San Francisco’s real estate market showed impressive strength in April, with single-family homes posting standout gains across every key metric compared to April of last year. The median sales price jumped more than 11%, days on market dropped from 13 to 12, price per square foot climbed nearly 7%, and the number of closed sales surged by 33%. Nearly 80% of single-family homes sold above asking, and on average, sellers received 114% of their list price.
Condominiums also showed positive pricing momentum. Year over year, the median sales price rose 6.6%, median days on market improved from 31 to 28, and price per square foot increased 3.2%. However, total condo sales were down 11%, pointing to more selective buyer activity. Boutique, well-renovated units in older buildings continue to draw the most interest, while newer and larger developments remain slower to move.
Inventory remains limited, with Months Supply of Inventory now at 1.3 for single-family homes and 3.4 for condos. The low supply continues to drive competition, especially in the single-family segment.
Mortgage rates continue to support buyer confidence. Rates for the 30-year fixed mortgage have fallen even further in recent weeks, dipping below the first quarter average of 6.83% (30-Yr FRM) and now sitting around 6.76%. This has helped lift mortgage application volume and is keeping momentum high.
With steady demand, rising prices, and more favorable mortgage conditions, San Francisco’s market is gaining strength heading into the heart of the spring selling season.
