Pacific Union’s Monthly Real Estate Update

San Francisco’s condominium market remained red-hot in February, with sales closing just 34 days after being listed — down from 62 days in December and 70 days in February 2012.

February home prices posted exceptionally strong gains across the Bay Area and the Tahoe/Truckee region, led by San Francisco, where the median sales price for a single-family home jumped $166,000 — 26 percent — in a year’s time.

Sales prices topped asking prices in many regions, with sellers in the East Bay receiving a nearly 11 percent price premium.
 
Local real estate markets remained exceptionally tight in February, with the supply of available homes down from a year ago in every region and homes selling faster in all but one region.

SAN FRANCISCO, CONDOS

The median sales price rose to $824,750, the highest in more than a year, and sellers received an average of 3.6 percent above the asking price.
 Available homes on the market slipped to an extremely tight 1.7-months’ supply, down from a 3.4 months’ supply one year ago.

SAN FRANCISCO, SINGLE-FAMILY HOMES

The median sales price for single-family homes in San Francisco shot up 26 percent to $801,000 in February, an increase of $166,000 from a year earlier.
And sellers had another reason to be thankful: Final prices were, on average, nearly 6 percent above asking prices.
Homes closed an average of 31 days after being listed, the fewest days on market in more than a year after four straight months of declines. The housing supply was measured at 1.8 months’ supply, the highest level since last September, but still evidence of a tight market.