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August 28, 2009

No Summertime Blues for SF Real Estate

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

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