The Local Lowdown

San Francisco's housing market continues to shatter price records

April kept the momentum going in San Francisco, and the numbers are striking. Single-family homes posted a 21.43% year-over-year increase in median sale price, with the median coming in at $2,125,000. The condo market had an equally impressive month, with an 18.14% surge bringing the median to $1,400,000. These aren't small movements... this is sustained, double-digit appreciation across both property types, and it's telling us something important about where demand in this city really stands.

What's making these numbers even more remarkable is what's happening at the offer table. Single-family homes are routinely selling for more than 20% above their original asking price... and condos are commanding premiums of roughly 7% over asking on average. The competition isn't just present... it's intense, and buyers need to come in prepared if they want to be taken seriously.

Inventory shortages persist despite peak spring selling season

We're deep into spring... historically the busiest time of year for new listings... and inventory is still nowhere near where it needs to be. There are currently just 218 single-family homes for sale in San Francisco, down 36.99% compared to this time last year. The condo market is facing a similar reality, with just 466 units available... a 39.01% year-over-year decline.

New listings did pick up from March, with 317 single-family homes and 334 condos hitting the market. But the pace of sales is absorbing them almost as quickly as they arrive, keeping overall supply stubbornly tight. For buyers navigating this market, patience is important... but so is being ready to move the moment the right home comes along, because the selection remains extremely limited and it's not changing dramatically anytime soon.

Two weeks or less from listing to sale has become the new normal

If there's one stat that captures just how fast this market is moving, it's days on market. The average single-family home is selling in just 12 days... down 7.69% from last April. And the condo market has seen an even more dramatic shift, with the average condo now selling in just 14 days... a remarkable 57.58% faster than this time last year. To put that in perspective, last April the average condo sat on the market for 33 days. Today it's selling in less than half that time.

For buyers, that pace leaves very little room to think things over. Preparation and decisiveness aren't just helpful right now... they're essential. Knowing your budget, having your financing in order, and being clear on your priorities before you start touring homes isn't just good advice... it's the only real way to compete in a market moving this fast.

San Francisco is firmly entrenched as one of California's hottest seller's markets

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 about 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 figures are down more than 40% year-over-year, which speaks to just how dramatically conditions have shifted over the past twelve months. Perhaps the most telling detail is what happened in the condo market... last April it sat at 4.4 months of supply, firmly in buyer's territory. Today it's a strong seller's market. That kind of transformation in a single year is significant, and until we see a meaningful wave of new inventory enter the market, sellers are going to continue holding the upper hand.

Bottom Line

San Francisco's spring market is delivering some of the most competitive conditions we've seen in recent memory. Prices are surging across both single-family homes and condos, inventory is nearly 40% below last year's levels, and homes are moving in two weeks or less. Sellers are in an exceptional position right now... but even in a market this hot, pricing and presentation still matter. For buyers, the path forward is about preparation... getting your financing locked in, knowing what you want, and being ready to act with confidence when the right home comes up. San Francisco has always rewarded those who understand it well, and this spring is no exception.

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