The More Things Stay the Same, the More they Change
Some things have weathered the pandemic. Median Sales Price (MSP) remained steady in the third quarter (Q3). Single family homes are the most desirable property type in San Francisco. As we’ve come to expect, the best properties sold quickly with multiple offers over asking.

Of course, other parts of the market have shifted. The months supply of inventory (MSI) of single family homes has only been higher once in the last 15 years. The MSI of condos is at an all time high of 7.9 months! Q3, 2020 has almost double the amount of inventory of Q3, 2019, and that’s only counting what’s in the MLS. Many new construction buildings don’t put their condo stock in the MLS choosing instead to market directly to brokerages and buyers.

Since the SIP order went into place, we have had more condo sales each month. However, the amount of inventory is stifling. MSI makes a normally strong sales quarter (711 condo sales) look like a drop in the bucket.

Bigger is Better
MSP for 2 bedroom homes has increased 1%, and sales have increased 7.6% compared to Q3, 2019. In that same time, the MSP of 3 bedroom homes increased 8% and sales are up 25.7%. 1 bedroom condos experienced a 0.9% decrease in sales compared to Q3, 2019; 2 bedroom condos, on the other hand, have experienced a 43.5% increase in sales, and sales of 3 bedroom condos are up 25.8%.

1 and 2 bedroom condos are generally less expensive than single family homes, which makes them more sought after by buyers at a lower price point. A 3 bedroom condo, on the other hand, is often in the same price range as an entry level single family home, so buyers tend to lean toward the single family home.

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