The impact of the coronavirus on San Francisco’s housing market cannot be fully measured yet, but supply has plummeted since the city and state of California issued shelter-in-place edicts, according to a report released Thursday by Compass.
In March, a time when supply should be increasing, the number of active listings dropped by close to 50% compared to the previous month, the report found.
There were 1,016 active listings as of the week beginning Feb. 24, and just 535 as of the week beginning March 30. For luxury properties—those priced at $2.5 million and above—there were 225 listed as of Feb. 24, but only 124 listed as of March 30.
“Spring is usually the most active selling season and often sees the highest median sales prices of the calendar year, due to both the level of buyer demand and the seasonal surge in the luxury home market,” Patrick Carlisle, chief market analyst at Compass, wrote in the report.
At the same time, hundreds of listings have been removed. More than 200 were taken off the market the week beginning March 16 alone, according to the report. The city’s shelter-in-place mandate was issued March 17.
The number of new listings is also down, the data showed. Only 22 properties went on the market the week of March 30. More than 120 were listed the last week of February.
California has reported 18,309 cases of the virus as of Thursday afternoon. Close to 500 fatalities have been reported. San Francisco has seen 724 cases and 10 deaths.
Sales prices remained essentially flat, but most of those deals were reached before the lockdown.
“Almost all of the sales price data we have, as of the first week of April, still reflects the market before the shelter-in-place rules went into effect,” Mr. Carlisle wrote. “In virtually all Bay Area counties, first quarter and March median sales prices were quite strong.”
Indeed, the median sales price for a single family home was $1.65 million in March, up from $1.61 million in February, according to the report. The median price for the first quarter was $1.6 million, up from $1.55 million during the same time period in 2019.
Prices were also up for condos in San Francisco. The median sales price was $1.25 million in the first quarter, compared to $1.18 million for the first three months of last year.