October Market Update: Bay Area

Flyhomes

5 years ago

Key takeaways for the month

Overall, the San Francisco market isn’t quite as competitive currently as in a usual year, but the jump in the number of San Francisco condo listings over the summer seems to be normalizing. The East Bay and South Bay are seeing increased competition.

The number of San Francisco houses/townhouses listed decreased by 19% month-over-month, while condo listings dropped by 33%. Year-over-year numbers for October are still up by 2% for houses/townhouses and 9% for condos.
Some San Francisco condo buyers have jumped on the chance to buy below list price thanks to the slowness in the condo market recently. Sale-to-list price ratio has been under 100% for every month since May, whereas 11 months in 2019 saw it between 103% and 107%.
The East Bay and South Bay are both more competitive than usual for this time of year, with the number of listings up and more homes being sold year-over-year. The number of condo listings in both markets are up by more than 100%, which could be part of an overall competitiveness trend and may indicate a pandemic-driven move away from condos.

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

Sale Price

Based on date the property sold.

List Price

Based on date the property was listed.

Sale Price Compared to List Price

Based on date the property sold.

Days on Market

Based on the number of days between the list date and the date the property went pending, except when sold date is earlier than pending (then based on date sold).