San Francisco Home Sales Up and Prices Down in 2009
The best that can be said about last year is it's over! Home sales were up 4.3% from 2008.
The median price dropped 10.8% from 2008. The good news in all this is that prices bottomed out in the first quarter and started strengthening the last nine months of the year.
Buyers are out there, but they're looking for bargains. Which begs the question, what is a bargain?
A deal has little to do with the sales price to list price ratio. Remember, you are going to have to live in that home and that neighborhood. The most important thing is to find a home, in a neighborhood, you want to live in. If the house is fairly priced, make an offer. But understand, if the house is fairly priced, or even a little under-priced, and it is a good house in a good neighborhood, there will be multiple offers. If you find such a home, you can't hesitate.
It is endemic among buyers that the deals are in bank-owned or short-sale property. But, banks have the property appraised before they put it on the market, and they price it at, or just a little below, market value. Which is why we're seeing multiple offers and prices going over asking.
P.S. To see the annual trend charts and tables for the individual districts in San Francisco, click on the desired district in the menu to the left.
| San Francisco | |||||||||
| (Single Family Homes) | |||||||||
| Prices | Other | Percent Change | |||||||
| Average | Median | Sold | DOM | SP/LP | SP/OLP | Average | Median | Sold | |
| 2000 | $729,636 | $529,000 | 3,071 | 27 | 110.9% | 111.1% | |||
| 2001 | $752,586 | $555,000 | 2,673 | 33 | 101.7% | 101.7% | 3.1% | 4.9% | -13.0% |
| 2002 | $751,173 | $590,000 | 3,100 | 33 | 102.9% | 102.2% | -0.2% | 6.3% | 16.0% |
| 2003 | $809,711 | $640,000 | 3,392 | 39 | 101.9% | 100.1% | 7.8% | 8.5% | 9.4% |
| 2004 | $948,050 | $750,000 | 3,308 | 32 | 107.1% | 106.2% | 17.1% | 17.2% | -2.5% |
| 2005 | $1,094,695 | $850,000 | 2,984 | 32 | 108.1% | 107.5% | 15.5% | 13.3% | -9.8% |
| 2006 | $1,117,974 | $850,000 | 2,522 | 39 | 102.6% | 101.2% | 2.1% | 0.0% | -15.5% |
| 2007 | $1,205,997 | $900,000 | 2,215 | 41 | 103.3% | 101.7% | 7.9% | 5.9% | -12.2% |
| 2008 | $1,129,265 | $830,000 | 2,049 | 49 | 100.8% | 97.1% | -6.4% | -7.8% | -7.5% |
| 2009 | $957,235 | $740,000 | 2,137 | 60 | 99.1% | 88.3% | -15.2% | -10.8% | 4.3% |
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