San Francisco’s Median Sales Price
The Median Sales Price is that price at which half the properties sold for more and half for less. Many agents believe that SF homes values started to climb in the last quarter, and, as shown below, houses and condos did hit their highest median prices since 2008. However, they’re only about 1% above late 2009, and still within 3-4% of prices 15 months ago. The new quarter will show whether an established upward trend in prices has begun, instead of the recent zigzaging up and down. Remember that sales prices are 30-60 days behind the market: closed sales in June generally reflect offers accepted in April and May.
Homes Accepting Offers
Despite all the news reports about declining home sales, in San Francisco at least, though we have seen a drop from the unusual spike in April (expiring Federal tax credits), activity in June was still the 4th strongest month in the last 2 years, 7% above June 2009, and almost equal to June 2008 (before the market downturn in September 2008). Last year, sales did not significantly slow in the summer.
Median HOUSE Price by Neighborhood
Besides the values pertinent to different neighborhoods, house sizes often vary enormously: average house size in Pacific Heights and St. Francis Wood is much larger than in Noe Valley, which is larger than that of Miraloma Park. Pacific & Presidio Heights are almost always at the top of the chart and Bayview (terribly affected by foreclosure sales) at the bottom.
Median CONDO Price by Neighborhood
Russian Hill has been consistently at the top of median condo prices. Of course, condos in different neighborhoods may have widely divergent sizes, quality of finish and age of construction. One reason for the gap between the Marina and Pacific Heights is that the former has a much larger average condo size.
Average HOUSE Dollar per Square Foot
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, decks or yards. These figures are usually derived from appraisals or tax records, but can be unreliable or unreported altogether. Note that in Pacific Heights/Marina (Realtor District 7), less than half the houses sold specified square footage, which makes the figure below a wild approximation.
Average CONDO Dollar per Square Foot
Only half the condo sales in Russian Hill specified square footage, so its figure, in particular, is a wild approximation. Still, Russian Hill is almost always at the top of the scale. The Nob Hill average, in particular can fluctuate enormously depending on where within Nob Hill the sales are taking place, but all averages are gross generalities that may fluctuate for a number of reasons (besides changes in value).