Trace their ancestry from China, Ireland, Mexico or the Philippines?
Are children under 5? Speak Spanish at home? Have their cars stolen?
Are heterosexual or gay? Divorced? Live alone? Give birth each year?
Vote Libertarian? Earn over $200,000/year? Have graduate degrees?

There is no city in the world quite like San Francisco – and here are some of the details.

Country of Origin

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Language Spoken at Home

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Place of Birth

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Miscellaneous Statistics

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Ethnicity/Race

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Degree of Education

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Sexual Orientation

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Employment

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Political Affiliation

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Commute

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Households

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Occupancy Rent vs Own

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Average Income by Zip Code

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San Francisco Fortune 500 Companies

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Characterized by Victorian architecture that was left largely untouched by the urban renewal projects in other parts of the Western Addition.

The park includes a playground and a tennis court, and is frequented by neighbors, tourists, and dog owners. On a clear day, the Transamerica Pyramid building and the tops of the Golden Gate Bridge and Bay Bridge can be seen from the park’s center. The San Francisco City Hall can be seen directly down Fulton Street.

There are many architecturally significant mansions on the perimeter of the park, including the Archbishop’s Mansion, the residences of the Russian and German Imperial consuls in the early 1900s, and the mansions on the block diagonally across from the Painted Ladies.

Often billed as the “crookedest street,” San Francisco’s Lombard Street is, in fact, neither the crookedest nor the steepest street in the city, let alone the world. Vermont Avenue between 22nd and 23rd is “crookedest,” and Filbert between Hyde and Leavenworth is steepest at 31.5 degrees, but neither fact discourages tourists from flocking to Lombard Street’s seductive curves.

The first group of statistics below (in table format) apply only to non-distress home sales with at least 1 car parking, as reported to MLS. Distress sales – bank-owned property sales and short sales – typically sell at a substantial discount due to condition-of-property issues and/or deal-aggravation issues, and if included in the analysis, would reduce the median sales price and average dollar per square ($/sq.ft.) figures in certain neighborhoods. (Distress sales, though occurring everywhere in the city, are generally clustered in less affluent neighborhoods and in the lower price ranges.)

The average size of homes vary widely by neighborhood: for example, the average size of a 4-bedroom house in Pacific Heights is much larger than one in Noe Valley. Besides affluence, the era and style of construction often play a large role in these disparities. Some neighborhoods are well known for having “bonus” bedrooms and baths built without permit (often behind the garage). These additions can add value, but being unpermitted are not reflected in average dollar per square foot ($/sq.ft.) figures.

If a price is followed by a “k” it references thousands of dollars; if followed by an “m”, it signifies millions of dollars. Sales unreported to MLS are not included in this analysis, and where abnormal “outliers” were identified that significantly distorted the statistics, these were deleted as well. Please see the definitions and caveats at the end of this report.

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Trends in Dollar per Square Foot Values for Houses in Selected San Francisco Neighborhoods

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Trends in Median Sales Prices for 2-Bedroom Condos in Selected SF Neighborhoods

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Long-Term Trends in Average Sales Price & Average Dollar per Square Foot
by San Francisco Neighborhood

The charts below track San Francisco MLS home sales by neighborhood, by average sales price and average dollar per square foot ($/sq.ft.), over the longer term. After all, homes are an investment that are usually held for 5 to 10 years, and often longer. Note that average sales price is different from median sales price. In many cases, these charts track values for non-distress home sales only in order to provide an apples-to-apples comparison over time. See the definitions below the charts for important context to these analyses.

Noe & Eureka Valleys: House Values

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Cole Valley, Ashbury & Clarendon Heights, Buena Vista: House Values

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Noe, Eureka & Cole Valleys; Ashbury Heights; Buena Vista; Duboce Triangle:
Condo Values

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Glen Park House Values

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Prestige Northern San Francisco Neighborhoods: House Values

Sea Cliff, Lake Street, Jordan Park/Laurel Heights, Pacific & Presidio Heights, Marina, Cow Hollow, Russian Hill, Nob Hill, North Beach, Telegraph Hill

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St. Francis Wood House Values

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Forest Hill House Values

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Sunset/ Parkside/ Golden Gate Heights: House Values

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Potrero Hill House Values

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SF Richmond District House & Condo Values (Inner, Central & Outer Richmond)

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Bernal Heights House Values

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Miraloma Park House Values

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Midtown Terrace House Values

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South Beach Condo Values

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South of Market (SoMa) Condo Values

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Pacific & Presidio Heights, Marina, Cow Hollow: Condo Values

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Russian Hill Condo Values

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Hayes Valley, Alamo Square, North of Panhandle (NoPa): Condo Values

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Noe Valley/ Castro/ Haight District: 2-4 Unit Building Values

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Pacific & Presidio Heights, Marina, Cow Hollow, Nob Hill, Russian Hill, Telegraph Hill, North Beach: 2-4 Unit Building Values

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The MEDIAN SALES PRICE is that price at which half the properties sold for more and half for less. It may be affected by “unusual” events or by changes in buying trends, or seasonal trends, as well as by changes in value.

Low Price & High Price are self-explanatory, but the low price might be for a property that needs significant work just to be habitable. Within a single neighborhood, it is possible for the low and high prices to be millions of dollars apart – the difference between a small, dark 2-bedroom condo above a Laundromat, and a lavishly appointed, full-floor, 2-bedroom penthouse with spectacular views in a prestige high-rise.

AVERAGE SALES PRICE is calculated by adding up all the sales prices and dividing by the number of sales. It is different from median sales price, but like medians, averages can be affected by other factors besides changes in value, such as fluctuations in average unit size. Averages may also be distorted by a few sales that are abnormally high or low, especially when the number of sales is low. Average sales prices are usually higher than median sales prices.

DOLLAR PER SQUARE FOOT is based upon the home’s interior living space and does not include garages, storage, unfinished attics and basements; rooms and apartments built without permit; decks, patios or yards. These figures are typically derived from appraisals or tax records, but can be unreliable, measured in different ways, or unreported altogether: thus consider square footage and $/sq.ft. figures to be very general approximations. Generally speaking, about 60-80% of listings report square footage, and dollar per square foot statistics are based solely on those listings. All things being equal, a house will have a higher dollar per square foot than a condo (because of land value), a condo will have a higher $/sq.ft. than a TIC (quality of title), and a TIC’s will be higher than a multi-unit building’s (quality of use). All things being equal, a smaller home will have a higher $/sq.ft. than a larger one. The highest dollar per square foot values in San Francisco are typically found in upper floor condos in prestige buildings with utterly spectacular views.

The AVERAGE SIZE of homes of the same bedroom count may vary widely by neighborhood: for example, the average size of a 4-bedroom house in Pacific Heights is much larger than one in Noe Valley; and the average of a Marina 2-bedroom condo is larger than one in South Beach. Besides the affluence factor, the era and style of construction often play large roles in these disparities.

Some neighborhoods are well known for having additional ROOMS BUILT WITHOUT PERMIT, such as the classic 1940′s Sunset house with “bedrooms” and baths built out behind the garage. These additions often add value, but being unpermitted are not reflected in $/sq.ft. figures.

Many aspects of value cannot be adequately reflected in general statistics: curb appeal, age, condition, views, amenities, outdoor space, “bonus” rooms, parking, quality of location within the neighborhood, and so forth. Thus, how these statistics apply to any particular home is unknown.

In real estate, the devil’s always in the details.

SAN FRANCISCO REALTOR DISTRICTS

District 1: Sea Cliff, Lake Street, Richmond (Inner, Central, Outer), Jordan Park/Laurel Heights, Lone Mountain

District 2: Sunset & Parkside (Inner, Central, Outer), Golden Gate Heights

District 3: Lake Shore, Lakeside, Merced Manor, Merced Heights, Ingleside, Ingleside Heights, Oceanview

District 4: St. Francis Wood, Forest Hill, West Portal, Forest Knolls, Diamond Heights, Midtown Terrace, Miraloma Park, Sunnyside, Balboa Terrace, Ingleside Terrace, Mt. Davidson Manor, Sherwood Forest, Monterey Heights, Westwood Highlands

District 5: Noe Valley, Eureka Valley (Castro, Liberty Hill), Cole Valley, Glen Park, Corona Heights, Clarendon Heights, Ashbury Heights, Buena Vista Park, Haight Ashbury, Duboce Triangle, Twin Peaks, Mission Dolores, Parnassus Heights

District 6: Hayes Valley, North of Panhandle (NOPA), Alamo Square, Western Addition, Anza Vista, Lower Pacific Heights

District 7: Pacific Heights, Presidio Heights, Cow Hollow, Marina

District 8: Russian Hill, Nob Hill, Telegraph Hill, North Beach, Financial District, North Waterfront, Downtown, Van Ness/ Civic Center, Tenderloin

District 9: SoMa, South Beach, Mission Bay, Potrero Hill, Dogpatch, Bernal Heights, Inner Mission, Yerba Buena

District 10: Bayview, Bayview Heights, Excelsior, Portola, Visitacion Valley, Silver Terrace, Mission Terrace, Crocker Amazon, Outer Mission

Some Realtor districts contain neighborhoods that are relatively homogeneous in general home values, such as districts 5 and 7, and others contain neighborhoods of wildly different values, such as district 8 which includes both Russian Hill and the Tenderloin.

Statistics such as these are generalities, subject to fluctuations due to a variety of reasons (besides changes in value). Average figures in particular may be distorted by a few sales substantially higher or lower than the norm, especially where the sample size is small. Generally speaking, the fewer the sales, the less reliable the statistics. New-development condo sales not reported to MLS – of which there are quite a few in San Francisco – are not included in this analysis.

All information herein is derived from sources deemed reliable, but may contain errors and omissions, and is subject to revision.

Most of the luxury homes that do sell, sell quickly at very close to asking price. Those going through price reductions spend a much longer time on market and sell at an average discount of 18% off original list price. And many listings still expire without selling, usually because the market deems them overpriced.

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Luxury House & Condo Sales

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Listings Accepting Offers
This chart shows accepted offers by quarter.

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This chart shows the percentage of listings accepting offers by quarter.

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Average Dollar per Square Foot

Dollar per square foot values, even in the high-end, vary widely from neighborhood to neighborhood. The absolute highest are typically paid for luxury condos in prestige buildings with staggering views. Remember that short-term fluctuations are relatively meaningless — they occur naturally since the “basket” of homes sold varies from month to month, quarter to quarter.

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Longer-Term Trends in Values

Sometimes it’s useful to take a step back and look at longer term trends. These charts delineate average sales price (which is different from median sales price) and average dollar per square foot by neighborhood, by year, going back to 1995. Annual statistics are typically more reliable and meaningful than quarterly or monthly stats, because the body of data is so much larger and the normal fluctuations of smaller time periods get flattened out. Even then, some of these neighborhoods do not have that many sales and of the sales, many do not report square footage — thus these statistics must be considered generalities with a fairly large margin of error.

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Luxury Home Sales by San Francisco Realtor District

The older prestige neighborhoods running across the north of the city from Sea Cliff through Pacific Heights to Russian & Telegraph Hills still dominate sales, but high-end sales in the greater Noe Valley/ Castro/ Haight Ashbury district have soared since the late nineties, and luxury condos in new developments in South Beach, SOMA and Yerba Buena are also a major part of this market now. St. Francis Woods has been an enclave for sales of big houses for quite some time.

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Inventory of Luxury Homes for Sale

Inventory declines rapidly as the holiday season begins. The high-end market usually, to a large degree, hibernates between Thanksgiving and mid-January and then starts to pick up again.

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Months’ Supply of Inventory (MSI)

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Average Days on Market (DOM) Before Acceptance of Offer

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Luxury Home Sales vs. Listings Expired or Withdrawn

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Unit Sales of Homes of $2,000,000 and Above

The second quarter saw a big jump to sales levels not seen since 2008, but in the third and fourth quarters sales dropped back to a more normal number.

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MEDIAN SALES PRICE is that price at which half the sales occur for more and half for less. It can be, and often is, affected by other factors besides changes in market values, such as short-term or seasonal changes in inventory or buying trends. Though often quoted in the media as such, the median sales price is NOT like the price for a share of stock, i.e. a definitive reflection of value and changes in value, and monthly fluctuations are generally meaningless. If market values are truly changing, the median price will consistently rise or sink over a longer term than just 2 or 3 months, and also be supported by other supply and demand statistical trends.

AVERAGE SALES PRICE is calculated by adding up all the sales prices and dividing by the number of sales. It is different from median sales price, but like medians, averages can be affected by other factors besides changes in value. For example, averages may be distorted by a few sales that are abnormally high or low, especially when the number of sales is low.

DAYS ON MARKET (DOM) are the number of days between a listing going on market and accepting an offer. The lower the average days on market figure, typically the stronger the buyer demand and the hotter the market.

MONTHS SUPPLY OF INVENTORY (MSI) reflects the number of months it would take to sell the existing inventory of homes for sale at current market conditions. The lower the MSI, the stronger the demand as compared to the supply and the hotter the market. Typically, below 3-4 months of inventory is considered a “Seller’s market”, 4-6 months a relatively balanced market, and 7 months and above, a “Buyer’s market.”

DOLLAR PER SQUARE FOOT ($/sqft) is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, lot size, or patios and decks — though all these can still add value to a home. These figures are usually derived from appraisals or tax records, but are sometimes unreliable or unreported altogether. All things being equal, a house will sell for a higher dollar per square foot than a condo (due to land value), a condo higher than a TIC (quality of title), and a TIC higher than a multi-unit building (quality of use). Everything being equal, a smaller home will sell for a higher $/sqft than a larger one. (However, things are rarely equal in real estate.) There are often surprisingly wide variations of value within neighborhoods and averages may be distorted by one or two sales substantially higher or lower than the norm, especially when the total number of sales is small. Location, condition, amenities, parking, views, lot size & outdoor space all affect $/sqft home values. Typically, the highest dollar per square foot figures in San Francisco are achieved by penthouse condos with utterly spectacular views in prestige buildings.

Median and average statistics are generalities subject to fluctuation due to a variety of reasons (besides changes in value): how they apply to any specific property is unknown. Averages may be distorted by one or two sales substantially higher or lower than the norm, especially when sample size is small. Sales not reported to MLS – such as many new-development condo sales — are not included in this analysis. All figures should be considered approximate and are derived from sources deemed reliable, but may contain errors and omissions, and not warranted. We are happy to provide or direct you to the original data upon which each chart is based.

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Listings for Sale on the Last Day of Month: Very, very low.

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Percentage of Listings Accepting Offers, by Week (over past 6 months): Demand continues to dramatically grow as the new year began, indeed to the highest levels in recent memory.

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Percentage of Listings Accepting Offers by Month: Same story of increasing demand, clearly seen over the past couple years.

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District 5 Median Sales Prices, by Quarter: The House Median is the highest since 2008; the condo median is close to its highest point since 2008.

A full series of updated District 5 charts is online here: http://www.paragon-re.com/postings/San_Francisco_District_5_Overview_Charts.html

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SoMa/South Beach/ Yerba Buena/ Mission Bay: Condos for Sale

The series of updated charts for this area in online here: http://www.paragon-re.com/postings/San_Francisco_SOMA-South-Beach_Market_Overview.html

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