San Francisco's property market moves in seasonal cycles, peaking in the spring and the fall and calming down during the summer and winter. Spring is usually the hottest season of all, the time when the biggest price increases occur and seemingly everything sells for more than asking. Spring 2015 is shaping up to be no different, with median sale prices for houses and condos shooting up to their highest level ever during February, when the spring selling season traditionally begins in earnest. According to the latest report from Paragon Real Estate, the median price for homes sold in February was $1,112,500, solidly higher than last year's $985,000.
As has been the trend over the past few, feverish years, inventory is very, very low. In fact, there were even fewer new listings coming on the market this February than there were in any of the last three years. Properties sold for 108 percent over asking during February and were on the market for an average of only 30 days compared with 37 days last February and 45 days the year before. The market is showing every sign of continuing to be very, very competitive, but what remains to be seen is whether or not price gains will be as big this year as they have been during the past few springs.
· Bonkers SF Housing Market Downshifts to Semi-Bonkers [Curbed SF]
· No Surprise: SF's Housing Market Was Bonkers This Spring [Curbed SF]
· Report: San Francisco's Housing Market to Remain Steadfastly Bonkers in 2015 [Curbed SF]
· Here We Go Again: March 2015 Real Estate Report [Paragon Real Estate]