2004 was an exceptionally strong year for real estate in San Francisco. The average sale price of listed single-family homes in District 7 (Pacific Heights, Presidio Heights, etc,) increased by over 21% for the year compared to 2003. City-wide the average sale price of homes listed in the MLS increased by over 17%. The average sale price in District 5 (Noe Valley, Upper Market, etc) not only broke the $1 million barrier, but ended up at $1,127,000. There was a shortage of inventory, however, with the number of home sales overall down 2.5% from last year. Buyers were drawn into the market by a sense that the economy was recovering and that interest rates had bottomed out and could only increase.

Condominium and cooperative apartment sales activity showed a volume increase of over 11% City-wide, which is a characteristic occurrence when single-family homes are in short supply - buyers turn to condominiums - and is probably an underestimate as several large developments which have been closing units do not list them all with the local MLS. In Districts 7 and 8 combined the average sale price increased by over 21% year-on-year and City-wide the average sale price was almost 16.5%.

For 2004, there were 1123 sales of homes, condos and co-ops sold for more than $1,000,000, compared to 713 in the same period last year, a 57.5% increase.

A full 2004 versus 2003 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

 

2004 vs 2003 San Francisco Sales Analysis

SFDs

 2004 2003 #change $change
District #sales Avg. SP Total sales $$ #sales Avg. SP Total sales $$  
1 237 $1,145,477$270,547,096 252 $1,116,417 $281,337,084 ‑5.95% 2.60%
2 608 $753,944 $458,397,952614 $638,958 $392,320,212 ‑0.98% 18.00%
3 314 $660,009 $207,242,826295 $565,944 $166,953,480 6.44% 16.62%
4 423 $932,441 $394,422,543467 $806,272 $376,529,024 ‑9.42% 15.65%
5 448 $1,127,454 $505,099,392470 $977,325 $459,342,750 ‑4.68% 15.36%
6 47 $1,176,003 $55,272,141 57 $1,027,904 $58,590,528 17.54% 14.41%
7 152 $3,259,868 $495,499,936 142 $2,681,646 $380,793,732 -7.04% 21.56%
8 31 $2,309,573 $71,596,763 26 $2,176,523 $56,589,598 19.23% 6.11%
9 312 $787,046 $245,558,352351 $622,911 $218,641,761 ‑11.11% 26.35%
10 733 $585,854 $429,430,982718 $495,045 $355,442,310 2.09% 18.34%
S.F. 3305 $948,260 $3,133,998,9363392 $809,711 $2,746,540,479 ‑2.56% 17.11%
D7&8 183 $3,098,889 $567,096,699 168 $2,603,472 $437,383,330 8.93% 19.03%
Others 3122 $822,198 $2,566,902,2373224 $716,240 $2,309,157,149 ‑3.16% ‑3.16%


CNDs 2004 2003 #change $change
District #sales Avg. SP Total sales $$ #sales Avg. SP Total sales $$  
1 138 $688,137$93,610,024 140 $610,644 $85,490,160 2.86% 12.72%
2 38 $639,229 $24,290,702 31 $592,497 $18,367,407 22.58% 7.89%
3 47 $488,947 $22,980,509 19 $500,283 $9,505,377 147.37% 2.27%
4 85 $519,527 $44,159,795 81 $424,847 $34,412,607 4.94% 22.29%
5 359 $751,114 $269,649,926 377 $639,065 $240,927,505 4.77% 17.53%
6 279 $632,088 $176,352,552 264 $564,630 $149,062,320 5.68% 11.95%
7 420 $1,015,204 $426,385,680 387 $864,272 $334,473,264 8.53% 17.46%
8 621 $768,902 $477,488,142 585 $617,410 $361,184,850 6.15% 24.54%
9 1101 $631,543 $695,328,843 928 $544,933 $505,697,824 18.64% 15.89%
10 98 $446,633 $43,770,034 74 $398,454 $29,485,596 32.43% 12.09%
S.F. 3184 $714,201 $2,274,016,207 2886 $612,823 $1,768,606,910 10.33% 16.54%
D7&8 1041 $868,275 $903,873,822 972 $715,698 $695,658,114 7.10% 21.32%
Others 2143 $639,357 $1,370,142,385 1914 $560,579 $1,072,948,796 11.96% 14.05%


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