Wishing you well as the days now start to get longer. I’m looking forward to observing how they will be filled. Did you see the mighty Saturn “collide” with Jupiter in the Southwestern sky last night? That Great Conjunction is said to mark the dawn of the Age of Aquarius. Please let us continue to be safe and to be kind. I saw photos of a few friends getting the vaccine and it brought on some strong emotions. Our family is very much here for the foreseeable future. This is still.. all we know. La grande attesa. I have learned more and more that patience is a skill. This year was the most successful of my career and in many ways my life as we all struggled with great personal and collective loss. I am grateful and feel blessed beyond comprehension. See you all in 2021. Gabriella
Year-over-year median sales prices for condos of various sizes, and for houses, in September through November of 2018, 2019 and 2020. A big increase in supply since the pandemic struck has led to declines in condo median sales prices.
A review of Q3 2020 median house sales prices (and SF condo prices) around the Bay Area. SF and San Mateo have been alternating in recent years for highest median house price. SF always has the highest median condo price in the region.
As is typical, the number of new listings plunged in November. In the first week of December – not illustrated on this chart – new listing activity ticked back up from the short Thanksgiving week, but remained well below pre-November numbers. December is usually the month with the lowest number of new listings coming on market.
With the decline in new listings, overall listing inventory dropped, but remained much higher than in previous years.
The number of condos on the market dramatically increased since the pandemic struck, but began to decline in November.
Market activity as measured by the number of listings going into contract is significantly higher on a year-over-year basis: over 40% higher in November 2020.
The below chart measures demand as compared to the supply of listings available to buy. By this metric, the house market has been significantly stronger than the market for condos since the pandemic struck.
Monthly home sales volume by property type:
The number of listings reducing price dropped in November, but remained elevated over previous years.
4 charts and tables looking at the luxury home markets of San Francisco and those within the larger region.
The Bay Area counties which have seen the largest percentage increases in the sales of luxury homes since May have been Sonoma and Santa Cruz (despite the fires), and Monterey. Not shown on this chart: Lake Tahoe saw a incredible 187% jump in luxury home sales.
This next table looks highest priced listings on the market in early November, and the highest priced sales in the May-October period. Since it was compiled, a higher sale closed in San Francisco, in the Sea Cliff neighborhood, at $24,000,000.
If you’re looking for a home priced $5 million and above, these are the places where you will have the greatest choice of listings.
The post A Strange Year Begins Winding Down December 2020 San Francisco Real Estate first appeared on Paragon Specific.