The Local Lowdown

Single-family homes breach the $2.2 million mark for the first time

San Francisco's single-family market just hit a milestone that's worth pausing on. The median sale price climbed 22.56% year-over-year to $2,200,000... one of the strongest annual gains this market has seen in recent memory. The condo market posted more measured gains, with the median rising 3.17% to $1,332,500. Two very different rates of appreciation... but both moving in the same direction.

What's adding another layer to this story is what's happening at the offer table. Single-family homes are selling for nearly 25% above their original asking price on average... and condos are commanding premiums of roughly 7% over asking. Those aren't small margins. They reflect a level of buyer intensity that tells you demand in San Francisco isn't just holding... it's pushing harder than ever. When buyers are consistently willing to go that far over asking, it says everything about how they feel about the long-term value of owning here.

Inventory has been cut nearly in half compared to last year

The inventory story in San Francisco right now is genuinely striking. There are currently just 216 single-family homes for sale across the entire city... down a staggering 44.62% compared to this time last year. The condo market is facing a similar crunch, with just 469 units available, down 37.96% year-over-year. Put those two numbers together and you have fewer than 700 homes available for sale in all of San Francisco. That's an extraordinarily limited pool for a city of this size and demand.

For sellers, these conditions are as favorable as it gets... your home is entering a market with very little competition and a lot of motivated buyers. For buyers, the challenge isn't just finding the right home... it's finding any home that meets your needs before someone else does. Patience and preparation have never mattered more than they do right now.

Homes are flying off the market at a breakneck pace

With inventory this low, it should come as no surprise that homes are moving fast. The average single-family home is selling in just 12 days... down 7.69% from last May. The condo market has seen an even more dramatic shift, with the average condo now selling in just 16 days... a 38.46% improvement from this time last year. To put that in perspective, last May the average condo sat on the market for 26 days. Today it's selling in under three weeks... and that gap is only getting tighter.

For buyers, that pace leaves very little room to deliberate. There's almost no time to sleep on a decision, consult everyone you know, or wait to see if something better comes along. The buyers who are succeeding right now are the ones who have done their homework in advance... know their budget, know their priorities, and are ready to move with confidence when the right home appears.

San Francisco remains one of the most competitive seller's markets in the state

One of the clearest ways to read a market is through Months of Supply Inventory, or MSI. California historically averages around three months... which is considered balanced. Below three months favors sellers. Above three months shifts the advantage toward buyers.

San Francisco is as deep into seller's territory as it gets. Single-family homes sit at just 1.1 months of supply and condos at 2.3 months... both down nearly 48% year-over-year. That kind of year-over-year shift is dramatic by any measure. And perhaps the most telling detail of all is what happened to the condo market... last May it sat at 4.4 months of supply, firmly in buyer's territory. Today it's a strong seller's market. That's a complete transformation in twelve months, and it speaks to just how fundamentally the balance of power has shifted in San Francisco's housing market.

Bottom Line

San Francisco's market this May is writing its own chapter... record-breaking single-family prices, inventory cut nearly in half, and homes disappearing in two weeks or less. The data points all tell the same story... this is one of the most competitive seller's markets the city has seen in years. For sellers, the conditions don't get much better than this... but even in a market this hot, how you price and present your home still matters. For buyers, the path forward is about being genuinely ready... not almost ready, not thinking about it... but prepared, decisive, and supported by someone who knows how to navigate this market with clarity and speed. San Francisco has always rewarded those who understand it well, and right now that's never been more true.

Local Lowdown Data