2016 was a year of moderate growth for the San Francisco Real Estate Market. The overall median sale price for 2016 came to $1.2 million, an increase of 4%. It took about one week longer to sell a property in 2016, compared to the previous year. The overall number of units sold was 4% lower, and yearly sales volume came to $7.2B, a slight decrease of 2%.
Nationally, the labor market ended the year with an impressive unemployment rate of 4.7%, below the 5% natural rate of employment. Average wages for private-sector workers increased by 2.9% in December, the fastest annual pace since 2009. Mortgage rates have seen greater movement since the Fed's December rate hike. The 30-year fixed rate mortgage ended the year at 4.2%, up from 3.96% a year earlier. It is widely anticipated that the Fed will continue to raise rates in 2017.
MEDIAN SALE PRICE
MEDIAN NEIGHBORHOOD VALUE
Condominiums
Hayes Valley and South Beach/Yerba Buena top the list with the highest price per square foot. Not far behind are the Marina/Cow Hollow, Nob Hill, Russian Hill and Telegraph Hill. Excelsior/Portola offers the best value at $502/SF with Bayview/Hunters Point coming in second at $643/SF.
Single Family Homes
Pacific/Presidio Heights holds first place with a price per square foot of $1493. Nob Hill is second at $1350/SF and Marina/Cow Hollow is third at $1317/SF.
TOP FIVE SALES
Condominiums
Single Family Homes
