The Local Lowdown

San Francisco's spring market kicks off with record-breaking price growth

March made a statement in San Francisco. Single-family homes posted an 18.24% year-over-year increase in median sale price, with the median coming in at $2,150,000. But it was the condo market that really turned heads... with a remarkable 27.17% surge bringing the median to $1,357,500. Those are numbers that would have been hard to predict even a few months ago, and they reflect just how much energy has returned to this market.

What's making this moment even more striking is how far over asking price homes are going. Single-family homes are selling for nearly 23% above their original list price on average... and condos are closing at nearly 7% over asking. These are some of the highest premiums we've seen in recent memory. It's a clear signal that demand isn't just present... it's intense.

Inventory remains severely constrained as spring arrives

Spring typically brings more listings to the market, and while we did see some new inventory come through in March, it's barely making a dent. There are currently just 194 single-family homes for sale in San Francisco... down 34.46% compared to this time last year. The condo market is facing a similar shortage, with just 454 units available, also down 34.30% year-over-year.

New listings did pick up from February, with 282 single-family homes and 348 condos hitting the market. But the pace of sales is absorbing them almost as fast as they arrive, keeping overall supply extremely tight. For buyers, that means the selection remains limited... and the window to act on a home you love is very narrow.

Homes are selling almost as quickly as they're listed

The inventory shortage has created one of the fastest-moving markets San Francisco has seen in years. The average single-family home is selling in just 12 days... down 7.69% from last March. The condo market has seen an even more dramatic shift, with the average condo now selling in just 14 days... a stunning 46.15% faster than this time last year.

What that means in practice is that there's very little time to think things over once a home hits the market. Multiple-offer situations have become the norm rather than the exception... and buyers who aren't prepared to move quickly are finding themselves on the outside looking in more often than not.

San Francisco remains one of the tightest 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 about as deep into seller's market territory as it gets right now. Single-family homes sit at just 1.0 months of supply... and condos at 2.3 months. Both figures are down more than 37% year-over-year. Perhaps most notably, the condo market has completely flipped... this time last year it was a buyer's market, and today it's a strong seller's market. Sellers across both property types are holding significant leverage, and that's unlikely to change until we see a meaningful and sustained increase in new listings coming to market.

Bottom Line

San Francisco is firing on all cylinders this spring... and the numbers back it up. Prices are surging, inventory is near historic lows, and homes are selling in a matter of days with offers well above asking. Whether you're a buyer or a seller, the stakes are high right now. Sellers are in an exceptional position... but pricing and presentation still matter, because buyers are paying attention to value even in a competitive market. For buyers, preparation is everything. Knowing your budget, having your financing in order, and working with someone who can move quickly on your behalf isn't just helpful right now... it's essential. San Francisco has always rewarded those who understand it well, and this spring is no different.

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