- 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.