Yesterday we talked about shifts in the market and speculated on how these might be affecting other elements, namely price. Now let’s break down some neighborhoods and look at what’s going on there.
Paragon has found that in San Francisco, some of the most affluent neighborhoods – including the Pacific Heights-Marina district and the Noe, Eureka and Cole Valleys district – began their recoveries in the second half of 2011. That was well before just about any other place in the city or country. Prices began to soar for these areas in the beginning of 2012, while other areas played catch-up.
But in 2013, the dynamic flipped, seeing appreciation rates in comparatively less expensive neighborhoods surging, while the more affluent areas saw a slowdown. One of the neighborhoods that saw a major surge in 2013 was Bernal Heights. Check out the accompanying chart for more on this.
And in a trend that no doubt affects SOMA, we’re seeing an unusual spike in the condo median sales price. In January, the median price for San Francisco houses dropped an insignificant amount, from $938,000 in the fourth quarter of 2013 to $928,000 in January of this year. However, San Francisco condos saw a large leap from $835,000 in the fourth to $927,500 in January. That’s the highest monthly condo median price ever.
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