Median prices down, dollar square foot values up during 3Q 2014
Paragon has just released its third quarter report on the San Francisco real estate market. We’re coming off of a September filled with a surge of new listings – in fact, the largest in the past two years. This led to a big jump in dealmaking, but keep in mind that data on transactions negotiated this past month won’t be available until most close escrow this month and next. In the meantime, let’s look at the last two quarters.
The chart that accompanies this article offers a current look at trends in home values. Median house sales prices dropped a bit in the third quarter, mostly due to seasonality issues, though condos have held steady for three quarters now at $950K. Meanwhile, dollar-per-square-foot values are continuing to increase to new peaks, with this metric particularly impacted by new-development condo sales. These are breaking dollar-per-square-foot records just about everywhere they’re being built.
House sales are being dominated by the districts running along the southwest and south borders of the city, from Sunset-Parkside down to Ingleside and across to Excelsior, Portola and Bayview. There’s a reason for this – these areas are among the city’s most affordable. The greatest concentration of condo sales – 25 percent – is in the South Beach/SOMA/Mission Bay district, which is not terribly a surprise since this is just about the only place where high-rise, high-density projects can be built in San Francisco.
Tomorrow we’ll delve deeper into the report to discuss San Francisco’s luxury condos, average days on market, San Francisco employment and a whole lot more. Tune in, won’t you?
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 email@example.com. www.ceceblase.com