San Francisco Home Listings: Are we our neighbors?
Last Sunday, the Chronicle printed an article about a slowdown in the luxury market. As usual, San Francisco real estate listings were lumped into the broader Bay Area market. Given that I’m a big believer in all real estate is local (but you gotta understand global to interpret), I was curious to see how the market dynamics would compare between the published Bay Area statistics and just San Francisco City and County.
Let’s find out!
Here’s the chart from last Sunday’s article by James Temple: More high-end properties sitting on the market
On the block
The months of unsold inventory for existing single-family homes – an estimate of the amount of time it would take to sell all the properties on the market based on the current rate of transactions – are rising rapidly for high-end homes in the Bay Area and California, even as the figures decline for moderate and low-priced homes.
California March ’08 March ’09 $1 million and higher 12.1 18.7 $500,000 to $1 million 10.6 6.4 Less than $500,000 12.3 3.0 Bay Area March ’08 March ’09 $1 million and higher 6.0 14.0 $500,000 to $1 million 7.8 5.6 Less than $500,000 12.1 2.6 Source: California Association of Realtors
Here’s our local San Francisco single family home real estate market in terms of month’s supply of inventory*:
San Francisco
March ’08 March ’09
$1 million and higher: 2.5 vs. 7.8 (Median sales price down 1.5 % April 2007 to April 2009.)
$500,000 to $1 million: 3.4 vs. 3.5 (Median sales price down 10 % April 2007 to April 2009.)
Less than $500,000: 4.6 vs. 2.8 (Median sales price down 2.8 % April 2007 to April 2009.)
Looking good, I’d say. Supply and demand are the major culprits. Not to mention, SF is a wacky and unique place that usually beats to its own drum. Thank you!
* Based on San Francisco Association of Realtors data. Broad statistics are not the entire picture. Find out what’s happening in your neighborhood specifically. Ask us for a free report.)
About the collective
Great comparison of what the luxury home market is doing in San Francisco. The luxury home market has simply been the weakest segment of the Phoenix real estate market where I am as well. This is very interesting that the market has slowed so much. I would wonder for our own market how this is changing just in the last 5 months as our market has clearly picked up since then. I try to look at other markets to glean whether one market is ahead of the other in evolution or simply on two completely different paths. So, this analysis is very much appreciated.
David Lorti