Sotheby’s Q2 Market Report: SF Bay Area
Read the Second Quarter Market Report for the San Francisco Bay Area, prepared by Sotheby’s International Realty, here.
A word on the market from Jeffrey Gibson, San Francisco Brokerage Manager
“With so many market indicators in flux, one of the most typical market benchmarks – the total number of closed sales in the second quarter – may not tell a complete story about the housing recovery this season. While closed sales in April and May were low by historical standards, on par with January numbers in a typical year, they shot up 53% in June, and other factors also point to significant changes in the Bay Area as we head into the third quarter. Specifically, we want to bring your attention to these positive indicators from San Francisco county:
• June set the highest median sale price ever for single-family homes, a record-breaking $1,805,000.
• The number of listings pending (in contract) soared from April to June 2020. After a dramatic pause in April when only 159 listings went into contract, pending listings in May shot up 83% to 291, then rose another 44% in June, reaching 420.
• The number of new listings on the market jumped dramatically from April to May, rising 87% from 346 to 650. As in most years, June then declined slightly compared to May, but notably more listings launched in June 2020 (561) than in the same month of 2019 (520), suggesting the “center of gravity” for this selling season has moved later in the year.”
Find the complete report here.