April 2021 Market Update: Bay Area

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Key takeaways for the month

Competition for homes across the Bay Area continues to be very high, and San Francisco is seeing a return to a seller’s market after softening during 2020. Across the region, sale-to-list price ratio for single-family homes is at a multi-year high, indicating that buyers are consistently paying well over list price. 

  • Condos in San Francisco are almost back to pre-pandemic numbers. Condos are spending only 19 days on the market, a -47% decrease from last year and -48% from the pre-pandemic number of 37 in April 2019. Median sale price is down -6% year over year at $1.21 million, but has increased consistently over the past four months and is just 2% shy of the April 2019 number of $1.23 million. Likewise, sale-to-list price ratio has increased over the past four months and is gaining on pre-pandemic numbers. The number of condos pending dipped slightly as a course correction after months of condo listings outpacing the number going pending. 
  • The East Bay is super hot. The sale-to-list price ratio for East Bay single family homes in April landed at 122.6%, rocketing 4% month over month and 8% year over year (note that the pandemic played little to no role in this figure in April 2020). Median sale price is up 12% for the month and 26% for the year. 
  • The Peninsula has picked up steam. With a sale-to-list price ratio of 110.2% for single family homes, up 3% month over month and 5% year over year, buyers are clearly setting sights on the Peninsula. Days on market are down to 7, on par with last year and down 43% from 10 in April 2019, pre-pandemic.

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Based on the date the property went pending, except when sold date is earlier than pending (then based on date sold).

San Francisco includes data for the city of San Francisco.

East Bay includes data for Oakland and Berkeley.

South Bay includes data for San Jose, Santa Clara, and Sunnyvale.

Peninsula includes data for San Mateo, Foster City, Belmont, and San Carlos.

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