San Francisco Real Estate 2010 Wrap Up
January 2011 Update
2010 saw a very strong spring market turbo-charged by federal and state tax credits, a much slower summer, and then a strong finish from Labor Day on. The 4th quarter of 2010 had more accepted offers than the 4th quarters of 2009, 2008 & 2007. Comparing 2010 to 2009, overall median sales prices for SF houses and condos barely budged. The luxury home market woke back up. Interest rates jumped at the end of the year, but are still very low. Of those homes that did sell in 2010, most sold relatively quickly, without price reductions, at or a little above or below list price: the market identified them as good deals. A minority of sales sold after one or more price reductions, taking much longer and at a substantial discount to the original price. And many listings didn’t sell at all because buyers perceived them as overpriced.
There seems to be a positive momentum to the market as 2011 begins. A large influx of new listings will arrive in coming weeks as both buyers and sellers jump back in after the holidays.
Statistics are generalities, subject to fluctuation due to a variety of reasons. Median prices may be affected by other factors than changes in value. Averages may be distorted by a small number of sales substantially higher or lower than the norm. New-development condo sales not reported to MLS are not included in this analysis. All information herein should be considered approximate. It is derived from sources deemed reliable, but may contain errors and omissions, and is not warranted.
San Francisco Unit Sales: 2007 – 2010
Comparing 2010 to 2009, the market strengthened and sales went up in every property type except TICs. From 2007 to 2009, the total number of sales fell 23% (plus an approximate 15-20% decline in values). Now, house sales are almost back to 2007 levels; condo sales are 17% up from 2009 but still 14% below 2007; TIC sales are 62% below 2007; 2-4 unit buildings are up from 2009 but still down 28% from 2007; 5+ unit buildings recovered a bit but are still 34% below 2007.
Read our complete summary of San Francisco Real Estate 2010
