With listed sales of San Francisco homes having “plunged” 23 percent on a year-over-year basis in March and inventory climbing, a trend which shouldn’t catch any plugged-in readers by surprise, Redfin has just deemed the San Francisco housing market as “Overheated.”
Across the greater Bay Area, listed home sales “plummeted” 22 percent last month according to Redfin, dropping on a year-over-year basis for the 21st time in 22 months. And for the first time in four years, the median sale price has fallen on a year-over-year basis, down 1.8 percent to $1.04 million.
In San Francisco proper, the median sale price for a listed home rose 3.5 percent on a year-over-year basis to $1.2 million in March, the smallest year-over-year increase in over a year.
That being said, while movements in the median sale price are a great measure of what’s selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix (such as a greater share of lower-priced Southern Neighborhood or East Bay homes).