Just how much have San Francisco home values increased since the market recovery began? Try 76 percent!
Clocking in at $1,160,000 and up half a million dollars since 2011, the growth of the city’s median combined home & condo price is nothing short of dramatic — and it’s not even the highest percentage appreciation in the Bay Area. Solano, Alameda and Contra Costa counties measure up with growth over 80%, and Oakland takes the cake at 133%. Checkout how median home and condo prices have increased across San Francisco neighborhoods:
Year to date, there’s been a 144% increase in the number of single-family homes sold in San Francisco for $5,000,000 and above (44 units compared to 18 YTD in 2014). Consumer confidence is riding high and there’s a new breed of luxury homebuyer that favors comfort over opulence, as evidenced by neighborhoods like The Mission, Glen Park and Bernal Heights leading in appreciation.
The number of condo resales in the $2,000,000+ range is also up significantly YTD compared to last year. A total 107 units have sold so far in 2015 representing a 78% increase. Keep in mind that this number would be larger if sales at new luxury developments like LUMINA, 72 Townsend, Amero and Rockwell were counted. As it stands, Russian Hill holds its place as the most coveted neighborhood for condo buyers:
CNN Money recently launched this interactive calculator below allowing homeowners to compare the appreciation of their property to the returns of stocks, bonds and the average US home. Click here to plug in your numbers and see the results.
With so much hype in the media about the unaffordability of San Francisco real estate as the prices reach new record highs month after month, there’s a surprising truth: the annual cost of a mortgaged median price house is actually lower now than at the last peak in 2007. You can thank historically low mortgage interest rates for that!