Home prices in San Francisco have been on a tear the last several years. It’s appeared that the only direction of those prices was up…and up…and up some more until the City By the Bay became the most expensive housing market in the country.
Though still very expensive (some say unsustainably and too expensive), home prices in San Francisco finally hit the wall in 2019, according to a report by Compass. Median home prices came in at $1.6M in 2019 compared to $1.58M in 2018 while median condominium prices stood at $1.24M in 2019 compared with $1.2M in 2018.
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Patrick Carlisle, chief economic analyst with Compass in the Bay Area, said the initial excitement about the numerous IPOs of several Bay Area companies (Uber, Slack, Pinterest, Zoom Video Communications, etc.) in Spring 2019 quickly evaporated. That cooling pricing growth continued to translate into high buyer demand. The average sale price of both single-family and condo properties still generated 110% of listing prices.
Just remember that everything is relative in terms of San Francisco housing prices. Though “softer,” property transactions of $3M+ have risen every year since 2016 while the number of sales of properties priced below -$1M have decreased every year since 2016, according to data from Compass.
Carlisle expects median home prices in San Francisco to remain flat in 2020 with a 2% differentiation either up or down. “In other words, similar to what happened last year, we can’t predict the future, but that certainty doesn’t sound unreasonable.”
Thanks to Mansion Global’s Liz Lucking for source data.
Also read: Rents Up +3% y/y in Q3 2019, 2020 Real Estate Market Predictions, Podcast: 10 Secrets Millionaire Agents Know (And You Probably Don’t)
