Steep Drops in $500,000 or < Home Market in SF & Bay Area
Home sales across the board in the greater Bay Area dropped 9.4 percent in 2016—a decline of 6,466 successful sales. In SF the decline was 11.5 percent. This according to a recent report from Property Radar. Separating out the $500,000 and under market the drop is over-a-cliff: 24.6 percent down. In 2015 the lower priced homes sold totaled 18,945. In 2016 the total of lower priced units sold was 14,276. Across the Bay Area 62,000 homes sold.
On the other hand, sales of pricey homes (more than a million dollars) slightly climbed in 2016 by 1.5 percent with 19,277 homes or condos selling. Sales for anything less than a million bucks have declined year over year over the past few years.
In San Francisco, in January 2017, one title company recorded 110 home sales in SF. Of those, 10 cost $500,000 or less and 8 sold from between $500,000 – $700,000. Observers point out that one of the reasons that lesser priced homes are not being sold as much as in the past is because fewer homes are priced in that low range. Median prices have gone up over the year—including in SF where a single family home is now $1.17 million, up from $1.15 million in 2016.