At our weekly Wednesday office meeting, there were a total of 19 properties that closed escrow over the last 2 weeks (meeting skipped last week due to the 4th holiday).  13 of these properties ranged from approximately $9.2M (undisclosed sales price for Russian Hill SFR) down to $1M (South Beach condo).  The remaining 6 closed under $1M, with the lowest priced property being in the Bayview District.  Many of these properties sold at or over the listing price.  A smaller percentage sold below the listing price.

The media continues to sensationalize and send "doom and gloom" messages about the market.  The fact is, in many areas across the country this is true.  However, San Francisco is a micro-climate of markets.  Some neighborhoods are still experiencing modest and increasing appreciation, while others are not.  The City's "blue chip" neighborhoods are holding values well, especially in the high end arenas.  The price point up to $1M seems to have some sensitivity, perhaps due to more stringent lending practices.  Location is absolutely key now, and respective neighborhoods are performing differently.