San Francisco Property Sales And Prices Continued Rising In June, But Still Down From 2008
We’ve been getting a lot of requests lately to run comparable property reports for homeowners looking to reduce their property taxes, and having to fight an uphill battle against the city proving their case that our market has, in fact, declined on more levels than one. Here is a little bit of information for San Francisco that might help.
Sales of single-family, re-sale homes and condos continued rising last month [June] as we move through the Spring selling season. Home sales were up 16.9% from May, off 2.41% year-over-year. Year-to-date, home sales are down 17.1%.
Condo sales were up 20.5% month-over-month, but off 15% compared to June 2008. Year-to-date, condo sales are down 33.9%.
The median price for single-family homes rose for the third month in a row. The median price rose 3.2% from May, but was down 5.7% year-over-year. The average price also rose, gaining 9.5% month-over-month, but down 12.3% compared to last June.
The median price for loft/condos in San Francisco dipped 0.5% from May, and was down 15.1% year-over-year. The average price for condos fell 5.4% month-over-month, and was off 16.2% year-over-year.
The above information is from the Real Estate Report, a detailed version of which you can find by clicking that link.
Here’s the question. There are many different sources out there reporting on the data at hand and they all slice it differently. DataQuick looks at the big (Statewide, Bay Area picture), SocketSite takes their data and always finds a way to focus on the negative, and Realtors will always focus on the positive (we’ll get that data to you shortly), so the question is who to believe?
As for why the city continues to not see the obvious, maybe a good ophthalmologist recommendation is in order.
[Update: Right after putting this post live, we did another one with more data, that is still different than the other two data points we referred to above: Stats & Numbers San Francisco Home Sales June ’08 Versus June ’09.]