The median price is a measure that many use to keep a handle on how the market is doing. However, in San Francisco, our housing market is so diverse that this single way of looking at housing prices is not very accurate unless you are comparing very carefully selected comparable homes. We have had a big shift this year in sales toward the lower end of the market, making the “median” price decrease much more than the value of individual properties.
The below is a comparison of SF House, Condo and TIC sales form 10/15/08 to 1/30/09 with the same period a year earlier by price range
Total # of Sales: down 27% – 30%*
Total Dollar Volume: down 43% – 46%*
| Price Range | # Sales 10/15/07 – 1/30/08 | # Sales 10/15/08 – 1/30/09 | Change in # of Sales | % of Total Sales 10/07 – 1/08 | % of Total Sales 10/08 – 1/09 | Change in % of Total Sales |
| Under 500k | 139 | 165 | + 19% | 11% | 18% | + 64% |
| 500k – 749,999 | 418 | 366 | – 12% | 32% | 41% | + 28% |
| 750k – 999,999 | 340 | 206 | – 39% | 26% | 23% | – 12% |
| 1m – 1,499,999 | 232 | 99 | – 56% | 18% | 11% | – 39% |
| 1.5m – 1,999,999 | 79 | 27 | – 66% | 6% | 3% | – 50% |
| 2m – 4,999,999 | 81 | 35 | – 57% | 6% | 4% | – 33% |
| 5m+ | 12 | 3 | – 75% | 1% | .3% | -70% |
Percentage of sales under $750,000:
10/15/07 – 1/30/08: 43%
10/15/08 – 1/30/09: 59%
Percentage of sales over $1,000,000:
10/15/07 – 1/30/08: 31%
10/15/08 – 1/30/09: 18%
Ø The only price range which saw an increase in number of sales was the under $500k market.
Ø Sales of homes under $750,000 increased from 43% to 59% of total sales.
Ø Sales of homes $1m+ declined from 31% to 18% of total sales.
* Changes are approximate because not all sales for the 08/09 period have been reported to MLS by the date of the calculation.