As buyers compete for an inadequate supply of home listings, San Francisco saw soaring highs in median sales prices in May. However, it is not just the SF market that is hot. Other counties around the Bay Area also hit new peak median house sales prices in either April or May: $1.49m in San Mateo, $1.35m in Marin, $1.28m in Diablo Valley/Lamorinda, and $875,000 in Alameda.
records in median sales prices
The SF median house sales price jumped to $1,500,000, its highest point ever, about $100,000 (7%) above its previous monthly peak. The SF median condo sales price also hit a new peak at $1,200,000, $20,000 (1.7%) above its previous high.
The percentage of house sales under $3m that sold during the past 3 months for OVER asking price was a whopping 81%. The single family house market is hotter than the condo market, and the more affordable house market has turned into a feeding frenzy this spring. By the measure of overbidding, the Sunset, Parkside and Golden Gate Heights district remains the hottest the city.
In the condo, co-op and TIC market, overbidding is at lower percentages, generally running in the 5-11% range, but going as low as 0% in the South Beach/SoMa district with its big influx of new construction inventory.
national vs sf appreciation
This chart compares the home price indices for the 5-county San Francisco Metro Area in the blue line and the United States market in the green line. Looking beyond the difference in appreciation rates since 2012, 70% vs. 40%, the difference in dollar appreciation in median house prices over the 5 years is enormous: over $500,000 for SF vs. $70,000 for the U.S.