San Francisco Market Focus Report – October 2012
The October issue of Market Focus Report, issued by the San Francisco Association of Realtors has the San Francisco housing market drawing from the proverbial "well" of the technology sector, keeping the median price for a single-family home on an upward trajectory.
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 $259,000 to an average high in the $2-$3 Million range, with the most pricey listing at $34,000,000 in Pacific Heights. There are currently 95 active listings over $1.5 Million. The Citywide SFH Median Sales Price currently sits at $746,000, up by 14.2 percent compared to September of last year. The Active for Sale inventory is just 281, down 73.2 percent from September 2011. Here’s an excerpt from the October report:
For homes that were priced below $700,000, the months of supply inventory dropped by 70.7 percent to a reading of 1.1 months. For higher priced homes between $700,000 and $1.2 million, the months of supply inventory also fell, by 34.7 percent to 1.9 months.
With the vast shortage of inventory of homes for sale, every district in the SFARMLS residential map experienced a falloff in the number of homes under contract and the total number of homes sold.
One region of the City which fared better than others is in the southwestern area of San Francisco, commonly regarded as Lake Merced. As compared to September of last year, the number of homes sold only dropped by 15.4 percent. With a whole host of scenic, outdoor recreational activities available and a wide variety of real estate, home buyers who are physically active and love the fresh air will find satisfaction in the neighborhoods around Lake Merced. The median price for a home here is $1,170,000, which is up by 33.7 percent from 2011.
Another area of the City which performed notably well was in the southeastern section, east of Interstate 280 and extending all the way to the bay. Compared to the rest of the City, there were more homes sold in this part of town, with a total of 26 properties sold in September. The neighborhoods in this area, such as Excelsior and Visitacion Valley, offer some of the most ethnically diverse communities and best prices in the City. The median price for a home here is $474,500, which is up by 5.2 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