Home prices and property sales going up in San Francisco
The homes for sale in San Francisco have long been a part of the rising tide of housing confidence in the greater Bay Area. As 2012 comes to a close, the statistics associated with these properties are still trending upward.
San Francisco is among the most lauded cities in the entire United States, but as time moves on, can its remarkable success really continue? All of the current numbers point to yes.
Statewide home prices
According to a release by DataQuick, the average listing prices of houses for sale in California rose for the eighth consecutive month in October 2012. The median number, which included both new and existing homes in the area, topped out at $285,000, which was an 18.8 increase on a year-over-year comparison to October 2011. This figure is just $2,000 short of the four-year high of $287,000.
In the Bay Area, the median price was $416,000, an uptick of 18.9 percent from October 2011. But specifically in San Francisco, the median asking price was $794,500, a 27 percent increase from a year ago. This year, 7,795 homes have been sold in the nine-county San Francisco area - an increase of 13.8 percent from the 6,850 sold by October last year
With these hard facts in mind, it can be authoritatively inferred that the housing crisis of the mid-2000s has come to an end, at least in the greater Bay Area. With any luck, by the time 2013 rolls around, the median asking price for a property on the market will exceed the $300,000 mark.
Therefore, if you thinking about relocating to the area, it may be best to act as soon as possible - why wait to pay more for a house that you know you can get for a discount rate now?
Declining foreclosure rate
Another factor influencing the interest in the Bay Area is the declining foreclosure rate. The number of foreclosed homes sold in California did not just dip slightly, it plummeted - according to the Sacramento Bee, foreclosure sales comprised 17.4 percent of home sales in October 2012, a whopping decrease of 34 percent from October 2011 and down 58.5 percent from February 2009.
"The smallest foreclosure discount is found in places where competition for homes is so high, people there are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability," said real estate economist Dr. Stan Humphries, according to the San Francisco Chronicle.
In layman's term, this region in California is the Bay Area - demand is only going to increase as the number of foreclosures go down, so check out the market today to find a quality home.
As the market in San Francisco becomes more affluent, the amount of luxury homes in the area is also increasing. In fact, a typical bell curve can be seen in the housing sales in the city.
According to a release, mid- to high-priced homes have performed the best in the Bay Area market over the course of 2012. The amount of closings on houses below $300,000 dropped 15.2 percent from October 2011, but transactions sandwiched between $400,000 and $800,000 skyrocketed an incredible 25.7 percent. Astoundingly, sales above $800,000 had an exponential increase of 47.1 percent.
If you have the money to spare, the luxury homes in San Francisco are among the best in the nation. Check out the MLS listings in the Bay Area today to find the property that is right for you.