San Francisco Market Focus Report – July 2012
The July 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 further 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 in Pacific Heights. There are currently 82 active listings over $1.5 Million. The Citywide SFH Median Sales Price currently sits at $800,000, $15,000 above last month. The Active for Sale inventory is 824 and an average of 51 days on Market. Here’s an excerpt from the June report:
Since June of 2011, the inventory of single-family homes for sale in the City has fallen by 40.2 percent, while the number of homes under contract has risen by 1.4 percent. At the end of last month, the total number of homes sold was 255 properties, a 3.4 percent decline from last year. Nonetheless, at month's end, 6 out of the 10 residential San Francisco districts experienced increases in the total number of homes sold.
For homes that were priced below $700,000, the months of supply inventory fell by 72.6 percent to a reading of 0.9. For higher priced homes between $700,000 and $1.2 million, the months of supply inventory also dropped, by 50.1 percent to 1.3 months. These exceptionally short time frames further illustrate the effects of limited supply of inventory in San Francisco's fast-paced real estate market.
One area of the City which has experienced an increase in sales activity is the southwestern section, known as Lake Merced. As of June 2011, the number of homes sold in this area increased by 71.4 percent to a total of 24 properties sold. Real estate in this area is generally more affordable, compared to other parts of the City, yet there are neighborhoods such as Pine Lake Park and Merced Manor which offer larger and more upscale homes. The neighborhoods around Lake Merced offer an array of recreational activities for outdoors enthusiasts and people looking to stay or get into shape. The median price for a home here is $595,500, which is up by 10.6 percent from 2011.
Another area of the City which experienced healthy sales activity is the central-eastern section, widely known as South of Market, or SOMA for short. Compared to this time last year, the number of homes sold in this area increased by 40 percent to a total of 21 properties. The central-eastern section is not limited to the confines of SOMA's commercial and condominium corridor, but also extends to such neighborhoods as Bernal Heights and Potrero Hill, which both offer more laid-back, cozy and family-freindly communities. Bernal Heights and Potrero Hill are ideal for home buyers who want to be close to the City but also yearn for amenities such as a small garden or yard. The median price for a home in this location is $835,000, up by .6 percent from 2011.
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