It’s time to battle. The first half of ’09 is over and we’re anxious to see which condo market has fared better through the roughest patch of real estate roadway we’ve driven over in quite some time.
In this analysis, we compared condominium median trends in two large market areas. The first is what we’ll refer to as “SOMA”, and includes South of Market, South Beach, and Mission Bay. See districts 9d, 9f, and 9h on THIS map.
The second market area is what we’ll refer to as “North of California” and includes the neighborhoods of the Marina, Cow Hollow, Pacific Heights, Presidio Heights, North Waterfront, Telegraph Hill, North Beach, Russian Hill, and Nob Hill. Districts 7a, 7b, 7c, 7d may be seen on THIS map, and 8c, 8d, 8e, 8g, and 8h, on THIS map.
The two market areas we defined differ significantly from one another. We’ve written about SOMA’s higher inventory levels in the past, and since the overall market has taken a turn for the worse, we would like to see if those inventory levels have indeed affected values. North of California has tighter inventory levels and less growth (in the form of newly built homes). It seems more stable, but what will the numbers say? Lets find out, shall we?!?
To see the charts, continue reading –>