October Observations: The SF Realtors Release October Sales Figures: Houses Cheaper; Condos Higher.
The SF Realtors Release Monthly Sales Figures That Show Houses Are (Relatively) Cheaper Than Last Year, But Condo Prices Are Up
October sale data has been crunched, bar graphs were made and now it’s time to make some inferences. The data geeks from 10K (who have said no other market in the country looks like San Francisco’s real estate market) have given us the latest market snapshot of what’s been happening with the City’s real estate market(s).
Prices are appreciating but at a more moderate pace
Price appreciation, as we’ve been saying, has been strong this fall but instead of seeing prices grow by 20-25% from the year prior this year’s past growth across the City have grown by an average 7.6% for single-family houses and 15.4% for condominiums, co-ops and TICs. Average sale prices slipped for single-family homes ever so slightly — off by 2% to $1.63M — while an average condominium/co-op/TIC sold for $1.237M, which is nearly 14% more than last year.
Inventory still remains light and nearly identical to last October.
For the entire report, click here. And for more inferences about what these numbers will be impacted by the much-anticipated December interest rate hikes, contact Kevin+Jonathan today.