Ferocious SF Homes Market Eases a Little?
September brought a burst of new inventory that helped satisfy some of the fierce buyer demand for San Francisco homes. Word on the street is that the market may have calmed down a little after Labor Day: not every listing is selling immediately amid high numbers of competing offers -- though this may simply reflect the temporary increase in new listings or sellers too hopeful in their asking prices. But it also appears that home price appreciation has been stabilizing or at least slowing in the last quarter after the big jump earlier in the year. It’s still too early for conclusions: Since most statistics are like looking in a rearview mirror, what is happening today will only become clear in coming months. In any case, even if the market has eased a little, it is still very strong and very competitive by any historical measure.
Below are 2 updated, mapped analyses of median sales prices and average dollar per square foot values. Almost all the current values reflect a significant jump from 2011: for the city overall, the increase has been in the 10 to 12% range, but it can vary from 4% to 18% by area and property type. Remember that average home sizes can vary hugely by neighborhood: this impacts both median prices and dollar per square foot, and makes comparisons of home values between neighborhoods more complicated.