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January 10, 2014

House/Condo Averages Break $1M in Q4 2013


San Francisco real estate values experienced a big jump in 2013, as evidenced by the house and condo averages in the last quarter of that year.

Thinking of buying a house this year in the city? The average price of a single-family home was $1,348,493; and 25% of the houses reported sold in the Multiple Listing Service (MLS) changed hands for $1.5M or more. A little more than half of the houses sold for less than $1M.

As usual, condo averages are lower. Buyers paid an average of $1,003,990 for a San Francisco condo. Only about 14% of these condos sold for $1.5M+, and 63% sold for under the $1M mark.

The upshot is that you should be aware of the overall averages when you start your house hunt so you have a realistic sense for what you can afford. Most importantly, have your agent bring you up to speed on the activity within the specific neighborhoods you like. For example, the average price of a 2BR condo in Noe Valley or Pacific Heights is very different from that of one in the Outer Richmond or South Beach.

And if you’d like to tap my expertise, just get in touch and we can get you started!

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