So you think you’re neighborhood is unique, and more badass than the other…Think again. Home price appreciation is across the board, across all neighborhoods. Some of you might think Noe Valley is better than Cole Valley, and some of you might think life is better in the Marina over Pacific Heights. The fact is, if we’re talking numbers, they’re all pretty damn good and getting better every day.
These four San Francisco Realtor districts generate a lot of house sales, so they’re good for statistical analysis. For 2013, this chart looks at the last 5 months of sales—if assessing just the last 3 months, 2013 numbers would typically be higher. The central Noe-Eureka-Cole Valleys district, a hot bed of high-tech buyer demand, has soared well beyond its previous peak value in 2008. The very affluent northern district of Pacific Heights-Marina has also exceeded its previous peak. Sunset-Parkside in the southwest has regained its 2007 peak, and the southeast Bayview-Portola-Excelsior district, which was hit hardest by distressed sales, while recovering rapidly, has not yet made up the value lost since its 2006 peak. This district, with more house sales than any other, lost more percentage value in the downturn (25-45% depending on neighborhood) and so has more ground to make up. But it’s well on its way.
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But what about condos? Fear not, we’ve gotcha covered.
2006-Present: SF 2-Bedroom Condo Values by Neighborhood
These six areas of the city generate high numbers of condo sales, which is why we chose them for this analysis. Condos in all these areas have increased in value beyond their previous peaks in 2006-2008; some of them, such as South Beach, very dramatically so.
Remember that little 180+ unit building we mentioned…it’s in South Beach, and it’s in demand. So if you’re in that area, have a property you’re considering unloading, now might be a good time to pull that trigger.
Data Source: Paragon Real Estate