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SF's Home Price Growth Fueled By Condos, Not Fancy Houses

Unsurprisingly, San Francisco's median home prices reached their highest level ever during the first quarter of 2015, hitting $1.1 million, according to Paragon Real Estate's latest market report. That figure is a bit larger than the $1.05 million median reached in the fourth quarter of 2014, and a decent jump above the $960,000 achieved in the first quarter of 2014. However, the big surprise in the new data is the flatness of single-family-home sale prices, which were virtually unchanged from the last three months of 2014. It was condos that fueled the continued upward march of prices, selling for $1,000 per square foot on average, compared with $793 on average for single-family homes.

The median price of a two-bedroom condo, at $1.199 million, virtually matched the median price of a three-bedroom home at $1.2 million. Of course, this figure is partially due to the location of many of the city's homes in the cheaper western and southern neighborhoods.

However, those traditionally cheaper neighborhoods saw the biggest appreciation in median prices since the first quarter of 2014. In the area containing Bayview, Excelsior, and Visitacion Valley, the median price was up 19 percent in one year, while in Ingleside and Oceanview the median price grew by 17 percent, and in Midtown Terrace and Miraloma Park, prices went up 16 percent.

· Quarter 1 2015 San Francisco Market Report [Paragon Real Estate]