Lets find out, shall we? Since the 1st half of ’09 is officially over and recorded, we crunched some numbers and then compared it to the same period for ’08. What we found leads us to some very general statements about year over year price declines in San Francisco. We say “very general” because we’re looking at the City as a whole. Different neighborhoods of course behave in different ways. Matter of fact, each individual property behaves in a unique fashion. In any case, here is what we found:
Single family home prices have come down 18% and condo prices have come down 15% since this time last year.
Here is the spreadsheet:
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| SFH | |||||
| Avg SP | Med SP | Avg PPSF | |||
| 1st Half 09 | $958,995 | $718,000 | $578 | ||
| 1st Half 08 | $1,217,186 | $865,000 | $697 | ||
| Change | -21.21% | -16.99% | -17.02% | -18.41% | Avg Using 3 Methods |
| Condos | |||||
| Avg SP | Med SP | Avg PPSF | |||
| 1st Half 09 | $779,023 | $669,500 | $646 | ||
| 1st Half 08 | $921,474 | $800,000 | $741 | ||
| Change | -15.46% | -16.31% | -12.80% | -14.86% | Avg Using 3 Methods |
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The numbers here are pretty compelling. Any way you slice it, whether you’re looking at medians, averages, or price per square foot, prices are down and local real estate is on sale. The difference one year makes is quite substantial. The market has changed so quickly that many are still scratching their heads wondering what happened and what’s to come.
There's a sale going on... 15-18% off! (Image courtesy of zimbio.com)
Click HERE to view more articles that analyze SF’s market as a whole.
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