2013 was a good year to be a single family home in San Francisco – or, at least, the seller of a single family home in San Francisco!
The top line data is below, and in the coming days and weeks you can expect us to drill much deeper into the data. But here are some highlights:
- Sales of single family homes were essentially unchanged, with 2,618 sales being reported through the SFAR MLS in 2013, compared to 2,633 in 2012. Inventory was essentially unchanged, but the number of buyers in the market was up dramatically, which leads to…
- The median list price in 2013 was $829,000 and the median sales price was $915,000.
- The average (mean) list price in 2013 was $1,211,642 and the average (mean) sales price was $1,295,601.
- Depending on if you think the median average or the mean average does a better job of representing home sales, the typical single family home sold for between 7 and 10% over asking in 2013.
If we look at year over year trends, the high level data says that:
- Median sales price was up from $760,000 to $915,000 – a year over year increase of 20%.
- Average (mean) sales price was up from $1,103,974 to $1,295,601, a year over year increase of 17%.
- The typical single family home in San Francisco appreciated in value between 17% and 20%, depending on how you like to measure things.
For those who have been following the market, none of these numbers should come as much of a surprise. 2013 was an incredibly strong year for San Francisco real estate, and all signs seem to point to more of the same (although, with interest rates slowly rising and the Fed finally tapering, the general expectation is for the market to remain strong but not unsustainably so).
As usual, all of our data is from the SFAR MLS, using data for single family homes in MLS districts 1 – 10 (San Francisco proper). What are your thoughts?