Both single-family, re-sales homes and condo/loft sales were strong in 2011. Home sales increased for the third year in a row and were up 46.4% over 2010. Condo/loft sales rose for the second year in a row, gaining 19.2% over 2010.
Home prices turned around last year after eking out a small gain in 2010. The median price for homes dropped 14.9% while the average price was off 18.2%. The median price for condos/lofts was down for the third year in a row: 4.5%. The average price dropped 13%.
Sales momentum for single-family, re-sale homes in San Francisco started strengthening in June last year and went into positive territory in August. In December, sales momentum was at +7%. (See chart below)
P.S. To see the annual trend charts and tables for the individual districts in San Francisco, click on the desired district in the menu to the left.
The California Association of REALTORS® expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%.
“2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.
“The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn.
“The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.
| San Francisco | |||||||||
| (Single Family Homes) | |||||||||
| Prices | Other | Percent Change | |||||||
| Average | Median | Sold | DOM | SP/LP | SP/OLP | Average | Median | Sold | |
| 2000 | $729,636 | $529,000 | 3,071 | 27 | 110.9% | 111.1% | |||
| 2001 | $752,586 | $555,000 | 2,673 | 33 | 101.7% | 101.7% | 3.1% | 4.9% | -13.0% |
| 2002 | $751,173 | $590,000 | 3,100 | 33 | 102.9% | 102.2% | -0.2% | 6.3% | 16.0% |
| 2003 | $809,711 | $640,000 | 3,392 | 39 | 101.9% | 100.1% | 7.8% | 8.5% | 9.4% |
| 2004 | $948,050 | $750,000 | 3,308 | 32 | 107.1% | 106.2% | 17.1% | 17.2% | -2.5% |
| 2005 | $1,094,695 | $850,000 | 2,984 | 32 | 108.1% | 107.5% | 15.5% | 13.3% | -9.8% |
| 2006 | $1,117,974 | $850,000 | 2,522 | 39 | 102.6% | 101.2% | 2.1% | 0.0% | -15.5% |
| 2007 | $1,205,997 | $900,000 | 2,215 | 41 | 103.3% | 101.7% | 7.9% | 5.9% | -12.2% |
| 2008 | $1,129,265 | $830,000 | 2,049 | 49 | 100.8% | 98.4% | -6.4% | -7.8% | -7.5% |
| 2009 | $973,978 | $750,000 | 2,059 | 61 | 99.1% | 95.5% | -13.8% | -9.6% | 0.5% |
| 2010 | $986,336 | $745,000 | 2,355 | 59 | 99.4% | 96.8% | 1.3% | -0.7% | 14.4% |
| 2011 | $839,178 | $609,500 | 3,448 | 67 | 98.8% | 95.6% | -14.9% | -18.2% | 46.4% |
| San Francisco | |||||||||
| (Condos/Town Homes/Flats) | |||||||||
| Prices | Other | Percent Change | |||||||
| Average | Median | Sold | DOM | SP/LP | SP/OLP | Average | Median | Sold | |
| 2000 | $638,901 | $530,000 | 2,008 | 23 | 110.2% | 110.3% | |||
| 2001 | $610,376 | $535,000 | 1,743 | 40 | 99.9% | 100.0% | -4.5% | 0.9% | -13.2% |
| 2002 | $605,351 | $560,000 | 2,653 | 41 | 100.5% | 99.6% | -0.8% | 4.7% | 52.2% |
| 2003 | $605,354 | $591,105 | 3,155 | 50 | 100.4% | 99.3% | 0.0% | 5.6% | 18.9% |
| 2004 | $701,777 | $685,000 | 3,613 | 37 | 104.5% | 103.5% | 15.9% | 15.9% | 14.5% |
| 2005 | $806,583 | $775,000 | 3,455 | 35 | 106.4% | 105.9% | 14.9% | 13.1% | -4.4% |
| 2006 | $793,945 | $778,000 | 2,983 | 51 | 101.3% | 99.7% | -1.6% | 0.4% | -13.7% |
| 2007 | $838,490 | $804,500 | 2,880 | 49 | 101.6% | 100.6% | 5.6% | 3.4% | -3.5% |
| 2008 | $857,146 | $785,000 | 2,152 | 61 | 99.8% | 98.4% | 2.2% | -2.4% | -25.3% |
| 2009 | $752,605 | $700,000 | 1,996 | 80 | 97.4% | 95.5% | -12.2% | -10.8% | -7.2% |
| 2010 | $734,422 | $690,000 | 2,364 | 79 | 97.8% | 96.8% | -2.4% | -1.4% | 18.4% |
| 2011 | $701,674 | $600,000 | 2,818 | 80 | 97.6% | 95.6% | -4.5% | -13.0% | 19.2% |
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