San Francisco Condo Market Exceeds Previous Peak Values, Outpaces Single Family Home Sales In The Process
Not to be outdone by yesterday’s news of the Single Family Home recovery in San Francisco, today we present some data about all those condos dotting our skyline and filling our neighborhoods.
Previous peak values for city condos occurred in 2008, and once again we’ve taken the highest-end sales (over $2m) out of the analysis since they distort average statistics. As with houses, condos sales values over the last 3 months have exceeded previous peak values. Condos now make up the largest percentage of home sales in the city.
[Click Images to Enlarge.]
Over the past 5 years, the San Francisco market has switched from being dominated by house sales to being dominated by condo sales; with the continuing construction of large condo projects, we expect this trend to continue. TIC sales have dropped significantly over that time period, both as a percentage of sales and in actual unit sales: This is due to a number of complex issues such as changes in city condo conversion and tenant protection regulations, and availability of financing.
We still have a ton more graphs and data to share with you in the next few days, so make sure to check back, get theFrontSteps delivered to your inbox, and/or bookmark Our Stats & Numbers page.
Time to sell? Rolling the dice to see if prices can still go higher? We did some recent comparables for a building in the city that has 180+ units, and there is currently not one unit for sale in the building, yet demand is through the roof. That building is not unique. Your neighborhood is not unique. If ever there is a time to sell and get out of San Francisco real estate (on top, or damn near it), now might be your time.
Data Source: Paragon Real Estate