Many of the things that make San Francisco charming – lovely houses on high hills, quirky retail districts and lively pedestrian traffic – can be found in District 5. Home to Noe Valley, the Castro and the Haight, District 5 is a hopping place with happening properties – and it’s seeing some good times these days.
District 5 saw a major jump in value between 1996 and 2008. It was one of the last San Francisco districts to peak before the markets went haywire in September 2008. After the meltdown, values tumbled about 20 percent and then have been stabilizing ever since. These days, with lots of high-tech buyers wanting to be close to the freeway – and also have cute places in the city – this district is seeing good times once more in the form of multiple offers and rising prices.
Buyers in this market should be prepared to act fast. Most homes in District 5 sell quickly for close to – or even a little above – asking price. We’re talking between one and two weeks after going on the market, at least for the well-priced homes that show well. Buyers should also be prepared for the pricing element in this district – for the past two years, the median price of homes here has been toggling between $1.2 million and $1.35 million. Condos are going for between $750,000 and $825,000.
Since the beginning of 2009, both houses and condos have seen a relatively narrow spectrum of average dollar per square foot – around $50. And here’s something that bodes well for District 5 sellers – the months supply of inventory is at a very low level, portending a pretty strong seller’s market.
Interested in living in District 5? Want to know how to navigate the market’s sometimes-rough waters? I can help you swim to safety. Give me a call.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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