How’s the Market? It’s a question that I get… a lot. Real Estate in San Francisco tends to delight, thrill, terrify, or annoy pretty much everyone. So whether I’m standing in line for a cup of coffee, waiting for a car wash, or picking my kiddo up I can pretty much expect to answer this question a few times a day. Since we are well into the third month of the year, I thought I’d take a little time and compare the market activity in January – Feburary 2011 with the market activity in January – February 2012.
All data is from the San Francisco MLS, the data is believed to be generally reliable, but is not guaranteed and comes with no warranty. One area that the SF MLS data always under-reports is new home sales that are sold directly from the developer, and are most likely not reported to the MLS (unless a particular unit was advertised in the MLS by the developer).
Our top line San Francisco trends are graphed below. As you can see, the number of sales is up year over year by about 8%, while the median price of a single family residence is up about 6% and the median price of a condo is up about 5%. These are the trends when you look at all of San Francisco (MLS districts 1 – 10).
As I’ve said before, though, there isn’t one real estate market in San Francisco. There are numerous “micro-markets” based upon neighborhood and property type. To help illuminate how broad the differences can be, I’ve broken down the three metrics by district in the graphs below. As you can see, in some districts (like District 7) sales were up significantly, while in other neighborhoods sales were actually down (like District 2).
Just as sales trends vary widely by district, price trends also vary widely. Below is the median sales price for a single family home in each of the 10 San Francisco MLS districts:
And below we have the median sales price for a condo in each of the 10 MLS districts.
What’s the take away? Generally, it’s a much stronger market than it was at this time last year. That said, just like always, there are wide differences based on neighborhood and property type. What are your experiences with the market so far this year?