A “plugged in” tipster forwards an autumn to autumn comparison of listed (MLS) condo/coop/TIC/loft sales in San Francisco. Yes, they’re averages. Yes, seasonality is in full effect. And no, the majority of new construction isn’t included.
That being said, we do find the year-over-year drops in average sales price – down ~4% for resales – noteworthy. Or as our tipster writes, “[e]ven though those of us in SF arrogantly talk about the local market as one that doesn’t see dropping values (but rather diminished appreciation), this data says otherwise.”
And it begs the question, is this “the drop” sidelined buyers have been waiting for, or is it simply the start of a longer, and larger, fall? (And yes, pun intended.)
UPDATE (12/27): The chart we originally received was incorrectly labeled “condos” as opposed to “condos, coops, TICs, and lofts,” but the data is correct (compiled by SFARMLS). We are, however, attaching an additional “mix” disclaimer.
Also, keep in mind that “sold” data only includes properties that actually closed escrow in the given month (as opposed to entering into contract). Adding pending sales to the mix (below)
is probably a more accurate reflection of the market and brings the average change closer to -0.5%. We’d attach a “timing” disclaimer, but this is starting to get ridiculous…