Straight from my company, I thought I’d share the summary of activity in San Francisco, Marin and San Mateo over the last quarter…

“Throughout the Bay Area, the 4th quarter of 2007 showed modest increases in median home sales prices, despite the decrease in the number of transactions and median price of homes during the month of December 2007.  With the start of the New Year, sellers are just now putting their properties on the market, as indicated by the higher number of new available properties going on the market. Especially for the San Francisco market, buyers’ activity is strong with not only local buyers, but also interested international buyers.

In San Francisco, the median price for single-family homes increased 4.53% to $993,000 in the 4th quarter of 2007 versus the same period last year, while the average days on market increased 5.09% to 31 days. Thirty-two of San Francisco’s neighborhoods recorded increases in the median sales price with Telegraph Hill, Marina, Diamond Heights, and Buena Vista Park showing the largest gains over the previous year. In the condominium category, the median sales price increased 8.61% to $690,500 and the average days on market decreased 10.82% to 38 days.  Twenty-six of the neighborhoods recorded increases in the median sales price with Outer Sunset and Corona Heights showing the largest increases.

In Marin County, the median price for single family dwellings increased a modest 0.45% to $1,327,500, during the 4th quarter of 2007 when compared to the same period in 2006. The strongest areas of appreciation were Larkspur and Belvedere. The median price of condominiums decreased 14.46% to $550,000. The strongest areas of appreciation for condominiums were Tiburon and Greenbrae.

San Mateo County saw similar trends with the median price for single-family homes increasing 5.46% to $995,000 in the 4th quarter of 2007 versus the same period last year, while the average days on market increased 6.95% to 39 days. The strongest areas of appreciation were Burlingame and Los Altos. In the condominium category, the median sales price was flat; declining just 0.8% to $624,475 and the average days on market increased 4.8% to 44 days. The strongest areas of appreciation for condominiums were Los Altos and Pacifica.

Aldo Congi, vice president for McGuire Downtown said, “As expected, the volume of properties available at the beginning of 2008 has increased. In December 2007 we saw a decrease in the quantity and sales of property, but activity is now moving. During the first week of January, I’ve rarely seen such an increase in the number of new properties coming onto the market. I anticipate this trend to continue at least through the first quarter of 2008.”  

If you would like information on a specific district or category, please contact me. I’m happy to assist you and help you to better understand this fast-paced, ever changing market.

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jdavis@mcguire.com