San Francisco’s median house price goes up to $1.61 million
The median price of a single-family home in San Francisco increased to an all-time high by quarter 1 of 2018 at a whopping $1.61 million, according to a report released last week by Paragon Real Estate economist Patrick Carlisle.
This means that the price of a San Francisco house has almost doubled since 2013 and gone up more than 23.8 percent since Q1 of 2017, when Paragon estimated a median of $1.3 million.
For comparison, here’s how year-over-year prices look in the first quarter breakdown for the past five years:
2017: $1.3 million, down 0.76 percent
2016: $1.31 million, up 19 percent
2015: $1.1 million, up 13.28 percent
2014: $971,000, up 14.23 percent
2013: $850,000, up 27.8 percent
Although the year-over-year spike is not the largest in recent times, it’s still a major jump, as reported in this month's Curbed SF.
If you isolate the figures from February, the situation looks even more serious. But Carlisle warns readers that focusing just on this short-term data is possibly misleading:
We are not enthusiastic about monthly median price movements since they tend to bounce around without great meaningfulness due to a number of factors and sales volumes are very low in the first 2 months of the year, but for what it is worth the SF median house price soared to a new high in February 2018 to $1,715,000. (100 sales across 70-odd neighborhoods, reported to MLS by 3/7/18—late reported sales may affect this price.)
The report also records a median SF condo price of more than $1.17 million, up 4.5 percent year over year. Back in 2013 the price was about $850,000, but it’s increased by less than $100,000 since Q1 of 2015.
The California Association of Realtors has not yet released its own estimates for the first quarter, but CAR figures from January and February are the same as Paragon’s data, recording a median single-family home price of $1.33 million and $1.73 million for those two months in San Francisco County.
That’s about three times the statewide median during the same period and the highest for any California county except maybe San Mateo, which registered a slightly higher average than SF in January but also a slightly lower price in February.
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