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San Francisco pandemic-battered condo market bounced back with a vegenance this spring, scoring its busiest three month period in at least 16 years as vaccinated buyers rushed back into the city to take advantage of pricing that is still significantly lower than 2018 highs.
The median sold price per square foot was up 8.6%, to $1,146. In the condo/loft/TIC market, the median sales price rose to $1,286,000. That’s up from last June and up from its high of $1,275,000 in July 2020. Median sales prices have been bouncing around in the mid $1.2’s this year and last.
According to the Polaris Pacific San Francisco report, the median price of an existing condominium in San Francisco during the three months ending May 31 was $1,210,000, a 0.8 percent decrease from last year. At the same time, resale volumes were nearly triple what they were at this time last year; much of this extreme increase is due to the low sales volumes in the middle of the 2020 pandemic. With persistently strong resale volumes, the Months of Remaining Inventory (MRI) figure has been pulled down to pre-pandemic levels and now sits at 1.8 months, a sizeable drop from the highs of roughly 4.0 months in the middle of 2020.
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