Hi Pat--It's my opinion that the San Francisco neighborhoods that are hot become that way because they offer a particular type of housing stock that corresponds to popular price points and to popular commuting locations.

Over the past year, properties under $1M have been selling briskly. The types of properties I've seen go quickly into contract are two-bedroom condos in very walkable locations (Mission, Hayes Valley, South Beach, Noe Valley, Mission Dolores, Haight, etc). We have a lot of technology workers in San Francisco who commute to the Peninsula and downtown, and these areas facilitate commutes. Also selling well are single-family homes in the Excelsior, Bernal Heights and Miraloma Park.

Neighborhoods in the north end of the city will always be "hot" in the sense that they are the gold standard in real estate. Development is sparse and you're pretty much working with existing housing stock. Property values tend to hold up well over time.

A little unknown area is Anza Vista. Definitely not a "hot spot" but it is nestled near NOPA, Laurel Heights, and shares the zip code with Pacific Heights. It's near Trader Joe's and is pretty centralized. Located atop a hill with views and is a quiet neighborhood. You get a bit of a residential feel, yet nearby public transportation, restaurants, grocery stores. Worth considering...
http://www.48terravista.com

It all depends on what you are looking for...
Urban up and coming = Hayes Valley
Starter Family = Bernal Heights
Highest cost per sq ft and most sought after = Pacific Heights
New High Rise w/ ammenities = South Beach

As always the answer will be, "it depends". Are you looking for a walkable 'hood, views, specific architecture? it all depends... neighborhoods like Valencia Corridor are definitely "on the map" but inventory is unpredictable and although many people love the nite-life, they're not ready to live there full time. I think a great value in the city today is West Portal- lots of amenities including a movie theater, bigger homes and no nightmarish pricing like Noe Valley. Good luck.

Hi Pat-

Based on this one real estate agents perspective, I would say that "Pacific Heights", "South Beach" and the "Inner Sunset" are the hottest areas based on activity.

But I will havemore data coming in the early part of next week.

Good home hunting!!

Ken-

Check out the San Francisco Heat Maps to see what neighborhoods are popular and how prices have changed.