Fall is San Francisco: Hot, Hot, Hot
San Francisco is enjoying a hot fall indeed when it comes to real estate values. In September of this year, single family homes were at a median list of $899K--over 35% higher than September of 2011. Of course, some readers will point out that asking price is often a more optimistic than realistic figure. In this case, the median selling price of $720K was almost 11% higher than it was in 9/2011. These hot numbers have surely been helped by the continued low inventory- San Francisco proper offered up almost 40% fewer single-family homes for sale this September compared to last year.
Condos too have made a come-back. In this case, the median sold price of $773K was actually higher than the median list of $749K. Much of this demand can be traced to recent new construction and redevelopment in the city, including a major upscaling of the South Beach and SoMa areas. I talked about this before when exploring up and coming neighborhoods. From these data, I conclude that both areas seem to have up and come, particularly to those buyers who want centrally located luxury condos in highly walkable neighborhoods.
But that doesn’t mean, if you want to buy in SF, that it’s too late for you. You just need a strong stomach for competition, and a really good Realtor ® who knows the market well. And for sellers, the conditions are perfect.
Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert