May 2021 Market Update: Bay Area

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Key takeaways for the month

Competition for homes across the Bay Area remains high, with median sale prices far above list and homes spending few days on the market. The pandemic-induced gap between condo inventory and sales has nearly closed, with a whopping 166% jump in pending San Francisco condos year over year. 

  • Median sale prices are up. Across the region, sale prices for single family homes increased month over month, by as much as 8% in San Francisco. Year over year, we see increases ranging from 16% on the Peninsula to 37% in the East Bay, given that May 2020 was a low point due to the pandemic. Sale prices for San Francisco condos have rebounded above pre-pandemic levels. 
  • Homes are selling very, very quickly. Median days on market can’t get much lower, holding steady at 11 for San Francisco and East Bay single family homes, and only 7 days for South Bay and Peninsula single family homes. 
  • Competition remains high. Sale prices for single family homes came in at 109%-124% across the region, marking small changes from last month. The number of single family homes listed and going pending are nearly equivalent, avoiding a severe increase in competition for the month. Last year, condo supply far outpaced demand; we’ve seen that gap nearly close. 

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 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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