San Francisco Market Focus Report – June 2012
The June issue of Market Focus Report, issued by the San Francisco Association of Realtors has the San Francisco housing market continuing to heat up, as evidenced by increasing sale prices of homes in the City.
The following is an excerpt from the report, and focuses on Single Family Homes. Those of you in the know, know that you can buy a home in San Francisco throughout a broad range of neighborhoods. And depending on the neighborhood, prices currently start from $289,000 to an average high in the $3-$4 Million range, with the most pricey listing at $38,500,000. There are currently 89 active listings over $1.5 Million. The Citywide SFH Median Sales Price currently sits at $785,000. The Active for Sale inventory is 877 and an average of 43 days on Market. Here’s an excerpt from the June report:
Compared to one year ago, the median price for a single-family home rose by 10.6 percent to $785,000. And, with a limited supply of homes for sale, the City has remained a seller's market, with aggressive bidding and multiple offers occurring regularly.
Compared to May 2011, the City's inventory of single-family homes for sale fell by 13.9 percent. During the same period, the number of homes sold increased by 23.3 percent.
For homes that were priced below $700,000, the month's supply inventory fell by 70.6 percent to a reading of 0.9. For higher-priced homes between $700,000 and $1.2 million, the month's supply inventory also dropped, by 52.7 percent to 1.1 months.
One area of the City which continues to experience healthy sales activity is Twin Peaks West, located in the mid-western part of town. Since May of last year, the number of homes sold has jumped 23.3 percent, with 37 transactions closed. Twin Peaks West offers a variety of 16 neighborhood communities, from the upscale and exclusive St. Francis Wood, to the charming mom and pop shops of West Portal. Homes for sale here typically receive multiple offers and do not last on market for very long. The median price for a home in Twin Peaks West is $918,000.
Another area of the City which experienced high sales activity is the northernmost district, which includes classic San Francisco neighborhoods such as the Marina and Pacific Heights. Compared to one year ago, the number of homes for sale in this region rose by 24.4 percent, being one of only three districts in the last month which experienced an increase in for-sale inventory. At the same time, the number of homes under contract increased by 18.8 percent, while the number of homes sold rose by 22.2 percent. Here you will find some of the most impressive views and properties in the City, and whose close proximity to Presidio Park and the waters of the San Francisco by provide an endless array of outdoor recreational activities. The median price for a home here is $2,875,000.
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area