2008 Days on Market Neighborhood RankingsJanuary 8, 2009
If I told you that properties in the Tenderloin tend to sell quicker than properties just a few blocks away in Nob Hill, would you believe me?
That’s why we’ve put together a list of San Francisco’s 85 neighborhoods, ranking them by how quickly homes sold during 2008. Which neighborhoods unload homes the quickest? And which ones have properties that tend to sit on the shelf for a while? You’re about to find out.
But first, a few comments about the Days on Market metric in the MLS. In case you didn’t know, Days on Market is computed by starting the clock the moment a property hits the open market. The clock stops once that property goes into “pending” status, which means it has effectively been taken off the open market unless something goes awry with the deal.
We wrote an article HERE about how MLS computes days on market. There are pluses and minuses regarding their method. Sometimes the days on market looks artificially low, and other times it looks high. Overall, however, we’re counting on these shortcomings to balance out as we look at the entire year of 2008 from high above. So without further adieu, here are the rankings:
|Rank||Neighborhood||Average DOM for 2008|
|2.||Jordan Park/Laurel Heights||30|
To see the rest of the rankings, continue reading –>
|T-28||Eureka Valley/Dolores Heights||47|
|T-28||Mount Davidson Manor||47|
|T-33||Buena Vista Park||48|
|T-38||St. Francis Wood||49|
|T-44||Golden Gate Heights||52|
|T-54||Lower Pacific Heights||58|
|T-59||Forest Hill Extension||63|
|63.||South of Market (SoMa)||65|
|T-67||Pine Lake Park||68|
|T-77||Van Ness/Civic Center||72|
What is interesting about this list is that some of the nicer neighborhoods can be found towards the bottom. Is that because their pricey pads require more marketing time? Could be. Also, no neighborhood goes above 3 months marketing time on average. That leads us to believe that San Francisco’s market is very strong or that MLS’s method for tallying up days on market is fatally flawed. The truth is probably somewhere in between. Real estate markets show big signs of sputtering when market times are around 6 months (180 days) or more.
Despite the imperfect data, we hope you’ll still find it useful, as all the neighborhoods are subject to the same MLS shortcomings and are being compared to one another.
To read more articles that rank San Francisco’s neighborhoods, click HERE.