1st Half 2018 Market Report
2018 San Francisco Real Estate
Year to Date Market Update*
First Half 2018: Exceptionally Strong Seller's Market!
The start of 2018 commenced with the opening of the must anticipated SalesForce Tower and excitement of Facebook/Instagram's lease of the entire commercial space of the super luxe new construction icon, 181 Fremont. Facebook then trumped that announcement by signing the largest commercial lease in San Francisco's history by taking all of Park Tower, another striking high rise in South Beach, currently under construction. Facebook's commercial lease of 755K sqft even beat Dropbox's mega-lease of 736K sqft of office space announced in Q3 2017. Facebook now has over 1.1M sqft of office space making it the 3rd largest tech tenant in the city after Salesforce and Uber which have leased 2.4M sqft and 1.68M sqft respectively, making our great city a true Tech giant!
From the perspective of the residential market, 2018 has proven again to be an exceptionally strong Seller's Market especially for single family home owners. Throughout the first half of this year, the inventory of single family homes was as slim as usual with periods where there were as few as 200 single family homes for sale in all of San Francisco. The lack of inventory coupled with the increased demand, caused prices to soar as buyers battled for the few homes offered in each neighborhood.
I experienced this buyer frenzy early in the year, when I sold a home in the West Portal area that received 30 offers and sold $605,000 over the list price! Another sale of mine sold $737,000 over the list price and set a new record in Westwood Park! Truly a great time to be a seller!
The condo market has also been strong and has benefited from the shortage of single family homes, as many buyers were priced out of that market and moved to condo ownership. However, condos buyers have been more selective than single family home buyers, given higher levels of inventory in that market. We also saw that the strength of the condo market varies depending upon location and condition, with not all properties receiving equal attention from buyers.
SNAP SHOT: MARKET STATS 1st HALF 2018
SINGLE FAMILY HOMES
2017 vs 2018 1st Half
Average Home Price $1,999,526 +11.46
Average Days on Market 29 days -17.14%
List/Sell Ratio 1107.1% +2.09%
Median Condo Price $1,098,000 +2.62%
Average Condo Price $1,338,935 +4.47%
CONDOS / TOWN HOMES
2017 vs 2018 1st Half
Average Days on Market 20 days -28.57%
List/Sell Ratio 118% +3.35
Median Home Price $1,349,000 +15.56
For additional information on today's San Francisco real estate market, please click below to view the market report.
415.264.7482 | CeceDoricko@gmail.com| www.CeceDoricko.com
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*Sources: IDC Global, SFARMLS and San Francisco Business Times. Stats based on data received through June 2018.