Rather than median sales price, the S&P CoreLogic Case-Shiller Index uses a special mathematical formula based on the past few months of sales data to plot the course of home appreciation over time. As you can see from this graph, prices in the Bay Area have outpaced national trends since we emerged from the Great Recession.
Has the home sales market in San Francisco finally begun to cool off, or is it just the chill of another atmospheric river? Inventory and median sales price were down year over year in December, and properties took a little more time getting scooped up. Meanwhile, condo prices in the City by the Bay saw a 9% increase from the same time in 2022, and opportunities were 10% more plentiful.
It was another tale of two markets during November in San Francisco. Home sales and median prices were up year-over-year, and properties spent less time on the market. On the flip side, condo sales and prices experienced a dip from 2022, and properties took longer to sell.
In a recent poll sponsored by the San Francisco Chamber of Commerce, 77% of residents said the City by the Bay is heading in the wrong direction. Top concerns included crime, cleanliness, and costs. Meanwhile, hotel occupancy rates hit 61% in March, a 28% year-over-year increase. So it’s clear that folks from outside SF may have a different opinion.
All this could equate to opportunity for savvy buyers looking to take advantage of an exodus!
Let’s take a look at how median sales prices for houses stacked up county-by-county from Napa to Monterey in Q4 2022. As you can see, costs get a bit more affordable the further you get from Silicon Valley and the Peninsula.
