions. All numbers are estimates, with the total for the last year calculated using available data in early January. These figures could be updated due to late-reported sales. It’s important to remember that not all sales are reported to MLS. In San Francisco, many sales of new-project condos are not included.

Residential Market Trends

San Francisco Residential Market 2023 Home Sales by Price Segment*

Key Insights:

  • 82% of sales under $1,000,000 were condos, co-ops, and TICs.
  • There were over 4050 home sales in San Francisco in 2023.
  • 50% of sales in the $1 million to $1,499,999 range were condos, co-ops, and TICs.
  • 0.4% of sales were for homes priced at $10 million or more.

Sales by Property Type:

  • Houses: 47%
  • Condos: 45%
  • TICs: 6%
  • Co-ops: 1%
  • Townhouses: 1%
Pie chart showing San Francisco house prices segmented into groups ranging from under $1M to over $5M

*This data is based on sales reported to the NorCal MLS Alliance as of 12/22/23. It’s important to note that not all sales are reported to MLS, especially many new-project condo sales. While this data is considered reliable, it may contain errors and is subject to future revisions. All numbers are approximate, and percentages are rounded, so they may not total 100%.

What property type was most in demand last year?

San Francisco: 2023 Market Dynamics Summary 

By Property Type & Price

In San Francisco, the demand for houses has been significantly more substantial than condos, co-ops, and TICs. This trend is more pronounced in the lower price segments than the higher ones.

MSI is used to determine how many months it would take to sell all current listings at the current sales rate. A lower MSI indicates more robust demand relative to the supply of listings for sale. 

Average Months-Supply-of-Inventory (MSI) Readings*

*This analysis is based on the average monthly MSI readings through November 2023, as reported to SFARMLS and analyzed by Broker Metrics. When outliers are identified, adjustments are made. While this data is generally reliable, it may contain errors and is subject to future revisions. All figures provided are approximate.

The State of Luxury Properties

San Francisco Luxury Home Sales Trends

Annual Home Sales by Year over $5M, since 2005*

In 2023, there was a decrease in home sales of over $5 million compared to the high volumes seen during the pandemic boom. However, sales over $10 million remained relatively stable from 2022, although significantly lower than their peak in 2021.

Bar chart showing San Francisco 2023 annual sales of homes $5M+, split between $5M+ and $1m+.

*This data encompasses all attached and detached residential home sales as reported to the NorCal MLS Alliance, according to Infosparks calculations. The data is generally reliable but may contain errors and is subject to future revisions. All figures are approximate, with the totals for the last year estimated based on data available in early January. These numbers might be adjusted due to late-reported sales. It’s important to note that not all luxury home sales are reported to MLS. In San Francisco, many sales of new-project condos are not included in these reports.

Neighborhood Breakdown

Luxury home demand by San Francisco district

2023 House Sales of $4M+ by District, 12 Months Sales

In the past 12 months, there were 15 reported house sales in San Francisco of over $10 million, with two listings currently pending sale. Among these, three sales were of houses priced at over $20 million.

District categories include:

  • Pacific & Presidio Heights/Cow Hollow/ Marina (D7)
  • Noe, Eureka & Cole Valleys/ Ashbury Heights, BV Park (D5)
  • Sea Cliff/ Lake St./ Jordan Pk/ Richmond District (D1)
  • St. Francis Wood/ Forest Hill/ Monterey Heights (D4)
  • Russian, Nob & Telegraph Hills (D8)
  • Potrero Hill/ Inner Mission/ Bernal Heights (D9)
  • Lower Pacific Heights/ Hayes Valley/ Alamo Sq. (D6)
Horizontal bar chart showing luxury home sales by San Francisco district, categorized into segments between $4M and $8M+

*This data reflects sales and pending sales over 12 months, reported to the NorCal MLS Alliance as of 12/18/23. It’s important to remember that not all luxury home sales are reported. The neighborhood groupings used in this data correspond to SF Realtor districts and may include adjacent neighborhoods not explicitly listed. While the data is generally reliable, it may contain errors and is subject to future revisions. All numbers are approximate.

Luxury Condo, Co-op, TIC & Townhouse Market in 2023

Sales Prices of $2.5 Million+, by District, Over 12 Months

In the past 12 months, 96 condo sales, nine co-op sales, 7 TIC sales, and two townhouse sales were in this luxury bracket.

Additionally, two sales reported in this category were over $10 million.

For luxury condos, co-ops, TICs, and townhouses priced over $2.5 million, it’s noted that some new-project luxury condo sales in areas like South Beach, Yerba Buena, and SoMa are not reported to MLS.

Districts categories include:

  • Pacific & Presidio Heights/ Cow Hollow/ Marina (D7)
  • South Beach/ SoMa/ Mission Bay/ Y. Buena/ Potrero Hill (D9)
  • Russian, Nob & Telegraph Hills/ Financial District (D8)
  • Noe, Eureka & Cole Valleys/ Ashbury & Corona Heights (D5)
  • Hayes Valley/ NoPa/ Alamo Sq./ Lower Pacific Heights (D6)
  • Lake Street/ Jordan Park/ Inner Richmond (D1)
Horizontal bar chart showing luxury townhouse, condo, co-op, and TIC sales by San Francisco district, categorized into segments between $4M and $8M+

*This data covers sales and pending sales over 12 months, reported to the NorCal MLS Alliance as of 12/18/23. It’s important to note that not all luxury home sales are reported. The neighborhood groupings in this data correspond to SF Realtor districts and may include adjacent neighborhoods not explicitly mentioned. While the data is generally reliable, it may contain errors and is subject to future revisions. All numbers are approximate.

Active & Upcoming

Historically low, but expected to grow

San Francisco Homes Market Active & Upcoming Listings as of January 1, 2024*

As the new year started, only 27% of the listings on the market were houses, with the remaining 73% being condos, co-ops, TICs, and townhouses. This marks an exceptionally low number of active listings, but it’s expected to increase as the market gains momentum.

The number of active listings at any given time is influenced by several factors: the influx of new listings, the speed at which buyers secure these listings, the overall market demand over time, and whether sellers withdraw their listings without a sale.

Bar chart showing San Francisco Active and Current Listings in 2023

*This data, encompassing houses, condos, co-ops, TICs, and townhouses, reflects Active and Coming-Soon listings posted to the NorCal MLS Alliance. It only includes new-project condos that are listed on MLS. While the data is generally reliable, it may have errors and is subject to future revisions. All numbers are approximations, and the count of active listings is subject to constant change.

Luxury Home Pricing Breakdown

2023 San Francisco Market Highlights

10 Highest Home Sales in 2023*

Most Expensive Active or Pending Listings*

Interior of a luxury San Francisco condo

Highest Sales in Other Selected Neighborhoods*

Overhead drone shot of a San Francisco neighborhood

*The data for 2023, including sales, active listings, listings marked as “coming soon,” and pending listings, has been compiled from information reported to the NorCal MLS Alliance as of 12/22/23. While this data is generally considered reliable, it should be noted that it may contain errors and is open to future revisions. New listings and sales are continuously updated and posted. Not all luxury listings and sales are reported to the MLS.

San Francisco Market Dynamics & Seasonality

Buyer Demand Patterns

The monthly figures of accepted offers reveal the significant impact of seasonal supply and demand trends on the housing market. Typically, there’s a sharp increase in activity during the first quarter, with a peak usually occurring in spring.

The number of listings that go into contract is a key indicator of buyer demand. However, this metric is also heavily influenced by the availability of new listings on the market.

Line chart showing prices of San Francisco properties that are going into contract.

*This data, which includes houses, condos, and townhouses going into contract, is sourced from the NorCal MLS Alliance and analyzed by Infosparks. While the information is considered reliable, it may contain errors and is subject to future revisions. All numbers are estimates, with the most recent month’s figures being provisional based on available data. These numbers might be updated due to late-reported activity.

Buyers and Sellers Insights

San Francisco – Speed of Sale 

Average Days on Market, Annual Statistics Since 2005*

This metric provides insight into the balance between buyer demand and the supply of homes for sale. Specifically, it measures the average time from when a listing hits the market to when an offer is accepted for homes that have been sold. While there are notable seasonal fluctuations in this time frame, these variations aren’t reflected in the annual trend chart.

Bar chart showing San Francisco Real Estate Market Speed of Sale stats in 2023

*The data for average cumulative days on the market is based on sales reported to the NorCal MLS Alliance, as calculated by Infosparks. It’s important to note that this information is generally reliable but may contain errors and is open to future revisions. All numbers are estimates and may be adjusted with late-reported sales. Also, remember that not all sales are reported to MLS.

Buyers and Sellers Insights

San Francisco – Overbidding Asking Price 

Overbidding & Underbidding Sales Price to List Price Ratio, Annual Statistics Since 2005*

This metric illustrates the relationship between the sales price and the original asking price. A ratio of 100% means the average sales price matched the asking price. A ratio of 104% indicates sales prices were, on average, 4% above the asking price, while 98% signifies an average sales price 2% below asking.

In San Francisco, houses typically experience much higher overbidding percentages than condos. In 2023, on average, condos sold slightly below the asking price.

*This data represents the ratio of the sales price to the original list price, based on sales reported to the NorCal MLS Alliance as per Infosparks calculations. While the data is generally reliable, it may contain errors and is subject to future revisions. The percentages are rounded for simplicity. All numbers are approximate and might be adjusted with late-reported sales. Note that not all sales are reported to MLS.

Buyers and Sellers Insights

U.S. Percentage of All-Cash Buyers

National Market Dynamics Monthly Since 2015*

In 2023, the proportion of all-cash purchases in the U.S. housing market reached its highest level in nine years. This trend highlights a significant shift in how properties are being bought nationally.

*This information is based on the Realtors Confidence Index Survey conducted by the National Association of Realtors. The figures represent a 3-month rolling average of NAR data and are considered good-faith estimates derived from a survey of Realtors. While this data is generally reliable, it may contain errors and is subject to future revisions. All numbers are approximate. The National Association of Realtors has granted copyright and usage permissions for this data.

Buyers and Sellers Insights

District view of annual house prices

Annual Median House Sales Prices Since 2012 San Francisco Median Sales Prices in Selected Realtor Districts*

The following data represents median house sales prices in specific Realtor districts of San Francisco, based on sales reported to the NorCal MLS Alliance as of 12/31/23.

It’s important to note that some districts, like Districts 1 and 4, include neighborhoods with varying property values.

Additionally, District 7 has fewer sales, which can lead to more variability in its median price.

District 10:
A cluster of 12 southern neighborhoods around Bayview, Portola, Excelsior, Crocker Amazon, and Visitacion Valley.

District 2:
Sunset & Parkside Districts, Golden Gate Heights

District 3:
A group of 9 neighborhoods including Lake Shore, Lakeside, Ingleside, and Oceanview.

District 9:
Bernal Heights, Potrero Hill, Inner Mission

Bar chart showing San Francisco annual median house sales prices as categorized by districts of neighborhoods.

District 4:
Encompasses 16 neighborhoods, such as St. Francis Wood, Forest Hill, West Portal, Miraloma Park, and Sunnyside.

District 5:
Noe, Eureka, and Cole Valleys; Ashbury, Corona, and Clarendon Heights; Glen Park, and other neighborhoods.

District 1:
Includes Inner, Central, and Outer Richmond, Lone Mountain, Lake Street, Jordan Park, and Sea Cliff.

District 7:
Comprises Pacific & Presidio Heights, Cow Hollow, and Marina.

Bar chart showing San Francisco annual median house sales prices as categorized by districts of neighborhoods.

*This data is sourced from the NorCal MLS Alliance, as analyzed by Infosparks. The median sales price is the price at which half of the sales were higher and half were lower. While this is a useful general statistic, it can be influenced by factors other than changes in fair market value. Please note that while the data is considered reliable, it may contain errors and is subject to future revisions. All numbers are approximate and may be adjusted with late-reported sales.

Buyers and Sellers Insights

District view of annual condo prices

Annual Median Condo Sales Prices Since 2012 San Francisco Median Sales Prices in Selected Realtor Districts*

Based on data reported to the NorCal MLS Alliance as of 12/31/23, this analysis focuses on the median sales prices of condos in various San Francisco Realtor districts. It’s important to note that new condo constructions can make year-over-year comparisons challenging in some districts. Additionally, several factors can influence median sales prices, not just changes in the market value.

District 9:
South Beach, Mission Bay, SoMa, Potrero Hill, Inner Mission, Dogpatch, Bernal

District 6:
Hayes Valley, NoPa, Alamo Square, lower Pacific Heights & Western Addition

District 8 North:
Russian, Nob & Telegraph Hills; North Beach; & Financial District

District 5:
Noe, Eureka & Cole Valleys; Corona Heights, Mission Dolores & others

District 7:
Pacific & Presidio Heights, Cow Hollow & Marina

Bar chart showing San Francisco annual median condo sales prices as categorized by districts of neighborhoods.

*This information is compiled from the NorCal MLS Alliance, as analyzed by Infosparks. Remember that many new-project condo sales are not included in these reports. The median sales price is defined as the price point where half the sales were more expensive, and half were less expensive. While this figure provides a general overview, it may be impacted by factors beyond simple market value changes. The data is considered reliable but may have errors and is subject to future revisions. All numbers are estimates and could be updated based on late-reported sales.

Buyers and Sellers Insights

Bay Area Median House Values by County

2nd Half of 2023 Sales: Sorted by Number of Bedrooms and Bathrooms*

This summary presents the median house values across various Bay Area counties based on the number of bedrooms and bathrooms. The data includes sales from the last six months up to mid-December 2023.

Key Points to Note:

Table showing columns of data on statistics about Bay Area median house values by county.
Table showing columns of data on statistics about Bay Area median house values by county.
Table showing columns of data on statistics about Bay Area median house values by county.

*This information is compiled from the NorCal MLS Alliance, as analyzed by Infosparks. Remember that many new-project condo sales are not included in these reports. The median sales price is defined as the price point where half the sales were more expensive, and half were less expensive. While this figure provides a general overview, it may be impacted by factors beyond simple market value changes. The data is considered reliable but may have errors and is subject to future revisions. All numbers are estimates and could be updated based on late-reported sales.

Interest & Interventions

Since March 2022, the Federal Reserve has raised the benchmark federal funds rate 11 times but has kept it steady since August. Analysts widely expect the rate to decrease through several adjustments in 2024.

Federal Funds Interest Rate Since 1981 & Economic Interventions by Federal Reserve Bank*

*This chart is current as of 12/13/2023.
Data sourced from the Federal Reserve Banks of St. Louis and New York (https://fred.stlouisfed.org/series/FEDFUNDS; last reading from https://www.newyorkfed.org/markets/reference-rates/effr). The information is considered reliable but may contain errors and is subject to revision.

Potential Market Size

Components of California Population Change 

U.S. Census Estimates, July 1st to July 1st (since 2020):

Between July 1, 2020, and July 1, 2023, California’s population decreased by approximately 538,000 people, representing a 1.4% decline.

The recent changes in California’s population have primarily been due to negative net domestic migration (a higher number of people moving to other states than those moving in), offset by positive net foreign migration (immigration into California) and natural growth (the number of births exceeding deaths).

Outs

* These changes are measured annually from July 1st of the previous year to July 1st of the labeled year. The U.S. Census published the latest estimates on December 19, 2023. While this data is considered reliable, it may contain errors. All numbers are approximations and may be updated in future estimates.

Notes & Disclaimers

Statistics in real estate are broad summaries of a vast array of individual sales, each unique and occurring in different time frames. They should be viewed more as comparative indicators with reasonable margins of error rather than precise measurements. Statistics commonly show anomalous fluctuations, especially in smaller, high-end market segments. The data for the most recent period is often an estimate and may change with additional late-reported data. Moreover, different analytics programs may define specific metrics differently – such as “active listings,” “days on the market,” or “months supply of inventory” – but it’s the trends these metrics illustrate that are most important, not the specific calculations.

Most of this sales data comes from local or regional multi-listing services (MLS), but not all listings or sales are reported to MLS, so they may not be reflected in the data. In this context, the term “homes” refers to real-property, single-household housing units like houses, condos, co-ops, townhouses, duets, and TICs but excludes mobile homes. This applies as relevant to each market. Names of cities or towns refer specifically to those areas unless stated otherwise, and multi-county metro areas will be clearly specified. While the data sources are considered reliable, they may contain errors and are subject to revision. All numbers should be viewed as approximate.

It’s also important to note that many aspects of a property’s value, such as curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, and location quality within a neighborhood, cannot be fully captured in median and average statistics. The applicability of these statistics to any specific home can only be accurately determined through a detailed comparative market analysis.

The Median Sales Price is the price point where half of the properties are sold for more and half for less. It can be influenced by factors like seasonality, unusual events, changes in inventory and buying trends, as well as actual changes in fair market value. The median sales price for an area often hides a wide range of prices in its individual sales.
Dollar per Square Foot is calculated based on the interior living space of a home and doesn’t include areas like garages, unfinished attics, and basements, rooms built without a permit, patios, decks, or yards, though these can add value to a home. These figures are typically derived from appraisals or tax records but can be unreliable, especially for older homes, or sometimes unreported. This calculation is only possible for home sales that have reported square footage.

Helena Zaludova is a real estate agent affiliated with Compass. Compass is a licensed real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. 

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