| Price up but not as high as yesteryear. . . | August 8th, 2009 |
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Additionally, pending sales showed improvement from recent months, rising to 255 single-family units under contract in June 2009 from a cyclical low of 104 units in December 2008. As sellers slowly adjusted their asking prices and expectations, the number of active single-family units on the market fell from a high of 847 units in October 2008 to 710 units in June 2009 Nearly one-quarter of all active single-family units and closed sales are located in the Southeast District, an area of the city with a high concentration of distressed properties, which encompasses the neighborhoods of Bayview, Hunter’s Point, and Outer Mission. The heightened concentration of sales at this end of the market, combined with fewer home sales in more expensive parts of the cityhas weighed-down the single-family median home price. Although a large proportion of single-family home sales activity is concentrated in the Southeast District, the jump in the number of closed sales in two of the city’s higher priced areas during June 2009 resulted in the significant rise in the median sales price from earlier in the year. The Central District, which encompasses the neighborhoods of Noe Valley, Mission Dolores, and Haight-Ashbury, and the North District, which includes the neighborhoods of PacificHeights, Cow Hallow, and Marina, accounted for 50 singlefamily home sales in June 2009 or nearly one-quarter of all single-family homes sales in the city. Leave a Reply |
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The San Francisco single-family median sales price rose 3.3% between May 2009 and June 2009, the third consecutive month of median home price appreciation. However, prices were 6.8% lower from one year ago.