Of the 11 neighborhoods we are tracking for 2 bedroom condominiums in San Francisco, 6 showed sale prices higher in the first half of 2010 over 2009 numbers. For the 13 neighborhoods in which we are tracking single family homes, 8 showed improvement in the same period. Interestingly enough, for TICs, all three of the neighborhoods under consideration showed improvement.
I can almost hear you asking, well, what does this mean? I think it means that the market is stabilizing and sluggishly trying to improve, but that it depends very much on the inventory being offered. In Glen Park, for example, there were a couple of very large, brand new homes sold that were very dissimilar to the inventory that closed in 2009. The extreme sale prices for these homes (over 1.6MM) had a dramatic affect (+19%) on the average sale price out of only 11 sales in the first half of 2010. I would say this is an anecdotal improvement in values. I would contrast this with the 3.3% improvement in values in Pacific Heights/Cow Hollow based on 27 sales, which I think is a more valid reflection of marketplace recovery.
As always, if you want to check in on the value of your home, I’m happy to work it up for you!
Now for the details (click on image to see larger):