We’ve been quiet lately, which usually means we’re crazy busy, which usually means that the market, contrary to the doomsayers, has not tanked in San Francisco. (Maybe in some other places, but not here!)
Here are some musings about the market:
Let’s look at the micro-market of District 5 (the area smack in the center of the City roughly from Duboce Park, west to Buena Vista Park, south to Glen Park, north to Noe Valley, Mission Dolores and the Castro). Year-to-date there have been 225 single-family homes sold in District 5 with a median list price of $1.249 million and a median sale price of $1.275 million after 26 days on market (DOM). Right now there are 63 active listings and 25 pending listings (all contingencies removed).
Compare that to the same period in 2005:
Number sold: 256
Median list price: $1.103 million
Median sale price: $$1.237 million
Median DOM: 22
Let’s do some math!
12.1% decrease in the number of sales
2.98% increase in median sale price
And here are the same numbers for condos in D5.
Number sold: 221
Median list price: $799,000
Median sale price: $825,000
Median DOM: 28
And for the same period in 2005:
Number sold: 238
Median list price: $749,000
Median sale price: $810,000
Median DOM: 24
Same story: slightly fewer sales and a slight increase in sale prices. I know it’s just a snapshot of one part of the market, but I hope it’s useful to look at what’s happening in one of SF’s many desirable areas.
To sum up, the market has a decidedly different feel than it did last year (cooler, calmer, more balanced). Check out the numbers: the sky’s not falling!