There’s more good news for the San Francisco housing market despite statistics released earlier this month from the National Association of Realtors projecting 6 straight quarters of year-over-year existing home median price declines which would end in Q1 of 2008. Our San Francisco housing statistics were as follows for June 2007: For Sale Median Price of $799,000, Under Contract Median Price of $829,000, Sold Median of $899,000 leading to a new Median Price of $799,888 for the month. Comparing June of 2007 to June 2006, we had a 10.64% drop in the amount of inventory for sale, however we had a .97% increase in the amount of property in contract. Good news! Overall, however there were 114 less properties sold in June 2007 than in June 2006 for a 16.43% drop. This can partly be attributed to tighter lending standards. More deals are falling out of contract these days due to the inability of the buyers to obtain financing.
Once again, the take home message with the S.F. market is that property values are holding, despite increased inventory, longer days on market, and lower sales volume. San Francisco is a wonderful place to live, work in, and visit—and apparently there are others who agree.