By Khaing Zin Thet, REALTOR® · Published October 26, 2026 · Data: SFAR MLS, September 2026
September usually brings the fall wave of new listings, and it did: 309 single-family homes and 424 condos, TICs and co-ops came on the market, up from 187 and 287 in August. More choice did not mean less competition. By the San Francisco Association of REALTORS®' numbers, buyers paid more over list in September than in any month of the past year.
Key takeaways
- 91.8% of single-family homes sold over list price, at an average of 130.3% of list, the highest in the past 12 months.
- Condo, TIC and co-op supply fell to 2.0 months, from 3.6 a year earlier, with 66.8% selling over list.
- Median prices: $2,054,000 for houses (+18.4%) and $1,350,000 for condos (+22.4%) year over year.
Here's what the report shows and what I'd take from it.
Single-family homes: tighter than a year ago, even with the fall listings
- Median sale price: $2,054,000, up 18.4% from September 2025.
- Sold over original list price: 91.8% of sales, up from 76.8% a year earlier.
- Average % of list price received: 130.3%, the highest monthly figure in the past 12 months.
- Months of supply: 1.2, up from 0.8 in August but down from 1.6 a year ago.
- Active listings at month end: 229, down 25.2% year over year.
- Pending sales: 211, down 12.4% year over year.
Fewer pending sales than last year, at higher prices, on less inventory. That reads like a market where buyers aren't backing off; they just have less to buy.
Condos, TICs and co-ops: tightening fastest
- Median sale price: $1,350,000, up 22.4%.
- Sold over original list: 66.8%, up from 39.1% a year ago, the highest month in the past year.
- Average % of list price received: 110.7%.
- Months of supply: 2.0, down from 3.6 a year ago.
- Active listings: 500, down 35.4%.
- Year-to-date sales: 2,189, up 14.2% from the same period in 2025.
For the past year, the useful line has been that SF condos and houses are two different markets. They still are, but the gap is closing. A year ago, roughly four in ten condo sales went over list. In September it was two in three.
By district: where condo supply actually is
District numbers move a lot month to month, and some districts have only a handful of sales, so read these as a snapshot.
- District 9 (including SoMa, Mission Bay, Inner Mission, Potrero Hill, Bernal Heights) had the most condo inventory in the city: 219 active listings, 80 sales, 2.7 months of supply, median $1,205,000.
- District 8 (including Nob Hill, Russian Hill, North Beach, Downtown): 110 active, 37 sales, 2.2 months, median $1,250,000.
- District 5 (including Noe Valley, Eureka Valley, Cole Valley, Glen Park): 52 active, 36 sales, 1.4 months, median $1,600,000.
- District 7 (Marina, Cow Hollow, Pacific Heights, Presidio Heights): 28 active, 22 sales, 0.9 months, median $2,350,000.
For single-family homes, the most sales were in District 10 (30 sales, median $1,287,500, 1.6 months of supply) and District 2 (36 sales, median $1,975,000, 0.8 months).
Affordability
SFAR's affordability ratio compares median household income to the income needed to qualify for the median-priced home at current rates; 100 would mean the median income qualifies exactly. In September it was 19 for single-family homes and 33 for condos, both down more than 20% from a year ago. Prices rising faster than incomes is the plain reading.
What I'd do with this
Buying a condo: The over-list share has risen sharply, but supply is still deepest in a few districts. If you're flexible on location, District 9 and District 8 had the most condos to choose from in September. Whatever you look at, price your offer from recent sales of comparable units in the same building or block, not from the list price.
Buying a house: With 91.8% selling over list, the list price is a starting signal, not an estimate. Know your ceiling before you tour, because the comps will tell you where the price is likely to land, and you'll need to decide whether you're comfortable there.
Selling: Low inventory helps, but buyers are still underwriting carefully, and the average figures hide wide variation. Your price comes from what's competing with you the month you list.
The trade-off
Inventory hasn't loosened in 2026. Supply is down sharply from a year ago for both houses and condos, and September's new listings didn't change that.
So the choice in front of most buyers isn't "now or when it gets easier." It's this: buy now and compete for what's on the market, or wait and use the time to get your numbers, your lender and your must-haves sorted, knowing there may not be more to choose from later. Neither is wrong. The expensive version is drifting between the two without deciding.
Reply with the trade-off you're weighing (payment, location, space, or property type) and I'll point you to the framework I'd use.
Khaing Zin Thet | Vanguard Properties | DRE #02443950
More San Francisco market reports: Q3 2026 report · August 2026 report
Market data is general information, not an appraisal or a prediction of future prices.
Source: San Francisco Association of REALTORS®, “Market Activity for the San Francisco Association of REALTORS®, Monthly Indicators, September 2026,” SF County (Districts 1-10), current as of October 11, 2026. All data from the SFAR MLS.
