In our January 2024 Spotlight, we covered the state of the market in San Francisco and San Mateo counties, examining five-years of sale and price trend data. In this month’s Spotlight, we take a closer look at Bay Area sales by examining the volume of transactions at various price ranges over the last five years.
The first two tables below detail the share of annual closed single-family home sales at various price points between 2019 and 2023 for each county. The second set of tables on the next page detail the average listing discount for homes at each price range over the last five years.
Under $1MM: The share of homes in this segment fell by more than half during 2021 and 2022 in both counties. Whereas in San Mateo, the share of volume increased by 1-2% in 2023 compared to the boom, in San Francisco the
share of sales was back at pre-pandemic (2019) levels. The joint decrease in the share of homes sold in 2021/2022 can be attributed to high demand which drove up the starting list price of homes.
$1MM-$2MM: The share of homes in this segment generally mirrors the trend noted above for the under $1MM segment with San Francisco back at about pre-Covid levels whereas San Mateo County remained at 2021/2022 levels. There is much less overbidding today (2023) for this segment of the market compared to pre-pandemic and Covid-era boom years.
$2MM-$3MM: Whereas lower priced homes saw their share of sales decrease during the boom years, this segment flourished capturing about a quarter of demand. San Francisco saw homes in this segment sold for an average of up
to 20% over their list price at the height in 2022. While homes still sell over ask, the premium is much lower today.
$3MM-$4MM: San Francisco and San Mateo County experienced a similar trend in this segment. In 2023, both segments saw a lower share of homes sold compared to the boom years, but a higher share compared to pre-pandemic levels.
$4MM-$5MM, $5-$9MM, $10MM+: Each of the $4MM+ segments outlined in this analysis comprise 5% or less of the share of annual sales.
All information is from sources deemed reliable but no guarantee is made as to its accuracy. All material presented herein is intended for informational purposes only and is subject to human errors, omissions, changes or withdrawals without notice.