Friday, January 11, 2013

It's been a busy quarter

Since blogging isn't my primary occupation, I'll use that as the best excuse for the long time since our last update.  Since our last post we've had four closings -- a condo in Sausalito, two commercial condos in San Francisco, and a home in Pacifica.  And our experience is borne out by the broader sales statistics our monthly reports, the latest version of which will be available at in the next few days.  In the meantime, here are some highlights:

  • There has been a definite shift in pricing toward the high end of the market.  
    • The percentage of homes (condos and single family homes) selling for under $1million has fallen to 74% this year, down from almost 80% last year.  The last time this percentage was this low as back in 2008.
    • 6% of sales in 2012 were over $2million.  In 2011 that percentage was 5%.  The last time the high end of the market represented this much of the total market was, again, back in 2008.
  • The average sales price of a 2 bedroom, 2 bath condo in San Francisco breached the $1million barrier in December reaching $1,019,000.  This tops the three previous months where we've seen a steady climb in selling prices from $889,000 in September, to $893,000 in October, to $995,000 in November.  

  • And this does not appear to be a statistical anomaly -- the median sales price shows a similar steady increase. For the entire year 2012, 885 2 bedroom, 2 bath unit were sold. You have to go back to 2004 to see a greater volume of sales.

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