2022 Annual Report | San Francisco Real Estate

2022 began where 2021 left off

Mortgage rates were near historic lows, buyer competition was fierce, and homes were selling at a breakneck pace, often with multiple bids and all-cash offers, due to pent-up demand and a shortage of housing supply, causing sales prices to soar to new heights. But all that changed a few months later as mortgage rates began to rise, adding hundreds of dollars to monthly mortgage payments and causing housing affordability to plummet to its lowest level in decades. As borrowing costs continued to increase, home sales and home prices began to slow, and after two years of record-breaking activity, the red-hot housing market was finally cooling.

Sales: Pending sales decreased 26.7 percent, finishing 2022 at 5,569. Sold listings were down 26.5 percent to end the year at 5,617.

Listings: Comparing 2022 to the prior year, the number of homes available for sale was down by 28.6 percent. There were 653 active listings at the end of the year. New listings decreased by 11.0 percent to finish the year at 8,223.

Prices: Home prices were up compared to last year. The overall median sales price increased 0.8 percent to $1,450,000 for the year. Single Family home prices were down 0.9 percent compared to last year, and Condo/ TIC/Coop home prices were down 0.8 percent.
List Price Received: Sellers received, on average, 108.2 percent of their list price at sale, which remained unchanged from last year.

Home sales continued to decline throughout much of the year, as affordability challenges took their toll on market participants, forcing many prospective buyers and sellers to the sidelines. To help offset rising costs, some buyers moved from bigger, more expensive cities to smaller, more affordable areas, while others turned to the rental market, where competition and rental prices surged. As mortgage rates continued to climb and market conditions shifted, many homeowners were reluctant to sell their homes, and with buyer demand down, homebuilders eased production, further constraining an already limited supply of housing.

Looking ahead to 2023, much depends on inflation, mortgage interest rates, and the broader state of the economy, although economists predict many of 2022’s housing trends will continue into the new year: home sales will soften, price growth will moderate, inventory will remain tight, and there will be greater variability between markets nationally, with some regions possibly seeing price declines while other, more affordable areas of the country remain in high demand and experience price growth.

New Listings

Top 5 Areas: Change in New Listings from 2021

SF District 10

- 2.3%

SF District 5

- 7.1%

SF District 1

- 7.3%

SF District 4

- 8.2%

SF District 2

- 8.5%

Bottom 5 Areas: Change in New Listings from 2021

SF District 9

- 10.4%

SF District 3

-10.9%

SF District 8

- 16.6%

SF District 6

- 19.6%

SF District 7

- 20.2%

Pending Sales

Top 5 Areas: Change in Pending Sales from 2021

SF District 10

- 15.0%

SF District 2

- 15.4%

SF District 1

- 20.7%

SF District 5

- 21.6%

SF District 5

- 21.7%

Bottom 5 Areas: Change in Pending Sales from 2021

SF District 4

- 23.8%

SF District 6

- 30.8%

SF District 8

- 31.2%

SF District 9

- 33.5%

SF District 7

- 37.9%

Sold Listings

Top 5 Areas: Change in Sold Listings from 2021

SF District 10

- 15.1%

SF District 2

- 16.5%

SF District 1

- 18.4%

SF District 3

- 19.2%

SF District 5

- 22.7%

Bottom 5 Areas: Change in Sold Listings from 2021

SF District 4

- 25.4%

SF District 6

- 28.7%

SF District 8

- 30.6%

SF District 9

- 33.4%

SF District 7

- 37.3%

Active Listings

Top 5 Areas: Change in Active Listings from 2021

SF District 2

0.0%

SF District 10

- 4.9%

SF District 3

- 5.6%

SF District 5

-13.0%

SF District 1

- 17.1%

Bottom 5 Areas: Change in Active Listings from 2021

SF District 4

- 18.5%

SF District 9

- 31.4%

SF District 8

- 37.6%

SF District 7

- 38.7%

SF District 6

Median Sales Price

Top 5 Areas: Change in Median Sales Price from 2021

SF District 10

+ 1.8%

SF District 5

+ 0.7%

SF District 7

+ 0.2%

SF District 2

- 0.3%

SF District 9

- 0.5%

Bottom 5 Areas: Change in Median Sales Price from 2021

SF District 6

- 1.2%

SF District 8

- 2.7%

SF District 1

- 2.8%

SF District 4

- 3.0%

SF District 3

- 4.4%

Average Sales Price

Top 5 Areas: Change in Avg. Sales Price from 2021

SF District 8

+ 2.8%

SF District 10

+ 2.8%

SF District 1

+ 0.7%

SF District 4

+ 0.1%

SF District 3

+ 0.1%

Bottom 5 Areas: Change in Avg. Sales Price from 2021

SF District 2

- 0.2%

SF District 9

- 1.1%

SF District 5

- 1.8%

SF District 6

- 3.0%

SF District 7

- 6.5%

Days on Market Until Sale

Top 5 Areas: Change in Days on Market from 2021

SF District 2

+ 15.8%

SF District 10

+ 12.9%

SF District 1

+ 8.7%

SF District 4

+ 8.7%

SF District 6

+ 2.6%

Bottom 5 Areas: Change in Days on Market from 2021

SF District 3

0.0%

SF District 7

0.0%

SF District 9

- 4.0%

SF District 8

- 9.1%

SF District 5

- 10.3%

Percent of List Received

Top 5 Areas: Change in Pct. of List Received from 2021

SF District 1

+ 1.0%

SF District 5

+ 0.9%

SF District 7

+ 0.1%

SF District 9

+ 0.1%

SF District 8

- 0.1%

Bottom 5 Areas: Change in Pct. of List Received from 2021

SF District 6

- 0.2%

SF District 10

- 0.6%

SF District 2

- 2.4%

SF District 3

- 2.9%

SF District 4

- 3.3%

Property Type Review

24

Avg. Days on Market

Single-Family

44

Avg. Days on Market

Condo/TIC/Coop

Days on Market Until Sale

This chart uses a rolling 12-month avarage for each data point.

Single Family

Condo/TIC/Coop

Top Areas: Condo/TIC/Coop Market Share in 2022

- 0.9%

One-Year in Price

Single-Family

- 0.8%

One Year Change in Price

Condo/TIC/Coop

114.4%

Pct. of List Price Received

Single-Family

103.5%

Pct. of List Price Received

Condo/TIC/Coop

Median Sales Price

2018

2019

2020

2021

2022

Percent of List Price Received

2018

2019

2020

2021

2022

Bedroom Count Review

-29.0%

Reduction in Closed Sales

2 Bedrooms or Less

-25.7%

Reduction in Closed Sales

4 Bedrooms or More

Closed Sales

2021

2022

Closed Sales

Closed Sales

106.9 %

Percent of Original List Price

Received in 2020 for

All Properties

99.9 %

Percent of Original List Price

Received in 2020 for

2 Berooms or Less

106.7 %

Percent of Original List Price

Received in 2020 for

3 Bedrooms

110.8 %

Percent of Original List Price

Received in 2020 for

4 Bedrooms or More

Percent of Original List Price Received

This chart uses a rolling 12-month avarage for each data point.

2 Bedrooms or Less

3 Bedrooms

4 Bedrooms or More

Square Foot Range Review

- 20.4%

Reduction in Closed Sales

2 Bedrooms or Less

- 33.1%

Reduction in Closed Sales

4 Bedrooms or More

Closed Sales

2021

2022

Top Areas: 4 Bedrooms or More Market Share in 2022

105.4 %

Percent of Original List Price

Received in 2020 for

1,500 or Less

110.3 %

Percent of Original List Price

Received in 2020 for

2 Berooms or Less

1,501 - 2,000

110.5 %

Percent of Original List Price

Received in 2020 for

2,001 - 2,500

105.5 %

Percent of Original List Price

Received in 2020 for

2,501 or More

Percent of Original List Price Received

This chart uses a rolling 12-month avarage for each data point.

1,500 or Less

1,501 - 2,000

2,001 - 2,500

2501 or More

$1,098,00 or

Price Range with

Shortest Average

Market Time

$564,999 or

Less

Price Tange with

Longest Average

Market Time

9.3%

of homes for Sale

at Year End Priced

$564,999 or Less

- 21.8%

One-Year Change

in Homes for Sale Priced

$564,999 or Less

Days on Market Until Sale by Price Range

Share of Homes for Sale $564,999 or Less

105.4 %

Percent of Original List Price

Received in 2020 for

1,500 or Less

110.3 %

Percent of Original List Price

Received in 2020 for

2 Berooms or Less

1,501 - 2,000

110.5 %

Percent of Original List Price

Received in 2020 for

2,001 - 2,500

105.5 %

Percent of Original List Price

Received in 2020 for

2,501 or More

Percent of Original List Price Received

This chart uses a rolling 12-month avarage for each data point.

1,500 or Less

1,501 - 2,000

2,001 - 2,500

2501 or More

Total

Closed Sales

Change

from 2021

Percent

Single-Family

Percent

Condo/TIC/Coop

Months Supply

of Inventory

Days on

Market

Pct. of Orig. Price

Received

SF District 1

378

- 18.4%

55.3%

44.2%

0.9

111.4%

SF District 2

518

- 16.5%

92.3%

7.1%

0.7

119.3%

SF District 3

206

- 19.2%

79.6%

17.5%

79.6%

110.1%

SF District 4

384

- 25.4%

84.9%

14.3%

0.7

110.8%

SF District 5

903

- 22.7%

38.6%

60.4%

0.9

109.3%

SF District 6

403

- 28.7%

10.7%

89.1%

1.0

104.6%

SF District 7

417

- 37.3%

23.0%

76.7%

1.1

101.6%

SF District 8

557

- 30.6%

5.2%

93.7%

2.3

99.0%

SF District 9

1,274

- 33.4%

19.4%

79.7%

2.2

101.5%

SF District 10

577

- 15.1%

81.5%

13.9%

1.6

110.4%

Area Historical Median Prices -

2018

2019

2020

2021

2022

Change

From 2021

Change

From 2018

SF District 1

$1,650,000

$1,627,500

$1,700,000

$1,800,888

$1,750,000

- 2.8%

+ 6.1%

SF District 2

$1,415,000

$1,452,500

$1,490,000

$1,660,000

$1,655,000

- 0.3%

+ 17.0%

SF District 3

$1,180,000

$1,175,000

$1,200,000

$1,360,000

$1,300,000

- 4.4%

+ 10.2%

SF District 4

$1,625,000

$1,600,000

$1,681,224

$1,856,200

$1,800,006

- 3.0%

+ 10.8%

SF District 5

$1,665,000

$1,730,000

$1,665,000

$1,750,000

$1,762,500

+ 0.7%

+ 5.9%

SF District 6

$1,262,500

$1,285,000

$1,279,000

$1,315,316

$1,300,000

- 1.2%

+ 3.0%

SF District 7

$1,825,000

$2,000,000

$1,920,000

$2,095,000

$2,100,000

+ 0.2%

+ 15.1%

SF District 8

$1,110,000

$1,072,500

$1,077,500

$1,130,000

$1,100,000

- 2.7%

- 0.9%

SF District 9

$1,217,500

$1,250,000

$1,206,000

$1,206,500

$1,200,000

- 0.5%

- 1.4%

SF District 10

$975,000

$1,040,000

$1,070,000

$1,120,000

$1,140,000

+ 1.8%

+ 16.9%

Annual Report on the San Francisco Housing Market

San Francisco Association of REALTORS®

2022

Quick Facts

New Listings

Pending Sales

Sold Listings

Active Listings

Median Sales Price

Average Sales Price

Days on Market Until Sale

Percent of List Received

Property Type Review

24

44

Days on Market Until Sale

- 0.9%

- 0.8%

114.4%

103.5%

Median Sales Price

Percent of List Price Received

Bedroom Count Review

-29.0%

-25.7%

Closed Sales

Closed Sales

106.9 %

99.9 %

106.7 %

110.8 %

Percent of Original List Price Received

Square Foot Range Review

- 20.4%

- 33.1%

Closed Sales

105.4 %

110.3 %

110.5 %

105.5 %

Percent of Original List Price Received

Price Range Review

$1,098,00 or

More

$564,999 or

Less

9.3%

- 21.8%

Days on Market Until Sale by Price Range

Share of Homes for Sale $564,999 or Less

105.4 %

110.3 %

110.5 %

105.5 %

Percent of Original List Price Received

Area Overviews

Area Historical Median Prices -

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