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Roxanne Minott's Blog

By Roxanne Minott | Agent in San Francisco, CA

Spring marks an increase in housing prices in SF and CA

Spring is usually accompanied by an increase in the amount of listings on the market as people begin looking for homes in greater numbers.

According to the San Francisco Association of Realtors (SFAR), there has been a dramatic increase in median home sale prices in March for both single-family homes and condominiums throughout the city and state.  More properties were listed for sale in March than in the prior two months.  However, the level of inventory is still below that of last year, and has led to an extreme surge in sale prices.

The California Association of Realtors (CAR) has revealed that California’s median home price reached its highest level in March since May 2008.  The factors influencing this leap in price were strong sales in the more expensive coastal regions, and market conditions. 

As a result of high demand and low supply of inventory in San Francisco, in the first quarter of 2013, 51 percent of single-family homes were sold for 5 percent above the list price while 35 percent of condos were sold for more than 5 percent over the asking price.

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