Median Sales Price in San Francisco is a Neighborhood Thing
Just like the weather changes from the Outer Sunset to West Portal and from Nob Hill to the Mission; so does the median price of real estate in San Francisco.
Last month, the median price for the entire City of San Francisco, was $750,000 (up slightly from $747,000 in June). When this gets broken down by area, t he picture changes dramatically.
The fabled North End (Pacific Heights, Nob Hill, the Richmond, Sea Cliff etc.) had only 30 homes sell last month with a median price of $1,562,500. Home to famous people such as Danielle Steel, Robin Williams, Nancy Pelosi, and Dianne Feinstein; these are predominantly extremely desirable–and therefore expensive neighborhoods.
There are very few foreclosures and short sales here as well. And IF there are, expect to pay seven figures! *
The middle part of the City (Noe Valley, the Sunset, Glen Park and Diamond Heights etc.) was in the middle; slightly under half of the north end median and nearly double the south end but with more sales than the other two areas combined. July 2011 saw 99 homes sold with a median sales price of $850,000.
And the southern part of SF? Even with a few high-end neighborhoods like Lakeshore and Merced Manor; the lower-end trumped and dropped the median sales price for the 64 houses sold to a mere $482,000. This is ONLY 64% of the median price for the entire City of San Francisco!
So are there some good deals out there? Yes–but not in every neighborhood.
Regardless, the time to buy is now BEFORE both prices and interest rates go up. With the stock market going bonkers, it is likely that interest rates will go up. The median price is already headed that way. Don’t wait and get priced out of one of the most affordable markets in nearly a decade!
*For more information on short sales and foreclosures (REOs), check out my distressed properties website: http://www.shortsalesanfrancisco.com/custom2.shtml