Recently, the real estate web site trulia.com coined a term they called “Million Dollar Creep” to characterize the stunning growth of million dollar properties in San Francisco neighborhoods. Comparing 2016 prices to those of 2012, trulia found that where million dollar (and up) homes had once taken up 19.6 percent of the San Francisco metro market, they now made up 57.6 percent of sales in a region whose nine-county median price for April was $832,830.

Within the city, where last month the citywide median price for single-family homes was $1.4 million, $832,830 is entry level. In Bernal Heights, for example, only 15.1 percent of homes sold for over $1 million in 2012; this year that figure has ballooned up to 92.3 percent. Overall, the $1.4 million median ties the all-time high, previously reached in February, 2016 and May, 2015. Condominiums fetched a median price of $1.149 million in April, just short of the high for the year.

Despite these lofty figures, the local market is showing some signs of cooling, especially in the condo sector. In April, condos took an average of 41 days to sell, up from 33 in March and the highest since January. Available inventory also increased to 2.4 months, up from 1.8 months in March and almost double the 1.3 months available in April, 2015. Inventory is the key, as the local market has spent the spring — historically the most active time of the year — adjusting to the completion of several new luxury condo projects. Add those to an already plentiful inventory and you get a significant number of luxury condo resales, which impact the market.

The single-family home market, while still chugging along nicely, also experienced some minor year-over-year slowing in April. Yes, the median of $1.4 million ties the record (up 7.1 percent year-over-year), but months of available inventory and days on market (DOM) are both up, though only slightly (1.8 months of inventory vs. 1.6 in 2015, 32 DOM vs. 26). Meanwhile, sellers, who accepted offers averaging 112.7 percent of list price in April, 2015, had to “settle” for offers that averaged 108.5 percent of asking in April, 2016.

Despite these slight dips, the local market remains hot, and the key remains available inventory. As long as those figures remain low, we will continue to experience a sellers’ market, especially, we find, in the market for properties below the citywide median. The $1.35 million-and-under price point has the least amount of available inventory in San Francisco and the biggest pool of would-be buyers, a combo that adds up to homes in this range spending fewer DOM than any others, having a higher percentage of overbids than others and having of those overbids, a higher number of homes sold at a significant — some might say eye-popping — percentage over asking price. Of the most recent list of “Top 20 Overbids,” 12 are homes that sold for $1.35 million or less; 17 had asking prices under $1.35 million.

Springtime is traditionally the most dynamic and active time of year for real estate, in San Francisco, the Bay Area and nationwide. Summer, that time of warm weather and vacations, generally brings with it an overall market slowdown. This was not the case in 2015; lets see how this year fares.