SF Single Family Home Market Healthy

The San Francisco Association of Realtors put out their April newsletter claiming the median single family home prices increased by 19.4% from March 2009 to $791,000 in March 2010. Completed home sales during the month totaled 212 sales, a 58% increase from the same month the previous year, while pending sales activity saw a similar rise, increasing to 246 contract sales from 170  contracted sales the previous year. The single family months supply inventory dropped to 2.7 months in March 2010, falling to less than they five-year average of 3 months. 

The condominium market also gained ground during the last month of the quarter as the median sales price rose to $670,000, a 4.9% increase from March 2009. Stimulated by the availability of FHA financing, tax-credits, and attractive pricing/concessions in comparison to recent periods, completed condominium sales reached 206 units in March 2010, a 76% increased from the previous year.

Though a signal that the market has turned a corner, these current figures are in comparison to an extremely low base and what should be considered the trough of the current housing market cycle.

Overall, these signs point to a rebounding housing market.

Market Focus- April Newsletter [San Francisco Association of Realtors]