January 30, 2008
Listed San Francisco Condo Sales Breakdown: December 2007
As reported, listed condo sales volume in San Francisco was down 32.8% on a year-over-year basis with the biggest losses in District 5 (down 14 sales or 37.8%), District 1 (down 11 sales or 64.7%) and District 10 (down 10 sales or 90.9%).
And if you’re a proponent of Median Sales Price as a measure of anything other than what people are buying (which we’re really not), it might be interesting to note that while District 5 was up 10.7% year-over-year on 23 sales, District 9 was down 16.4% on 39 sales and District 7 was down 4.7% on 16.
∙ December 2007 Condo Market Wrap (pdf) [SFCAHomes Blog]
First Published: January 30, 2008 10:28 AM
Comments from "Plugged In" Readers
District 9 stats are pretty interesting. South Beach, SOMA and Bernal Heights hot and trendy rise seems to be cooling off...
Posted by: Nicole at January 30, 2008 11:33 AM
...and the realtors who sold all those soon to be moved in condos are biting their nails hoping everyone closes.
Posted by: tipster at January 30, 2008 11:37 AM
I blame the Beacon & the Palms for skewing these #'s, and for ruining district 9 as a whole.
Posted by: smarty at January 30, 2008 11:41 AM
The problem is that all the new condo sales at One Rincon Hill and the other buildings do not show up on the sales totals even though people are almost ready to move in. T
This is a problem with all the new buildings. I am not sure of the exact %, but I would say that 80% of the listings sold never run through the MLS. That is a large 'problem' with district 9 numbers in particular.
If we had ALL the numbers, I bet it would actually be up vs. down.
Posted by: Scott Pierce at January 30, 2008 11:51 AM
"up vs. down"
Posted by: Craig at January 30, 2008 12:24 PM
"If we had ALL the numbers, I bet it would actually be up vs. down."
I bet it would too, which would only reinforce the concept that "prices" are up as more expensive condos enter the market but "values" are actually dropping.
Posted by: Michael at January 30, 2008 12:31 PM
I don't understand the logic behind using median instead of mean.
Posted by: Nicole at January 30, 2008 12:58 PM
Mean is an average, and will be skewed by a single high or low selling price.
Median, OTOH, is the number (price) right in the middle.
Posted by: PN at January 30, 2008 1:37 PM