San Francisco home values rose more than 15 percent in October from a year ago, posting a median sale price of $1.18 million. Sales fell for the fourth-straight month, dropping nearly 19 percent. Across the greater Bay Area, prices rose 13.5 percent and sales fell 18.7 percent.
New listings for sale rose 7.4 percent, the first year-over-year increase since April, but houses are finding buyers so quickly that inventory actually shrank 2.6 percent, the 15th-straight month supply has tightened in a city already stretched to the limits. The typical home sold in two weeks.
Forest Hill and Marina were the city’s priciest communities, with half of houses fetching $2 million or more. Western Addition and the Financial District had the biggest jumps in median sale prices, up 65 percent and 54 percent respectively. Hayes Valley, Ashbury Heights, Miraloma Park and Crocker-Amazon all had price gains of more than 30 percent.
“Crocker-Amazon, a small suburb of Excelsior, has seen a fair amount of investment activity in the past few years and a lot of homes have undergone renovations as a result,” Redfin agent Mark Colwell said. “Sellers getting their homes ready for market have also updated, finished basements or increased square footage.”
Because homes in Crocker-Amazon tend to be more affordable than other neighborhoods in San Francisco, there’s also been an increase in demand for homes there, Colwell said.
In Civic Center/Van Ness, the city’s least-expensive neighborhood, the median sale price fell nearly 16 percent, to 630,000. Still, more houses are selling above list price than they were a year ago and they’re finding buyers in two weeks.
See our city page for the most up-to-date data on San Francisco home prices.
NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood data is measured over the three months ended Oct. 31. Inventory measures listings active as of Oct. 31.
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