2005 has started off with a bang in San Francisco

2005 was a strong year for real estate prices in San Francisco. City-wide the average sale price of homes listed in the MLS increased by 14%. The average sale price in the City not only broke the $1 million barrier for the first time, but ended up at $1,082,000. There was a shortage of inventory, however, with the number of home sales overall down more than 7% from last year and at the lowest level since 2001. Buyers continued to be drawn into the market as the local economy improved, but found limited inventory available to choose from. Some softening in the market could be detected in that the average increase for the first three quarters over the same period in 2004 had been 17%.

Condominium and cooperative apartment sales activity showed a volume drop of over 9% City-wide, compared to 2004, but the number of sales through the MLS in those categories does not count several large developments (which close units but do not list them all with the MLS) and Tenancy-In-Common (TIC) sales. City-wide the average sale price was up 17%, with the rest of the City performing better at over 20% on average than the ‘prime’ areas of Districts 7 and 8. The Richmond district and the South of Market/Potrero Hill areas had particularly strong price increases. As with single-family homes, a little price softening could be detected at the end of the year in that the average condo sale price for the first nine months had been 18.7% up over the 2004 average.

For 2005, there were 1509 sales of homes, condos and co-ops which sold for $1,000,000 or more, compared to 1123 in the same period last year, a 34% increase.

A full 2005 versus 2004 district-by-district sales comparison chart for both homes and condominiums is shown below.

The San Francisco District Map can be viewed by clicking on this link: http://www.classicSFproperties.com/districtmap.htm

2005 vs 2004 San Francisco sales analysis

SFDs	2005			2004			#change	$change
District	#sales	Avg. SP	Total sales $$	#sales	Avg. SP	Total sales $$
1	206	$1,444,599	$297,587,394	237	$1,145,477	$271,478,049	‑13.08%	26.11%
2	584	$860,896	$502,763,264	608	$753,944	$458,397,952	‑3.95%	14.19%
3	263	$773,730	$203,490,990	314	$660,009	$207,242,826	‑16.24%	17.23%
4	389	$1,047,558	$407,500,062	423	$932,441	$394,422,543	‑8.04%	12.35%
5	417	$1,347,373	$561,854,541	448	$1,127,454	$505,099,392	‑6.92%	19.51%
6	48	$1,370,188	$65,769,024	47	$1,176,003	$55,272,141	2.13%	16.51%
7	135	$3,420,910	$461,822,850	152	$3,259,868	$495,499,936	‑11.18%	4.94%
8	29	$3,048,741	$88,413,489	31	$2,309,573	$71,596,763	‑6.45%	32.00%
9	289	$869,555	$251,301,395	312	$787,046	$245,558,352	‑7.37%	10.48%
10	705	$677,595	$477,704,475	733	$585,854	$429,430,982	‑3.82%	15.66%
S.F.	3065	$1,082,613	$3,318,207,484	3305	$948,260	$3,133,998,936	‑7.26%	14.17%
D7&8	164	$3,355,100	$550,236,339	183	$3,098,889	$567,096,699	‑10.38%	8.27%
Others	2901	$954,144	$2,767,971,145	3122	$822,198	$2,566,902,237	‑7.08%	16.05%

CNDs	2005			2004			#change	$change
District	#sales	Avg. SP	Total sales $$	#sales	Avg. SP	Total sales $$
1	136	$839,823	$114,215,928	138	$688,137	$94,962,906	‑1.45%	22.04%
2	29	$684,155	$19,840,495	40	$634,593	$25,383,720	‑27.50%	7.81%
3	46	$559,380	$25,731,480	47	$488,947	$22,980,509	‑2.13%	14.41%
4	74	$601,889	$44,539,786	85	$519,527	$44,159,795	‑12.94%	15.85%
5	389	$840,206	$326,840,134	360	$751,139	$270,410,040	8.06%	11.86%
6	284	$709,300	$201,441,200	294	$628,607	$184,810,458	‑3.40%	12.84%
7	402	$1,129,300	$453,978,600	422	$1,014,658	$428,185,676	‑4.74%	11.30%
8	569	$858,039	$488,224,191	623	$768,779	$478,949,317	‑8.67%	11.61%
9	906	$791,279	$716,898,774	1104	$631,688	$697,383,552	‑17.93%	25.26%
10	83	$521,298	$43,267,734	99	$446,515	$44,204,985	‑16.16%	16.75%
S.F.	2918	$834,468	$2,434,978,322	3212	$713,397	$2,291,430,958	‑9.15%	16.97%
D7&8	971	$970,343	$942,202,791	1045	$868,072	$907,134,993	‑7.08%	11.78%
Others	1947	$766,705	$1,492,775,531	2167	$638,808	$1,384,295,965	‑10.15%	20.02%

David Parry
(415) 351 - 4611
dparry@mcguire.com
www.classicSFproperties.com

Professional services offered:
San Francisco Real Estate advice, Selling Real Estate in San Francisco, Buying Real Estate in San Francisco, Condominium Conversion in San Francisco, Investment Property Analysis for San Francisco apartments, Commercial Real Estate in San Francisco, Relocation to San Francisco, Lofts in San Francisco, Tenancy-In-Common (TIC) sales and purchases in San Francisco.

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