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Year-to-Year Comparison of San Francisco Property Sales at Selected Price Ranges May 7th, 2008

houses increasing in value

Property & Price # Sales Q1 ‘07 # Sales Q1 ‘08 Change Median Price Q1 ‘07 Median Price Q1 ‘08 Sales/List Price Q1 ‘07 Sales/List Price Q1 ‘08
Houses Under $1M 320 230 -28% $740,000 $723,250 102.31% 99.75%
Houses $1M -2M 131 115 -12% $1,265,000 $1,310,000 103.66% 102.01%
$2M+ Houses 38 51 +34% $2,797,500 $2,595,000 100.38% 100.85%
Condos Under $1M 577 348 -40% $650,000 $660,000 100.23% 99.58%
Condos $1M - 2M 103 87 -16% $1,275,000 $1,249,000 101.38% 101.50%
Condos $2M+ 9 18 +100% $2,700,000 $2,396,500 102.40% 99.64%
2-4 Units, All Prices 133 82 -38% $1,300,000 $1,312,500 100.14% 100.05%

Here we see that lower priced homes, by far the largest segment of our real estate market by quantity of sales, have been the most negatively affected by market changes: year to year, house and condo sales under $1,000,000 declined by 28% and 40% respectively. Conversely, at the highest end, house and condo sales increased by 34% and 100%, though the actual number of sales is small. (Due to the small number of sales and the huge range in sales prices, changes in median price at the high end are not particularly meaningful.) The middle range declined by 12 – 16% in unit sales, with mixed results in median sales prices.

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