However, in some markets, prices continued to climb. Median home prices in Marin County passed the $1 million mark in July and are up 21 percent since January. In Sonoma County, median home prices hit $480,000, an increase of 24 percent since the beginning of 2013.
Available properties are still exceptionally slim, especially in San Francisco, where the months’ supply of inventory (MSI) for condos hit its lowest level in the past 12 months. Single-family homes in the city are also hard to come by, with MSI reaching lows we haven’t seen since December. And buyers continued to shell out more than list price in several of our hottest markets, including the East Bay, Contra Costa, and San Francisco.
SAN FRANCISCO, CONDOMINIUMS
Unlike their single-family-home counterparts, median condominium prices in San Francisco continued to rise in July, hitting $879,000, the second largest in a year. Median San Francisco condominium prices rose 6 percent from June to July and 14 percent from July 2012.
With only 0.9 months’ supply of inventory on the market, condominiums in San Francisco are scarcer than they’ve been in a year. This was reflected in the prices buyers paid, which averaged 6.6 percent above list price. Only two months in the past year did average sales prices for San Francisco condominiums fall below asking prices.
The length of time that condominiums stayed on the market was 37 days, identical to June and just a day shorter than May.
Available properties are still exceptionally slim, especially in San Francisco, where the months’ supply of inventory (MSI) for condos hit its lowest level in the past 12 months. Single-family homes in the city are also hard to come by, with MSI reaching lows we haven’t seen since December. And buyers continued to shell out more than list price in several of our hottest markets, including the East Bay, Contra Costa, and San Francisco.
SAN FRANCISCO, CONDOMINIUMS
Unlike their single-family-home counterparts, median condominium prices in San Francisco continued to rise in July, hitting $879,000, the second largest in a year. Median San Francisco condominium prices rose 6 percent from June to July and 14 percent from July 2012.
With only 0.9 months’ supply of inventory on the market, condominiums in San Francisco are scarcer than they’ve been in a year. This was reflected in the prices buyers paid, which averaged 6.6 percent above list price. Only two months in the past year did average sales prices for San Francisco condominiums fall below asking prices.
The length of time that condominiums stayed on the market was 37 days, identical to June and just a day shorter than May.
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