Zephyr Realtor Matt Fuller broke yet another real estate record last month in San Francisco.
A three-bedroom condominium he listed for sale in Duboce Triangle was on the market for just 10 days before selling for $2.63 million, more than $830,000 over its asking price.
That purchase marked the most expensive condo ever sold in the neighborhood. But the condo’s 10-day market length also captured what has become the latest trend in real estate: The City’s homes are selling faster this summer than at any other point in at least a decade.
In fact, the latest Monthly Indicators report, released Monday by the San Francisco Association of Realtors, revealed a home was on the market in The City for a median of 16 days in June, just one day higher than the median of 15 days in April and May.
“That’s unbelievably low,” said Jay Pepper-Martens, director of the multiple listing service and IT for the realtors’ association.
Homes were purchased at a record-high speed last summer too, but March marked the first time since at least 2005 that a home remained on the market for a median of less than 20 days, at 18 days. Between June and August 2014, a home was on the market for a median of 20 to 23 days.
That’s a sharp contrast to, say, February 2012, when the median number of days a home was on the market reached 62. The number has since steadily decreased, only rising slightly in the winter months of January and February, which is typical of the market.
“We see the largest increases [in sales] in spring and fall,” Pepper-Martens said. “That’s the period when buyers and sellers both seem to be the most active.”
In addition to increasingly speedy home sales, the median sales price for both single family homes and condos jumped 12.1 percent in the past year, reaching a median of $1.3 million for a single-family home and $1.1 million for condos, according to the report.
“This is consistently what we’ve been seeing: very low inventory and very high demand is continuing to drive substantial price increases across the board,” said Fuller, who is also the chief financial officer for the San Francisco Association of Realtors.
The City’s southeast neighborhoods, including South of Market, Mission Bay, Inner Mission, Potrero Hill, Dogpatch and Bernal Heights, are seeing the greatest surge in median sales prices, from just over $1 million in June 2014 to $1.6 million last month for single-family homes, and $550,000 to $899,000 for condos, respectively.