Single family home values continue to excel, having posted two consecutive months of double-digit appreciation. The $1MM to $2.5MM range was particularly strong, with a median market time of just three weeks, and purchasers bidding an average of 12% over list prices. Condominium values posted a 7% decline, despite the number of closings increasing by 20%. Condominium values have been muted this year, due in large part to the competition from units in new developments.
The US economy has shown further signs of strength, posting an unemployment rate of 4.6%, a nine-year low. US service sector activity, which accounts for two-thirds of economic activity, reached a one-year high, making it more likely that the Fed will raise rates this month. Locally, unemployment rates in Marin, Sonoma and San Francisco remain under 4%.
MEDIAN SALE PRICE
MEDIAN NEIGHBORHOOD VALUE
Below are the media values for San Francisco neighborhoods for both condominium sales and single family homes sales during the past month.
CONDOMINIUMS
Hayes Valley, Marina/Cow Hollow, Nob Hill South Beach/ Yerba Beuna and North Beach/Fisherman's are the neighborhoods with the highest price per square foot but are followed closely by Mission Dolores, Mission Bay, Noe Valley Telegraph and Potrero Hill.
SINGLE FAMILY HOMES
Nob Hill, Pacific/Presidio Heights Russian Hill and the Marina/Cow Hollow remain the boroughs with the highest cost per square foot.
TOP FIVE CONDOMINIUM SALES
This month, the top five condominium sales are dispersed among Mission Hill, Pacific Heights, Yerba Buena and Russian Hill with sale prices ranging from $2.66 million to $3.685 million.
TOP FIVE SALES-SINGLE FAMILY HOMES
The sales prices of San Francisco's top five single family home sales have a much greater range than condominiums this past month. The #5 spot is a 4,200 SF Pacific Heights homes that sold for $7.2 million (11% over list, 9 days on the market) while the #1 spot was a stunning 6 bed, 6 bath, 8,350 SF Sea Cliff home that sold for $17.8 million after 50 days on the market.
From the quiet roads of Marin County to the vibrant urban streets of San Francisco, The Costa Group can help you buy, sell or invest in a quaint cottage, penthouse apartment, charming Victorian or waterfront property.
