Statistics can often be misleading. For example, if you were to just look at the Median Price for Pacific Heights for the months between Aug-Nov, it looks like prices have gone up 40%. However, the Median price is not the Average price, but rather the middle price of all the homes sold. Since there was only a 1.5% change in the $/sq ft but a 40% increase in Median price, this means that the homes sold in 2011 were significantly larger than those sold in Pacific Heights in 2010. More importantly, what highlights the activity of the market is how quickly homes are selling. From Aug 1 - Nov 1 of 2011, homes sold on average within 48 days of hitting the market. This is significantly shorter than the 64 days it took for the same period in 2010.

In Cow Hollow, both the $/sq ft for Single Family Homes increased (by 11.2% over 2010) AND the median price increased, indicating a slight recovery in the market. And, while the inventory that was sold doubled (from 4 homes to 8 homes), the Days on Market decreased to 24 days from the 47 days, indicating that buyers are absorbing more inventory at a faster rate and a slightly higher pricepoint than last year.

The Single Family Home market in Noe Valley experienced a 1.7% increase in $/sq ft, while the Median price sold was $1.5m, up 19% from 2010 (again, indicating that larger, more expensive homes were sold). Similar to the markets on the north side of town, homes in Noe Valley were sold in a shorter time period (down to 35 days from 47 days last year). Inventory was steady at 30 and 31 homes sold in 2011 and 2010, respectively.

Potrero Hill saw a 16.5% increase in $/sq ft of in Single Family Home sales. However, the Median price decreased slightly to $960k (down -2.4%), indicating the homes sold in Potrero this year were smaller than last year. Days on Market decreased to 31 days, from 39 days in 2010.

The Condo/Loft sales in the above San Francisco districts has not recovered as quickly as Single Family Homes.

In Pacific Heights there has been a nice recovery of prices. On average, the $/sq ft for Condos has increase by 4.6% in terms of $/sq ft, and the Median price has also increased by 4.5%. Days on market is slightly longer at 78 days vs 76 days in 2010.

In Cow Hollow, there was a decrease in $/sq ft by -7%, however, keep in mind that this was only based on 8 sales. The Median price also decreased by 50% to $562k, indicating that there were more smaller units sold in Cow Hollow this year compared to last year. Days on Market did increase to 67 days, vs 50 days last year - which makes sense as smaller units are not moving as fast these days as buyers are looking to stay in their homes for 5-10 yrs these days.

In Lower Pacific Heights, inventory was stable at 14 units sold in the 3 month period, $/sq ft is up 2.4% and the Median price is up 0.5%. Days on market improved slightly to 65 days vs 70 days in 2010.

The Condo market in Noe Valley showed a dramatic decrease in SALES (down to 15 units sold in 2011, vs 31 sold in 2010). The decrease in inventory helped push prices slightly upward by 6.5% in terms of $/sq ft, and the Median price also increased 4.2% to $813k. Days on market decreased to 66 from 82, again indicating a much stronger market than last year.

Unfortunately, SoMa is still struggling to recover. While prices have only decreased -0.4%, the Median price has also gone down -7.2% and more significantly, it is now taking 91 days to sell a unit, versus 59 days during the same period last year.

Hope this information is useful for anyone looking to buy or sell a Single Family Home or Condo in San Francisco.

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