by Wolf Richter
Amid record surge in luxury house sales.
The San Francisco market is dominated by condos. Over the past few decades, nearly all residential construction was for multifamily buildings – apartments and condos – and almost no single-family houses were built, which makes sense for a city that is boxed in by water on three sides.
In terms of condos over the past four months, sales hovered around 450 units per month, not including sales of new condos that are handled directly by the sales offices of the developers and not reported to the MLS. House sales were in the 300 unit per month range. So that’s the size of the market, with condo sales being generally higher than house sales. And this market has totally split in two.