Number Talk: Living in the City

The house and condo markets in San Francisco have gone in decidedly different directions in the wake of COVID-19. The average size of homes sold in Q3 jumped almost 6% year over year. Typically, Q2 shows the strongest numbers for luxury homes, but the pandemic has changed that dynamic in 2020.

Supply and demand generally drives these numbers. Median sales prices can rise because buyers are paying more than fair market value and/or purchasing larger houses. Affluent buyers are an increasing percentage of the total market throughout the Bay Area, especially in San Francisco, as luxury home sales have soared to all-time highs.

And despite the higher costs, properties aren’t staying on the market very long. In fact, more listings went into contract in September than any month in the past two years! Check out these numbers and contact us with any questions!