San Francisco Real Estate
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Hello and Happy New Year!
I hope this finds you well.
January's newsletter contains year over year comparisons of the San Francisco market 2016-2019, price appreciation from 1993, my new Cole Valley listing, information on Compass Concierge, and much more. Enjoy!
Pota
To opt-out of receiving these emails please send me a text (415) 407- 2595 or email: [email protected].
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Generally speaking, after years of high appreciation rates, annual 2019 Bay Area median home prices went down a little bit, went up a little bit or basically remained unchanged as compared to 2018. SF hit new quarterly price highs in spring of 2019 (amid all the IPO excitement), but ended up the year at about flat for houses and a little up for condos. (Since there has been so much new luxury condo construction in recent years, year-over-year median price comparisons may not be exactly apples to apples.)
For 2020, economist Ken Rosen at UC Berkeley has said he expects the Bay Area median price to remain basically flat, within a general range of up or down 2% – in other words, similar to what happened last year. We can’t predict the future, but that certainly doesn’t sound unreasonable, and happily avoids the sensationalism of many other media-grabbing forecasts.
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One of the big factors in SF house price appreciation since 2012 has been that fewer house owners are selling (dark green portion of chart below). If demand increases, but supply drops, that puts upward pressure on prices. Overall, house prices have out-appreciated condos over the past 7 years due to 2 factors: All the new condo construction and the fact that condo owners sell their homes more often than house owners. Both those factors increase supply to help meet increased demand.
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San Francisco Home Prices by Neighborhood
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Below are just two of the updated tables in our much longer analysis of home prices by property type and bedroom count for every neighborhood in the city. If you'd like the complete report, please let me know.
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San Francisco Luxury Home
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Economic Factors Affecting
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My new listing is in Cole Valley
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Cole Valley-Parnassus Heights
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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