2006 was a year of stabilization for real estate prices in San Francisco.  City-wide the average sale price of homes listed in the MLS increased by just under 4%.  The average sale price in the City ended up at $1,103,000, $41,000 more than last year.  There was a shortage of inventory, however, with the number of home sales overall down over 11% 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.  Listings were at a premium and multiple offers continued to be obtained for those that were correctly priced.

 

Condominium and cooperative apartment sales activity showed an even larger volume drop of 13% City-wide, compared to 2005, 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 a fraction, by $2,000.  In the prime areas of Districts 7 & 8, the average sale price of a condominium went over $1,000,000 for the first time.

 

For 2006, there were 1376 closings of listed homes, condos and co-ops which sold for $1,000,000 or more, compared to 1509 in the same period last year, almost a 9% decrease, which is consistent with the overall drop in sales activity of 12-15%, but offset by the slight increase in values.

 

A full 2006 versus 2005 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

 

2006 vs 2005 San Francisco sales analysis

 

SFDs

2006

2005

#change

$change

District

#sales

Avg. SP

Total sales $$

#sales

Avg. SP

Total sales $$

 

 

1

195

$1,362,887

$265,762,965

206

$1,144,599

$235,787,394

‑5.34%

19.07%

2

528

$839,371

$443,187,888

584

$860,896

$502,763,264

‑9.59%

‑2.50%

3

224

$781,162

$174,980,288

263

$773,730

$203,490,990

‑14.83%

0.96%

4

380

$1,076,121

$408,925,980

389

$1,047,558

$407,500,062

‑2.31%

2.73%

5

373

$1,409,690

$525,814,370

417

$1,347,373

$561,854,541

‑10.55%

4.63%

6

36

$1,588,931

$57,201,516

48

$1,370,188

$65,769,024

‑25.00%

15.96%

7

116

$3,695,929

$428,727,764

135

$3,420,910

$461,822,850

‑14.07%

8.04%

8

21

$2,493,000

$52,353,000

29

$3,048,741

$88,413,489

‑27.59%

‑18.23%

9

260

$897,223

$233,277,980

289

$869,555

$251,301,395

‑10.03%

3.18%

10

584

$697,105

$407,109,320

705

$677,595

$477,704,475

‑17.16%

2.88%

S.F.

2717

$1,103,180

$2,997,341,071

3065

$1,062,449

$3,256,407,484

‑11.35%

3.83%

D7&8

137

$3,511,538

$481,080,764

164

$3,355,100

$550,236,339

‑16.46%

4.66%

Others

2580

$975,295

$2,516,260,307

2901

$932,841

$2,706,171,145

‑11.07%

4.55%

 

CNDs

2006

2005

#change

$change

District

#sales

Avg. SP

Total sales $$

#sales

Avg. SP

Total sales $$

 

 

1

129

$820,132

$105,797,028

136

$839,823

$114,215,928

‑5.15%

‑2.34%

2

22

$740,788

$16,297,336

29

$684,155

$19,840,495

‑24.14%

8.28%

3

48

$539,237

$25,883,376

46

$559,380

$25,731,480

4.35%

‑3.60%

4

65

$558,667

$36,313,355

74

$601,889

$44,539,786

‑12.16%

‑7.18%

5

389

$846,539

$329,303,671

389

$840,206

$326,840,134

0.00%

0.75%

6

223

$707,782

$157,835,386

284

$709,300

$201,441,200

‑21.48%

‑0.21%

7

300

$1,163,516

$349,054,800

402

$1,129,300

$453,978,600

‑25.37%

3.03%

8

428

$895,630

$383,329,640

569

$858,039

$488,224,191

‑24.78%

4.38%

9

887

$782,462

$694,043,794

906

$791,279

$716,898,774

‑2.10%

‑1.11%

10

48

$539,504

$25,896,192

83

$521,298

$43,267,734

‑42.17%

3.49%

S.F.

2539

$836,453

$2,123,754,578

2918

$834,468

$2,434,978,322

‑12.99%

0.24%

D7&8

728

$1,006,023

$732,384,440

971

$970,343

$942,202,791

‑25.03%

3.68%

Others

1811

$768,288

$1,391,370,138

1947

$766,705

$1,492,775,531

‑6.99%

0.21%

 

David Parry
(415) 351 - 4611

dparry@mcguire.com

 

 

 

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