San Francisco's median home sale prices have, as expected, continued to soar upwards this spring, hitting a new record high of $1.225 million in April, according to the latest market report from Paragon Real Estate. That's well above March's mark of $1.15 million, which was a new record itself. This time last year, the median price hadn't quite yet cracked $1 million. The undisputed most expensive areas in the city this year so far have been Pacific and Presidio Heights, where sale prices of single-family homes hit a mind-blowing median of $5.995 million. Sea Cliff is second, with a median house price of $3 million, while the Excelsior and the Bayview are the most affordable, at $782,500 and $610,000 respectively. Cow Hollow has had the most expensive condos and co-ops so far this year, with a median price of $1.6 million for one- and two-bedrooms.
Although neighborhoods like Bayview, Bernal Heights, and Glen Park are considered to be among the more affordable in the city, they have all seen tremendous appreciation over the past two years. Back in April 2013, the median price for a Bayview house was just $447,000. It grew by 7.4 percent to hit $480,000 in 2014 and then soared 31.2 percent to its current $630,000. Bernal, of course, has been widely talked about as a hot neighborhood, and its prices reflect that reputation. In April 2013, you could get a median Bernal home for just $880,000. That number grew by 31.2 percent to $1.154 million in 2014 and has now grown another 19.6 percent to hit $1.38 million this year. Glen Park has seen similar trends, growing from $1.205 million in 2013 to $1.835 million now.
As always, low inventory is part of the issue in San Francisco. New listings this spring barely topped 600 per month, compared with about 700 per month last year and 800 two years ago. And while 3,454 new-construction housing units were completed in 2014, the most in the past 20 years according to Paragon's tally of Planning Department figures, it still isn't enough in a city where the economy is booming and new residents are flooding into town.
· May 2015 San Francisco Real Estate Market Report [Paragon Real Estate]
· SF Added More New Housing in 2014 Than It Has in 20 Years [Curbed SF]
· SF's Population Is Growing Way Faster Than Its Housing Stock [Curbed SF]