That’s all good, right? But looking at the median price by district there is a steep decline in price. (Remember these are the Association of Realtors districts not the Supervisorial districts. To view click SF Realtor District Map). While many things affect pricing and watching median pricing only serves to show trends, District 5 including Noe Valley and Glen Park had been white hot. Now the number of remodeled homes that were speculative has decreased. Contractors are holding off because money isn’t available for construction loans.

The median price represents the dollar value that is in the middle of all the homes sold during a period. Looking back at the distribution of prices it’s clear that the more expensive homes sales are declining in sales while the quantity of lower price homes increases. In 2004 the sales volume peaked and in 2007 the median price peaked in the San Francisco market.  Is every property worth less now than it was or is the median skewed by the sale of more less expensive homes? I say it is not.

If you sell in this market you need to be prepared for this market. Making the property show well and positioning the price to be attractive are so important now, even more so than when every house would generate multiple offers. To get to the highest possible price the market will bear the seller needs to be strategic and the agent needs to be a very good negotiator.

So what was the median price and size in your neighborhood for December? The following chart shows the price, size and how long it took to sell the median home in your district. This was popular when I used it last month. I got comments from readers that it was handy to be able to compare your house with the one listed here as the median.

 If you are thinking about selling in the coming year all indicators say go ahead. There are buyers and the Federal tax credits are motivating people in greater and greater numbers. The activity is up as the open escrows show. In October and November there were over a thousand properties in escrow on the first day the month. That was in anticipation of the ending of the first-time buyer’s credit. Now that the credit has been extended and expanded San Francisco has over 300 more transactions in escrow this January 1^st compared to last year’s January number.

Prices are rising, inventory is tight and buyers are buying. It isn’t 2004 as far as the sales numbers go and since money is tighter it isn’t 2007 where higher end homes were sold but interest rates are really low and the market is very active.  

By the way there are some great deals outside the City too. I’ve helped clients get condos under $300,000, some under $200,000, great homes in nice established areas for fantastic prices all around the Bay Area. Second homes or investment properties a solid buys. With the additional tax credit, it might be time to move to the sunshine and transfer the tax basis from your long held City home.

This is where the median price for both single family homes and condos were every year of the past decade.

August 1, 2009

From the Fog City Guide

By Jed Lane

In July the number of sold units in the real estate market is up over the month previous in both single-family homes (SFH) and condominiums. SFH are up 10.6% and condos 12%. When looking at the same month one year ago the condos sales are down 30% and SFH are down only 1%. Here is a graph of the combined catogories showing units sold month by month.

The above reflects the steady rise of units in escrow that has been happening in San Francisco since the first of the year, but as of August 1, 2009 the number of open escrows has turned down. Single family is down 11% and open escrows for condos are down 15%. The number of open escrows should predict the number of units sold. Therefore the market should see a decline in sales transactions in August.

Although the rate of inventory absorption in both categories is still falling that number reflects the higher sales number of closed units. Even with the lower number of open escrows looking at the steady number of available properties on the market, 548 SFH and 940 condos, we are in a strong sellers market for SFH with the inventory sitting at a 2.65 month supply. Condos are riding the edge of a balanced to buyer’s market with inventory at a 5.14 month supply.

Pricing, what is going on with pricing? The median price, we need to remember is a function of where are the majority of sales. That said the past month broke the upward trend line that has been going on in the city since March. Single-family homes fell from $785,000 to $780,000, little more than ½ of 1%. Condo’s showed a deeper shift from $676,000 to $601,000, more than 12%. Taken together the median price in San Francisco is $702,000 for the month of July 2009. That is a decline of just about 5% from the previous month and a 16% drop from the same month in 2008.

So what does it look like in my area of the City? Here is a table that shows what the median price, days on market and the median size in each of the ten districts of San Francisco. If you aren’t sure which district you live in check this map http://www.sfrealtors.com/sfarmls/sfinfo.html

Single Family Home Median July 2009
District	Sale Price	DOM	Beds	Baths
1	$1,075,000	63	3.5	2.5
2	$750,000	34	3	1.5
3	$650,500	30	2	1
4	$851,500	58	3	1.75
5	$1,240,000	40	3	2
6	$1,045,750	49	3	2
7	$4,792,500	46	4.5	4.5
8	No SFH sales in this district
9	$817,500	45	2.5	1.38
10	$503,000	34	3	1.5

Condo Median July 2009
District	Sale Price	DOM	Beds	Baths
1	$645,000	39	2	1
2	$645,000	39	2	1
3	$645,000	39	2	1
4	$645,000	39	2	1
5	$699,000	73	2	1
6	$619,655	43.5	2	2
7	$822,500	86	2	1
8	$664,500	49	2	2
9	$572,000	75	2	2
10	$645,000	46	2	1

]]> http://fogcityguide.com/2009/08/san-francisco-market-watch-august-1-2009/feed/ 0 http://fogcityguide.com/2009/01/san-francisco-residential-housing-graphs/ http://fogcityguide.com/2009/01/san-francisco-residential-housing-graphs/#comments Fri, 30 Jan 2009 19:51:30 +0000 Jed http://fogcityguide.com/?p=96