Feature image for SF: August 2022 Market Stats

August 15, 2022

SF: August 2022 Market Stats

By Compass

Across the Bay Area, markets have continued to slow and cool. As illustrated in this report, dramatic changes in demand, inventory, overbidding, price reductions, and year-over-year appreciation rates have usually occurred. Buying and selling continues: Over 5200 home sales were reported to MLS from Napa County to Monterey in July 2022 – many of them selling quickly for over asking price – but that number is down 38% from last year. Median home price appreciation rates in the 

Bay Area has seen steep declines from those in 2021/early 2022 – and in June/July, SF median house prices were down year over year. Changes vary in degree by location and market segment, but the direction of the shifts is near universal. This report will review year-over-year changes in prices and supply and demand, reflecting the significant adjustments from the heated (often overheated) conditions recently the norm, but also look at longer-term trends to provide greater historical context. 

As of early August, the average weekly mortgage rate for a 30-year fixed rate loan fell below 5% for the first time since April, and stock markets have seen large rebounds since early July – but these and other indicators have been subject to sudden and often dramatic volatility, and their future directions can’t be taken for granted. 

According to some agents, buyer interest has begun to rekindle with the decline in competition, increase in inventory, and economic changes mentioned above, but if this is part of a broader recovery in demand, it has not yet shown up in the statistics – which are lagging indicators of what’s occurring on the ground right now. Monthly data can be volatile, fluctuating according to a wide variety of factors, including market seasonality. Longer-term trends are more meaningful than short-term fluctuations.

Mid-late summer is usually a much slower period compared to the spring selling season. Autumn typically sees a very substantial spike in new listings and sales prior to the big mid-winter slowdown.

San Francisco Median House Price Trends Median House Sales Prices, 2018 – Present, by Month Pandemic hits

San Francisco Year-over-Year Appreciation Rates since 2020

San Francisco Year-over-Year Appreciation Rates since 1990

San Francisco House Market May – July 2022 House Sales by Price Segment*

San Francisco Median Condo Price Trends Median Condo Sales Prices, 2018 – Present, by Month Pandemic hits

San Francisco Year-over-Year Appreciation Rates since 1990 Y-o-Y Percentage Change in Annual Median CONDO Sales Price*

San Francisco Condo, Co-op, Townhouse & TIC Market May – July 2022 Sales by Price Segment*

Bay Area Median Home Values May - July 2022 Sales, by Property Type & Bedroom/Bath Count*

Bay Area Median Home Values May - July 2022 Sales, by Property Type & Bedroom/Bath Count continued

Click to view an interactive San Francisco home price map via Compass

New Listings Coming on Market San Francisco Market Seasonality

Active Listings on Market – Longer-Term Trends San Francisco Real Estate Market Dynamics & Seasonality

Price Reductions on Active Listings San Francisco Market Dynamics: Year-over-Year Comparison

Monthly Sales Volume* San Francisco Market Dynamics: Year-over-Year Comparison

Monthly Sales Volume – Longer-Term Trends San Francisco Market Dynamics & Seasonality

Listings Accepting Offers (Going into Contract) San Francisco Market Dynamics: Year-over-Year Comparison

Listings Accepting Offers- Longer-Term Trends San Francisco Market Dynamics & Seasonality

Higher-Price Home Sales Volume San Francisco Market Dynamics: Sales $3 Million+

San Francisco Higher-Price Home Sales Homes Selling for $3 Million+: Market Dynamics & Seasonality

San Francisco Higher-Price Home Sales Homes Selling for $3 Million+: Market Dynamics & Seasonality

Overbidding List Prices in San Francisco Percentage of Home Sales Closing over List Price, since 2018

Average Sales Price to Original List Price Percentage San Francisco Overbidding: Market Dynamics & Seasonality

Average Days on Market San Francisco Market Dynamics & Seasonality

Click the image to read more on select macroeconomic trends

Click here to read the Bay Area Real Estate Surve3y

Disclaimer stating that Statistics are generalities, essentially summaries of widely disparate data sourcesIf you have any questions or want to talk more about local market trends, please don't hesitate to reach out. I'd be happy to grab a coffee or chat via phone. 

Thank you,
Shannon

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