San Francisco Market Summary

Since spring, sales activity has been quite strong: by number of sales, staging a virtually complete recovery from the September 2008 crash. SF home values seem to have stabilized, albeit at levels generally 15% - 30% below their peaks. (Date of peak value and percentage decline in value vary widely by property type and neighborhood.) And for the first time in years, the Case-Shiller index now indicates a small uptick in values for national and Bay Area markets.

SF continues to have one of the lowest foreclosure rates in the state, with bank-owned sales constituting 10 - 15% of sales, (mostly concentrated in the city's less affluent areas). 37% of houses selling accept offers within 15 - 21 days of going on market (i.e. very quickly) and average a sales price 2.5% above asking price -- multiple offers are not uncommon. On the other hand, for every 2 homes that sell, 1 home listing expires without selling (typically due to being perceived as over-priced).

Financing requirements continue to be much more stringent, but for those who qualify, the rates are fantastic. Reduced prices and loan rates (and tax benefits) have made the home purchase equation significantly more appealing than it has been in many years.

What Costs How Much Where in San Francisco

Low, High & Median Sales Prices & Average Dollar per Square Foot

These charts track recent SF home sales (April 1 - October 15, 2009) by low, high and median sales price, and average dollar per square foot. They are sorted by median price.

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Many aspects of value cannot be reflected in general statistics: curb appeal, age, condition, views, amenities, outdoor space, "bonus" rooms, parking, quality of location within the neighborhood, and so forth. Huge disparities may appear between low and high prices for a property type in the same area. A 3-bedroom house may be a 3000 sq.ft. Victorian or it may be a 1500 sq.ft. 1950's era home. Thus, how these statistics apply to any specific home is uncertain: In real estate, the devil's always in the details.

The Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by "unusual" events in any particular period or by changes in buying trends.

Low Price & High Price are self-explanatory, but the low price listed might be for a home that needs significant work just to be habitable -- or it could be a distress sale of a banked owned property. An asterisk signifies a confidential sale and so the price shown is the list price, not the sales price. Confidential sales - not uncommon at the very high end - may distort the analysis.

Dollar per Square Foot is based upon the home's "living" space and does not include garages, unfinished attics, basements, rooms built without permit, decks, patios or yards. These figures are usually derived from appraisals or tax records, but can be unreliable or unreported altogether. All things being equal, a house will have a higher $/sq.ft. than a condo (because of land value), a condo's will be higher than a TIC's (quality of title), and a TIC's will be higher than a multi-unit building. All things being equal, a smaller home will have a higher $/sq.ft. than a larger one.

In San Francisco, the highest $/sq.ft. figures, $1000 - $2000, are generally found in the most prestigious houses in the most affluent neighborhoods and, especially, in luxury penthouse condos with staggering views. The lowest are found in foreclosure sales.

All information from sources deemed reliable, but subject to omissions and errors and not warranted. Median prices are fluctuating generalities which may be impacted by other factors besides changes in value (such as changes in buying trends), and may or may not reflect values for specific homes. Average figures in particular may be distorted by one or two sales substantially higher or lower than the norm, especially where the sample size is small. Only a detailed comparative market analysis is useful in estimating the value of any particular property. Sales not reported to MLS (such as many new-development condo sales) are not reflected in these statistics.

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