Despite a strong spring real estate market, property prices in San Francisco have yet to climb beyond last year’s highs, according to a report from Compass on Tuesday.
April’s median home price stood at $1.63 million, just below the median of $1.64 million logged at the same time last year.
The market’s failure to reach new highs is a significant change from the year-over-year price appreciation that the city had been logging for the past “six or seven years,” the brokerage said.
“For the time being, the most expensive housing market in the country has stopped becoming more expensive,” Patrick Carlisle, Compass’s chief market analyst for the San Francisco Bay Area, said in the report.
It’s possible, though, that the market will heat up further in the nearly two remaining months of the spring selling season, before the market slows for summer.
But by no means has San Francisco become affordable. Despite not breaking any records, median sales prices, along with other metrics, remain close to those seen at the same time in 2018, which logged “dramatic year-over-year price appreciation,” the report said.
The median house sale price, for example, in March and April was $1.65 million, compared to $1.655 last year. The median condo price change was equally negligible in the same time frame, $1.25 million compared to $1.26 million last year.
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The number of new listings dipped 4% over March and April compared to last year, while the number of sales dropped by just two.
Luxury homes sales, though, are faring better this year than last. House sales priced at $3 million and over saw a 23% increase in transactions, while all homes priced at $5 million and over saw transactions increase 25% in the same time.