There is good news for the area’s housing market, as a recent report from the San Francisco Association of REALTORS indicates that prices have escalated and are now reaching new heights. The SFAR has revealed that according to sales data from April, San Francisco’s median home prices have now surpassed the $1 million mark—a staggering increase from 2012 and a return to pre-downturn levels.
The San Francisco Association of Realtors has announced that, when compared to the same timeframe in 2012, April 2013 has seen home prices rise by 31.6 percent. The supply of available single-family homes was down by 40 percent compared to last year. There is currently 1.1 months’ supply of homes for San Francisco, with normal values being somewhere around the five or seven-month mark.
A home only stayed on the market for an average of 28 days last month—a massive 43.5 percent less than the 49 days homes had to stay on the market before trading in April 2012. Condo unit prices also went up in April, as they reached their highest point of the last two years. The average price paid for a condominium in San Francisco in April reached $850,000.
According to SFAR President Christine Dwiggins, the high sales prices were due to “shrinking inventory combined with low interest rates and motivated buyers.” She also stressed the importance of potential buyers working with a qualified professional “more than ever if they hope to reach their dream of home ownership in the Bay Area.”
Image courtesy of user SanjibLemar via Wikimedia Commons