Summary Points to “January 2008 SF House & Condo Sales” Statistics
Every other Bay Area County has seen a drop in median sales price except for San Francisco, which still shows a 3% increase year over year. However, the January 08 SF median price of $790k has decreased from prices achieved in April – November of 2007. The peak was in May 07 at $840,000.
The median Days on Market figure for sold properties in SF is relatively unchanged—those properties that are selling are selling relatively quickly—but the Days on Market of properties for sale is increasing significantly, i.e., those properties not selling are staying on the market longer.
In SF, overall unit sales have been declining and inventory is increasing (to 4 months of inventory). Expired listings are up.
In SF, the average sale price over list price is under 100%, though the properties which sell in the first 30 days are still averaging over-asking sales prices.
Almost all the statistical trends vary widely between neighborhoods, with various regions going in opposite directions in median price and inventory levels. Typically, the more affluent neighborhoods are performing much better and the least affluent performing much worse.
See District Map above for delineation of district by neighborhood.
Districts 5 & 7 are generally the strongest markets with very low inventory levels, and low Days on Market figures for sold properties.
Districts 3 & 10 have dramatically declinin emarkets with decreasing median sale price, longer Days on Market figures, and much higher inventory levels (8.6 months). These two districts are impacting the general SF statistics in their decline.
Districts 1, 2, 4 & 6 still have low inventory levels, but some of the other stats like median price, units sold and Days on Market are declining, in some cases significantly.
Districts 8 & 9 have growing inventory levels, especially 9 (5.4 months), declining median prices and higher Days on Market.