A few days ago I took a big picture look at the 2012 real estate market stats in San Francisco. Today I’m going to start breaking down that big picture into the smaller micro-markets that exist all across the city. What’s true for single family homes in District 1 doesn’t necessarily hold for condos or lofts in District 9, so this is the beginning of a detailed look at how various property types did in 2012 by neighborhood.
District 1 is the north-west section of San Francisco, and includes the following neighborhoods: The Richmond district (Inner, Central, and Outer), Jordan Park/Laurel Heights, the Lake district, Sea Cliff and Lone Mountain. The chart above shows the median sales price for single family homes by mls-subdistrict (neighborhood). A few things stand out to me – the first is the return of the luxury market, as evidenced by the impressive increase in both Sea Cliff and Lake District median sales prices. The next is that median sales price was up year over year in every d1 neighborhood with the exception of Lone Mountain, where it was essentially flat and Jordan Park/Laurel Heights were it was down.
The chart above shows the number of single family home sales by neighborhood, and given that 2012 saw the return of buyers, it isn’t surprising that sales volume was up in every neighborhood (year over year) with the exception of the Inner Richmond, where it was down slightly. Sales were also up substantially in every neighborhood from 2009. 2009 was a rough year to be a seller in San Francisco, and numerous sellers chose to withdraw their homes from the sales market (or just never list their home) when they weren’t able to get the sales price they wanted. And mirroring the larger San Francisco real estate market, days on market (DOM) was down in almost every neighborhood despite the increase in inventory.
If you live in these neighborhoods, what are your thoughts on 2012?