SAN FRANCISCO--(BUSINESS WIRE)--San Francisco median home prices hit the $1 million mark in April, exceeding highs not seen since the residential real estate boom of 2007, the San Francisco Association of REALTORS® said Friday.
The median sales price for single family homes in San Francisco hit $1,000,000, up 31.6 percent from $760,000 a year earlier, the Association said.
“Shrinking inventory combined with low interest rates and motivated buyers has resulted in historically high sales prices,” said San Francisco Association of REALTORS® President, Christine Dwiggins. “Buyers who are hoping to own a home in the San Francisco market need a qualified REALTOR® now more than ever if they hope to reach their dream of home ownership in the Bay Area.”
The months supply of inventory for single family homes dropped 40 percent to 1.1 months in April 2013 compared to the previous year. Five to seven months supply of inventory is considered normal in a balanced real estate market.
Single family homes in the City, on average, stayed on the market just 28 days in April, down 43.5 percent from 49 days on the market in April 2012.
The median sales price for condominiums in San Francisco topped out at $850,000 in April, the highest level in the last 24 months.
Data comes from the San Francisco Association of REALTORS® MLS; the most accurate and up-to-date source of property listings in San Francisco County.
The San Francisco Association of REALTORS® is a professional association of more than 4,000 members that provides business services and legislative representation to real estate practitioners and affiliated service providers in San Francisco and surrounding areas. Visit www.sfrealtors.com to learn more.