According to yesterday’s S&P/Case-Shiller report, the index for San Francisco MSA condo values has officially “double dipped,” falling to 134.59 in January versus a localized low of 135.79 in March 2009 and after having ticked up to 149.49 this past July. The index is now back to between December 2002 and January 2003 values.
At 133.37, the aggregate San Francisco MSA single-family home index remains 13 percent above its localized low of 117.77 in March 2009 while the index for the top third of properties, as defined by original purchase price, is currently 6 percent higher than its March 2009 level of 133.23 versus 13 percent higher last May (150.07).
With respect to a recent uptick in condo sales volume which some might characterize as “hot,” keep in mind that it’s being driven in part by a downtick in values, which to those who own the properties might be considered to be more of a “not” (quite so hot).
∙ S&P/Case-Shiller: San Francisco Value Decline Accelerates In January [SocketSite]
∙ SF Listed Sales Volume Up 1.5% In Feb As Medians Continue To Fall [SocketSite]