The primary story, both nationally and in San Francisco, is a dwindling housing inventory. Year-over-year, new listings were down 18.5% for single family homes and 9.5% for Condo/TIC/Coop properties. We're still optimistically watching for an increase in activity this spring.
Pending sales decreased 9.4% for single family homes, but increased 4.7% for Condo/TIC/Coop properties year-over-year.
Year-over-year, the median sales price was up 26.5% to $1,410,000 for single family homes, but decreased 0.5% to $1,095,000 for condo/TIC/coop properties.Overall, the median sales price for all properties increased by 9.1% year-over-year.
In the first 4 months of 2016, after 6 years of heated growth, the trend in increasing employment numbers in San Francisco reversed itself.
Since 2012, the spring selling season has been the most dynamic period of median home price appreciation. In spring 2016, year-over-year house and condo price appreciation basically plateaued.
The number of listings available to purchase increased, but the number of closed sales declined. (There was also a significant increase in listings expiring or being withdrawn from the market without selling, an indication of sellers demanding more than buyers were willing to pay.)