March 2021 Market Update: Bay Area

selective focus photography of gray metal bridge during daytime

Key takeaways for the month

With the news that a Berkeley home sold for $1MM over list price in March (and that being only one extreme example of the current market trend), it’ll come as no surprise that the Bay Area market remains very competitive for buyers. 

  • San Francisco list prices haven’t closed the pandemic gap. In San Francisco, median list price has been trending downward since mid-2020 and is still down 9% year-over-year for single family homes. We expect prices to be on par with where they would have been without the pandemic’s effect by this year’s peak season. 
  • Homes are selling quickly. Median days on market for single family homes are down or steady year-over-year across the region, except in San Francisco, owing to the lag in catching up to pre-pandemic activity (though homes in the city are still selling in a median of 32 days, down 23% from February). 
  • More homes are selling. The number of single family homes pending and listed rose across the region month-over-month and year-over-year, again with the exception of month-over-month decreases in San Francisco. 
  • The gap between list price and sale price is growing. In San Francisco, sale-to-list price ratio for single family homes is trending behind 2020, but is up 3% month-over-month. This measure is likewise trending upward for single family homes across the region and reaching multi-year highs in the East Bay, South Bay, and Peninsula. 

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

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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