February 2022 highlights
Competition in San Francisco and the greater Bay Area is more fierce than it’s been in recent months, with sale prices higher than they’ve ever been, outpacing listing prices more than in any recent year. New inventory outpaced sales by a small margin, though homes were still snapped up in as quick as a week indicating hungry buyers willing to close fast, well above list price.
- The sale-to-list-price ratio was higher than it’s ever been The median sale price in the Bay Area topped $2 million for the first time, landing 22% higher than the average list price.
- The East Bay was a slightly less competitive market than its neighbors Homes in the East Bay took a little longer to sell in February, keeping list prices flat and sale prices to increase by less than 2%. But the prices still ranged over $1 million.
- Condo prices in the South Bay recovered to 2021 levels During the first month of 2022, condo values in the South Bay dipped 13% down to below $700,000 for the first time since October 2021. But heading into February, condo values rose again to their previous peak at nearly $750,000.
- The Peninsula remained the most expensive market for homebuyers At $2,260,000, the median selling price for homes on the Peninsula remained the highest in the Bay Area, continuing a trend that lasted for at least the entire previous year.
Our research team analyzed the competition in select local areas.
Sale price compared to list price
Days on market
Number of properties listed
Number of properties pending sale
San Francisco includes data for the city of San Francisco.
East Bay I includes data for Oakland and Berkeley.
East Bay II includes data for Fremont, Newark, and Union City.
Tri-Valley includes data for Dublin, Pleasanton, and San Ramon.
South Bay includes data for San Jose, Santa Clara, and Sunnyvale.
Peninsula includes data for San Mateo, Foster City, Belmont, and San Carlos.