SAN FRANCISCO CONDO MARKET TRENDS

The San Francisco condo market is still feeling the pressures of the economic crisis. According to data presented by Altos Research for the last week of June, the median condominium list price in San Francisco was $649,000 not marking any clear quarterly trend. The average list price was $820,627. The average asking price per square foot was $625.

According to Altos Research the average number of days in the market and total inventory have been trending up. In the last week of June condos for sale had stayed in the market for an average of 116 days. Note that in January 1 2009, the average days on the market was 83 days. Total inventory was up to 1310 units. According to the data presented by Altos Research, downward pressures on condo prices in San Francisco still persist as of the end of June, the percentage of condos that experienced price decreases was 37% of the total while the percentage of condos that experienced price increases was only about 2.1%. These percentages suggest that price declines in the San Francisco condo market are likely to continue at least in the short term.

Note, however, that the percentage of condos registering price declines has been decreasing consistently since May 2009 when it was close to 42%. Conversely, the percentage of condos registering price increases has been rising since May 2009 when it was about 1%.

According to Altos Research, the San Francisco condo market as of the end of June 2009 was clearly in the buyer's zone based on the Market Action Index produced by the company. The factor underlying this buyer's market is the several months of inventory available at the current sales rate.

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San Francisco Condo Market Trends June 2009