San Francisco enters the fall market with strong pricing and increasingly broad competition. Across single family homes and condominiums/TICs, August closed sales increased 9.2% year over year, even as month-end inventory fell 24.0%. Single family homes continued to command substantial premiums, while the condominium market showed a striking increase in the speed of sales. Together, the results point to sustained buyer engagement heading into the autumn selling season.
The median single family home price climbed 23.7% year over year to $1,855,000, while the median price per square foot increased 18.6% to $1,108. Competition remained intense: 86.4% of homes sold above asking, up from 69.9% last August, and sellers received an average of 124.1% of list price. Homes sold in a median of just 13 days, with month-end inventory declining 28.4% to only 131 properties. Closed sales held steady at 154, up 0.7%, while contract activity dipped 4.0% to 143. With transactions largely holding their ground alongside much tighter inventory and substantial overbidding, limited supply appears to remain a significant constraint on sales growth.
The condominium and TIC market delivered August’s most dramatic shift. The share selling above asking jumped 87.1%, from 28.6% to 53.5%, while median market time fell 70.8%, from 48 days to just 14. That marks the fastest August pace in our historical series dating to 2010, and only one day longer than single family homes. Closed sales increased 16.2% to 215, contract activity rose 2.9% to 213, and month-end inventory declined 22.4% to 415. The median sales price advanced 20.1% to $1,225,000, while the median price per square foot rose 18.1% to $1,129. Sellers received an average of 106.3% of list price. More completed sales, faster decisions and stronger pricing together signal a meaningful strengthening in this segment.
Recent economic reporting adds to the encouraging local backdrop. San Francisco Travel’s August 26 forecast projects 14.1% growth in hotel revenue per available room this year and $9.94 billion in visitor spending, reflecting stronger convention, business and leisure travel activity. San Francisco Travel. The Controller’s August 3 economic report also highlighted accelerating growth supported by AI investment, alongside employment gains led by healthcare and tourism across San Francisco and San Mateo counties. These developments suggest the city’s economic momentum is extending across multiple industries.
