By Stephanie Johnson
Published May 2026
April represents peak spring activity in the San Francisco housing market — a time when demand typically intensifies and inventory begins to expand. This year’s data tells a compelling story: demand is surging across both single-family homes and condos, inventory remains constrained, and pricing has climbed significantly year-over-year.
Below is a clear breakdown of how the market has shifted compared to last year.
The Big Picture: Demand Surge Across All Property Types
April 2026 highlights a market that has accelerated significantly compared to last year. Both single-family homes and condos saw substantial price appreciation, with single-family homes surpassing the $2.1M median price mark.
The most notable shift is the tightening of inventory. Months of supply declined sharply across both segments — down to just 1.1 months for single-family homes and 2.3 months for condos — signaling a highly competitive environment.
At the same time, homes are selling faster and for well above asking price, particularly in the single-family segment where sellers are receiving an average of 125% of list price.
Inventory: Constrained Supply Driving Competition
Inventory remains the defining factor in April’s market.
For single-family homes, new listings increased slightly, but not enough to keep pace with rising demand. With only 1.1 months of supply, the market is firmly in seller territory.
In the condo segment, new listings remained flat year-over-year, yet sales jumped by over 22%. This indicates that existing inventory is being absorbed rapidly without meaningful replenishment.
This imbalance between supply and demand is leading to:
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Intense competition among buyers
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Multiple-offer scenarios becoming more common
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Significant upward pressure on pricing
Unless listing activity increases meaningfully in the coming months, these conditions are likely to persist.
Days on Market: Faster Pace Across the Board
Market speed has increased noticeably.
Single-family homes are now selling in just 17 days on average, down from 24 days last year. Condos also saw a substantial improvement, dropping from 50 days to 32 days on market.
Cumulative days on market follow the same trend, reinforcing that properties are moving more efficiently from listing to closing.
This faster pace reflects heightened buyer urgency and stronger competition, particularly for well-priced and well-presented homes.
Price Per Square Foot: Strong Value Growth
Price per square foot rose significantly in both segments, with single-family homes increasing nearly 20% and condos rising close to 11%.
This metric underscores the strength of underlying property values and suggests that the appreciation seen in median prices is supported by real market fundamentals — not just isolated high-end sales.
How This April Compares to Seasonal Trends
April is typically one of the most active months in San Francisco real estate, and this year aligns with — and exceeds — those expectations.
What aligns with seasonal norms:
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Increased buyer activity
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Faster sales timelines
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Strong spring demand
What stands out this year:
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Sharp increase in pricing across both property types
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Significant reduction in inventory
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Substantial rise in over-asking sales
The market is not just active — it is highly competitive and accelerating.
Seller Takeaways
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Inventory remains extremely limited, especially for single-family homes
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Buyers are competing aggressively, often driving prices above asking
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Homes are selling faster than last year
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Market conditions strongly favor sellers
Sellers entering the market now are well-positioned to capitalize on strong demand, particularly if their property is priced and prepared strategically.
Buyer Takeaways
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Competition is intense, especially in the single-family segment
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Many homes are selling well above list price
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Speed and preparation are critical to success
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Limited inventory reduces available options
Buyers should be prepared to act quickly and submit competitive offers, as waiting may result in facing even stronger competition if inventory remains tight.
Looking Ahead
San Francisco’s April market reflects a clear shift toward a high-demand, low-supply environment across both single-family homes and condos.
If inventory continues to lag behind buyer demand, we can expect competitive pressure to remain strong — with pricing and speed continuing to favor sellers as we move into the summer months.
For more information on the San Francisco market, or for data specific to your neighborhood or property type, feel free to reach out and book a call — I’m here to help you navigate it.