Two weeks ago the Chronicle published a scary article that projected 25% decrease in prices – from the market peak — in SF, Marin and San Mateo. The data got me thinking, so a couple of weeks ago I did an analysis of median sales prices for 3BR/2BA houses with parking, and compared sales in the first half of 2007 (typically considered the “peak” in SF) and sales in the last 3 1/2 months (7/1/08 - 10/15/08). I have a full analysis if you want me to send you a copy, but here is a summary:
 
Overall change in the median price for a 3/2/pkg SFD between the first half of 2007 and 7/1/08 – 10/15/08 - decline of 8.4%.

For Districts 1-8 only– the change in the median price for a 3/2/pkg SFD between the first half of 2007 and 7/1/08 – 10/15/08 is a decline of 6.6%.

For District 5 only–the change in the median price for a 3/2/pkg SFD between the first half of 2007 and 7/1/08 – 10/15/08 is an increase of 14%.

In all the SF analyses, over 40% of the 2008 period sales went pending within 30 days, to close at an average sales price that was approximately 3% - 4.5% over asking. 

This data reminds us that real estate values — in the country, California, the Bay Area, within the city itself – are local and completely specific to the property’s exact location.

Warning: don’t try this at home– Statistical data often has no direct bearing on the value of your own property. For a more comprehensive analysis of what price your property could go for today, please call me at 415-577-0809.

This entry was posted on Monday, November 3rd, 2008 at 12:29 pm and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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