San Francisco sales analysis for the 1st quarter of 2008 vs. 1st and 4th quarters of 2007

 

 

SFDs

 

1st quarter of 2008

 

1st quarter of 2007

4th quarter of 2007

 

Sales volume

 

Price change

 

District

 

Sales

 

Average SP

 

Total sales $$

 

Sales

 

Average SP

 

Total sales $$

 

 

 

 

 

7,8

 

22

 

$2,864,500

 

$63,019,000

 

30

 

$3,442,433

 

$103,272,990

 

‑26.7%

 

‑16.8%

 

 

 

 

 

 

 

 

 

31

 

$4,778,722

 

$148,140,382

 

‑29.0%

 

‑40.1%

 

4,5,6

 

125

 

$1,486,492

 

$185,811,500

 

146

 

$1,218,794

 

$177,943,924

 

‑14.4%

 

22.0%

 

 

 

 

 

 

 

 

 

173

 

$1,314,027

 

$227,326,671

 

‑27.7%

 

13.1%

 

1,2,3

 

132

 

$1,027,701

 

$135,656,532

 

157

 

$1,005,689

 

$157,893,173

 

‑15.9%

 

2.2%

 

 

 

 

 

 

 

 

 

197

 

$1,148,889

 

$226,331,133

 

‑33.0%

 

‑10.5%

 

9,10

 

106

 

$686,969

 

$72,818,714

 

159

 

$744,747

 

$118,414,773

 

‑33.3%

 

‑7.8%

 

 

 

 

 

 

 

 

 

166

 

$718,228

 

$119,225,848

 

‑36.1%

 

‑4.4%

 

All SF

 

385

 

$1,187,807

 

$457,305,746

 

492

 

$1,133,181

 

$557,524,860

 

‑21.7%

 

4.8%

 

 

 

 

 

 

 

 

 

567

 

$1,271,647

 

$721,024,034

 

‑32.1%

 

‑6.6%

 

 

 

CNDs

 

1st quarter of 2008

 

1st quarter of 2007

4th quarter of 2007

 

Sales volume

 

Price change

 

District

 

Sales

 

Average SP

 

Total sales $$

 

Sales

 

Average SP

 

Total sales $$

 

 

 

 

 

7,8

 

137

 

$1,029,008

 

$140,974,096

 

190

 

$941,295

 

$178,846,050

 

‑27.9%

 

9.3%

 

 

 

 

 

 

 

 

 

221

 

$1,044,056

 

$230,736,376

 

‑38.0%

 

‑1.4%

 

4,5,6

 

143

 

$766,125

 

$109,555,875

 

235

 

$710,110

 

$166,875,850

 

‑39.1%

 

7.9%

 

 

 

 

 

 

 

 

 

222

 

$780,416

 

$173,252,352

 

‑35.6%

 

‑1.8%

 

1,2,3

 

35

 

$847,355

 

$29,657,425

 

57

 

$779,191

 

$44,413,887

 

‑38.6%

 

8.7%

 

 

 

 

 

 

 

 

 

56

 

$842,284

 

$47,167,904

 

‑37.5%

 

0.6%

 

9,10

 

123

 

$849,431

 

$104,480,013

 

207

 

$772,578

 

$159,923,646

 

‑40.6%

 

9.9%

 

 

 

 

 

 

 

 

 

197

 

$757,185

 

$149,165,445

 

‑37.6%

 

12.2%

 

All SF

 

438

 

$878,236

 

$384,667,409

 

689

 

$798,345

 

$550,059,433

 

‑36.4%

 

10.0%

 

 

 

 

 

 

 

   

 

696

 

$862,532

 

$600,322,077

 

‑37.1%

 

1.8%

 

The volume of sales is down significantly and prices of homes have declined in this quarter, although condo prices are still increasing.  For homes the volume is off 21% from the first quarter of 2007 and 32% from the fourth quarter.  Average home sale prices are up 4.8% from the first quarter 2007, but down 6.6% from the fourth quarter.  For condos the volume is down 36%, but average prices are still increasing, 10% year-on-year.

 

The high end is propping the market up.  For the first quarter of 2008, there have been 268 sales of homes and condominiums over $1,000,000, only 5% less than the 281 in the first quarter of 2007, and 29% less than the 380 in the fourth quarter of 2007.  Those drops are not as bad as the overall volume decline.

 

In this chart individual TIC sales are included.  TIC data is inherently unreliable though, because sales may be entered for the entire building as an undivided multi-unit building (which legally it still is), so those sales are not captured in the averages.  But there is no doubt that the TIC market has grown significantly in San Francisco in the last 3 years as a result of the politicians choking off the supply of legal condominiums through the highly restrictive conversion process and the availability of fractional interest financing.

 

I will continue to report on sales activity through the year.

 

David Parry(415) 351 - 4611

dparry@mcguire.com  www.classicSFproperties.com

 

 

Notes:

District 7 covers Pacific Heights, Presidio Heights, Cow Hollow, and the Marina.

District 8 includes Russian Hill, Nob Hill, and Telegraph Hill, among other areas.

The full San Francisco District Map can be viewed by clicking on this link:

http://www.classicSFproperties.com/districtmap.htm

 

 

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.San Francisco neighborhoods served:Pacific Heights, Presidio Heights, Cow Hollow, Marina, Russian Hill, Nob Hill, Telegraph Hill, North Beach, the North Waterfront, Fisherman's Wharf, South of Market (SoMa), South Beach, Mission Bay, Downtown, Financial District, Chinatown, Tenderloin, Van Ness Corridor, Lower Pacific Heights, Western Addition, Jordan Park, Lone Mountain, Inner Richmond, Lake Street, Sea Cliff, Central Richmond, Anza Vista, Laurel Heights, Hayes Valley, Duboce Triangle, North Panhandle, Haight Ashbury, Cole Valley, Ashbury Heights, Buena Vista Park, Corona Heights, Twin Peaks, Clarendon Heights, Golden Gate Heights, Inner Sunset, West Portal, Potrero Hill, Mission Dolores, the Castro, Eureka Valley, Dolores Heights, Noe Valley, Glen Park, Parnassus Heights, Parkside, Sunset, St. Francis Wood, Forest Hill, Forest Hill Extension, Forest Knolls, West Portal, Miraloma Park, Westwood Highlands, Monterey Heights, Mount Davidson Manor, Sherwood Forest, Sunnyside, Balboa Terrace, Ingleside Terrace, Merced Manor, Lakeside, Bernal Heights, Potrero Hill, Mission Terrace.

 

Professional and academic qualifications:

Full-time San Francisco REALTOR® since 1986; Director of the San Francisco Association of REALTORS®; Director of the California Association of REALTORS®; Director of the National Association of REALTORS® representing San Francisco’s 5000+ members; Director of Real Estate Business Technologies (REBT), a California Association subsidiary; Graduate of the Real Estate Institute (GRI); Electronic Internet Professional (ePro); Certified Trainer in WINForms; Bachelors Degree in Computer Science; Masters Degree in Systems Analysis.