Yerba Buena Market Update

Yerba Buena is a small chunk of the South of Market neighborhood that has its own MLS sub-district. It consists almost exclusively of condominium homes in larger, newer highrise buildings. The Millennium Tower, for example, is a part of the Yerba Buena real estate mls sub-district. Below is a quick – just over one minute – video with a look at the latest real estate statistics for the Yerba Buena neighborhood for September of 2012.

A few points about the current market stats for Yerba Buena that I thought were pretty noteworthy:

  • Year over year inventory is down 34%, comparing September of 2012 to September of 2011. This is part of the same trend that we’ve seen throughout the city this year.
  • DOM (days on market) is down 33%, which is what you would expect with lower inventory and more activity by buyers.
  • There was a 42% increase in sales, month over month, which is also what you would expect in an active market.

The data source for the Yerba Buena market stats video is the San Francisco MLS, which is not a perfect source of data in any situation, but falls particularly short in neighborhoods where there is significant new construction activity that is not reported in the MLS. So, for example, any new development sales that occurred directly between the developer and buyer and were not advertised in the MLS will not be reflected in these statistics. One Hawthorne and Millennium Tower would be the two biggest examples of buildings in the neighborhood that have homes for sale directly from the developer.

However, even given that our data source is not 100% comprehensive, I think it is pretty accurate and reflective of the trend in the South of Market neighborhoods, including the Yerba Buena district. What are your experiences? Feel free to leave a comment below!

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