A quick look at the past 6 months as compared to the same time period in each of the prior 6 years. This is the $2 million to $3 million Single Family home market in Pacific Heights, Presidio Heights, the Marina & Cow Hollow. With all sales btwn $2M and $3M most of the average and medians for these time periods were right around $2.5 million so I'll focus on price per SqFt, and the size of home you can get for that price, and number of sales:
'03-'04 - 25 sales, $713 per SqFt, 3,586 Avg SqFt
'04-'05 - 25 sales, $793 per SqFt, 3,140 Avg SqFt
'05-'06 - 14 sales, $1,026 per SqFt, 2,634 Avg SqFt
'06-'07 - 20 sales, $847 per SqFt, 2,937 Avg SqFt
'07-'08 - 9 sales, $918 per SqFt, 2,793 Avg SqFt
'08-'09 - 8 sales, $901 per SqFt, 2,806 Avg SqFt
'09-present - 14 sales, $802 SqFt, 3,290 Avg SqFt
Oh so many caveats here. For one I had to take out the Bourn Mansion sale - 2550 Webster was an extreme fixer that had 9762 SqFt for "only" $2.79M.
Of course that buyer is going to put in MILLIONS of dollars to restore it and it seriously skewed the price per SqFt and the average SqFt.Secondly, this price range and area is notorious for private non-MLS Sales (and this is all San Francisco MLS data) and for "undisclosed" prices.
Still, the above is general guidance. Prices are back to the late '04 early '05 levels with Sellers becoming more realistic and total sales improving over
the past 2 years' results. But sales are up, and the anecdotal evidence from agents in my office is that there is a LOT of off-MLS sales happening right now. Sellers and Buyers are cutting deals. This is one of those times I think it's a good time to be a Buyer or a Seller. Well, Sellers might not think that because prices are way down from peak, but if you want to sell, there is definitely demand right now. And if you want to buy, you should find it easier to negotiate a deal rather than finding nothing but unrealistic and totally inflexible sellers.Well, maybe they still aren't
<------ this flexible.
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