The chart below gives you some more insight into the market for single family homes. You can see that in February of 2012, the median list price for a single family home in San Francisco was $629,000 and the median sales price was just a little bit higher at $633,000. Fast forward 12 months to 2013, and you can see that the median list price is up substantially to $723,500 and the median sales price is up even higher to $800,500. The median size reported for 2012 was 1,404 and for 2013 was 1,412, so I think it is fair to assume that market dynamics are driving this change, not a feature of the underlying homes for sale.
Year over year, for single family homes, the median list price is up about 14%, and the median sales price is up about 20%. Please remember that these statistics are only for single family homes in San Francisco (districts 1- 10), and all data is from the San Francisco Association of Realtors multiple listing service (SFAR MLS). I’ll be taking a look at data for other property types in the next couple of days, so if you aren’t interested in single family home data, check back later in the week for a look at condos, TICs, and lofts. What are your thoughts?