June 9, 2017
The June 2017 report on the San Francisco real estate market issued by luxury residential firm Paragon was eye-catching: “Crazy Hot Market – Again.” The findings revealed feverish buyer competition for a deeply inadequate supply of home listings, which drove the San Francisco median home sales price in May to $1.5 million, $100,000 above the previous monthly peak.
That’s roughly 7% above its previous monthly high. Paragon notes it is not unusual for median sales prices to spike in spring, and then decline thereafter as the market starts to cool for summer, thus spring median prices do not immediately become the new normal.
Paragon says the luxury home market in the city has mostly bounced back from the cooling it experienced late-2015 through 2016, but, generally speaking, is still not quite as strong as it was in spring 2015.
Key performance indicators
- San Francisco median condo sales prices also hit a new peak at $1.2 million, $20,000 (1.7%) above its previous high
- Bay Area new peak median house sales prices hit in either April or May in:
- San Mateo $1.49 million
- Marin $1.35 million
- Diablo Valley/Lamorinda $1.28 million
- Alameda $875,000
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