As I do every month, I ran the latest San Francisco real estate sales figures from the month of June for you. And yes, I know we’re almost in August. And yes, I know I usually run these at the beginning of the month. But I was on vacation (and on dial-up) at the beginning of the month. And then I got busy right when I got back, so here we are – late as hell. But better late than never, right?Â
Single Family homes sales volume is up, median price is down, days on market is up. Condo/Loft and Co-op sales volume is slightly up, median price is down, days on market is up. TIC sales volume is down, median price is down, days on market is up.
What’s this all mean? It ain’t a pretty picture folks. But, it also ain’t ugly. San Francisco real estate is still faring much better than the country in general, and one month of lower prices doesn’t a crappy market make. I’ll be the first to admit (adamantly) that the picture ain’t rosy – but, things could be much worse. If this trend continues for a few months – then I’ll switch my song from “ain’t rosy” to “it’s ugly.” But for now – I think we’re still moving along at a pace that’s great for buyers, not so great for sellers and is still, overall, ok for the City.
So here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.
Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!” 
Here’s a quick snapshot of the market from June 1, 2008 through June 30, 2008:
Single Family Homes
- 294Â Homes Sold
- Median Sale Price was $752,500
- Minimum Sale Price was $130,000
- Maximum Sale Price was $18,000,000
- Median Selling Price was 99% of asking price
- Median Days on Market was 34
- Median Selling Price for homes that sold within 30 days was 103.5% of asking price
Condominiums, Lofts & Co-ops
- 198 Homes Sold
- Median Sale Price was $772,500
- Minimum Sale Price was $150,000
- Maximum Sale Price was $5,000,000
- Median Selling Price was 99% of asking price
- Median Days on Market was 48
- Median Selling Price for homes that sold within 30 days was 103.5% of asking price
TIC’s
- 41Â Homes Sold
- Median Sale Price was $609,000
- Minimum Sale Price was $240,000
- Maximum Sale Price was $1,608,000
- Median Selling Price was 100% of asking price
- Median Days on Market was 70
- Median Selling Price for homes that sold within 30 days was 99% of asking price
Hi Luba–
I just posted the following comment/question to the thread on socketsite about your statistics . . .
Regarding the “TIC discount” (vis-a-vis condos):
I do not think comparing median prices as Eoral and Luba have done tells us much about the “TIC discount factor,” because condos tend to be new or newish construction and TICs tend to be found in older buildings (those subject to rent control and the condo conversion lottery). It would be more instructive to compare $/sf of TICs and Condos in older buildings (say, pre-1950). There would still be the usual “mix” concerns (aside from neighborhood and individual property characteristics, the condo units will have received City-mandated improvements as part of condo conversion, and the condo units will probably be smaller on average too), but at least the statistics would not be distorted by the new-construction premium. It would be useful to see a time series illustrating the price disparity ($/sf) so calculated and whether it is converging or diverging over time (since the early 2000s, or whenever the TIC market first took off). Because the number of “condo in older building” sales in any given month is likely to be small (thanks to SF’s draconian condo-conversion laws), it would probably be useful to calculate the median $/sf figures using six months or a year of sales data (yielding 1 or 2 datapoints per year, going back to the early 2000s), rather than monthly data.
If Luba or anyone else with access to the MLS database (fluj?) wants to take on this project, I would be really interested to see the result–as would many other market participants, no doubt.