Wednesday, April 5, 2017

Higher 1st Quarter 2017 Sales in San Francisco, part 1

Recently there have been several items in other blogs and publications suggesting that the number of transactions in San Francisco residential real estate is on the decline signaling a possible downturn or bursting bubble.

Statistics from the SFMLS show that the number of residential property sales (single family homes, condos, TICs, co-ops, but not including multi unit buildings) first quarter sales did decline in 2015 and 2016 an average of 9%/year (compared to the previous year) but are up almost 5% in 2017.

And our latest quarterly report of sales where we track five separate configurations of homes (eg. 2br/1ba single family homes; 3br/2ba single family homes; 1br/1ba condo/TICs; 2br/1ba condo/TICs; and 2br/2ba condo/TICs) average sales prices in the first quarter of 2017 are higher than they were for the same quarter in 2016 in 3 out of the 5 configurations.  See next post for details.

(BTW, those five configurations make up over 60% of residential sales in San Francisco).

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