According to popular idiom, March is supposed to "come in like a lion." Apparently, no one told February, which roared rather fiercely in its first week, sending home prices up dramatically-- and quickly. The month as a whole has continued to be rather lion like: prices are going up and potential home buyers are being eaten alive by the competition for meager inventory. Trulia has posted its average listing price data through February, which shows the situation well.
The average listing price for San Francisco homes for sale was $1,504,171 for the week ending Feb 27, which represents an increase of 3.1%, or $44,816, compared to the prior week and an increase of 6.2%, or $88,418, compared to the week ending Feb 06. We don't have sold price data complete yet, of course, since many transactions initiated in February haven't closed yet, but we predict those prices to be even higher than list.
The one piece of good news, from the buyer perspective, is inventory in February. Yes, it is still shitty low. But, it's a tiny bit less so. Witness the Trulia numbers:
If more sellers, no doubt encouraged by the seller's market of late, enter said market, March may be more lamb-like than lion-like. But we sort of expect the lion isn't quite done with SF just yet.
· Extreme Verticality in Quarter One Home Prices [CurbedSF]
· San Francisco Market Trends [Trulia]
· All Monthly Analysis coverage [CurbedSF]