I was surprised at the overall sales stats for the past three July months in the house, condo, TIC, and 2-4 unit building departments. Given the recent market turmoil, I expected a lot worse. Granted, the median price this year is down significantly, and in some cases, so are volumes. But I wouldn’t say a median price of $785,000 for a house in San Francisco is exactly rock bottom. Condo and TIC prices and volumes were hit hardest, which is typically the case in a down market.
Here’s a quick breakdown:
Single-Family Homes
July 2007
Median Price: $891,000
Units Sold: 224
July 2008
Median Price: $845,000
Units Sold: 229
July 2009
Median Price: $785,000
Units Sold: 239
Condos
July 2007
Median Price: $780,000
Units Sold: 195
July 2008
Median Price: $794,000
Units Sold: 228
July 2009
Median Price: $640,000
Units Sold: 163
TICs
July 2007
Median Price: $594,000
Units Sold: 70
July 2008
Median Price: $536,000
Units Sold: 35
July 2009
Median Price: $517,000
Units Sold: 48
2-4 Units
July 2007
Median Price: $1,290,000
Units Sold: 50
July 2008
Median Price: $1,212,000
Units Sold: 54
July 2009
Median Price: $1,175,000
Units Sold: 34