San Francisco Median Home Price Sets New Record; Surpasses Manhattan by $230K, says PropertyShark.com
Industry: Real Estate
San Francisco home prices reach new all-time high, the $1,185,000 median making the city’s housing $230,000 more expensive than Manhattan
San Francisco, CA (PRUnderground) August 5th, 2015
While sky-high home prices are the norm for San Francisco, Q2 sales data brings forth whole new records in terms of price. The median sale price for San Francisco homes reached $1,185,000 in the second quarter of 2015 – a 20% Y-o-Y increase – surpassing even Manhattan’s hefty median sale price ($955,000) by an astounding $230,000.
PropertyShark.com data shows that the median price per square foot also hit an all-time-high of $915 in Q2 2015, which stands as a 15% increase Y-o-Y and 10% Q-o-Q. While median sale prices were up for all property classes, condo prices were up 22% from last year, with a $1,100,000 median.
The total number of transactions (1,691) registered a 5% decrease Y-o-Y, but the high-end segment performed strongly, driving a new sales volume record for the area – over $2.5 billion. Luxury sales – properties sold for over $3 million – were up 24% Y-o-Y despite a steep drop in Q1 and amounted to 6% of all residential sales recorded in the past quarter. 2701 Broadway’s $31 million sale was the most expensive transaction.
San Francisco’s most expensive zip code – 94123 – had a median sale price of $2,275,000, while 94124 was the cheapest zip code. The median sale price of $653,000 may make 94124 the cheapest zip in the city, but it’s still nearly 3 times the national average in terms of median home sale prices.
For more information, visit the PropertyShark blog; full Q2 2015 report also available for download.
A wholly-owned subsidiary of Yardi Systems Inc, PropertyShark.com offers information essential to evaluate real estate and make informed decisions. PropertyShark.com provides real estate professionals, investors and home buyers with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and lis pendens, mailing lists, photos, and more. For more information or a free basic account, visit www.PropertyShark.com.