Hey, San Francisco, we get it: You’re more expensive than most of the country. Your median home price so far in 2016 is $1.35 million, according to a new report, so it would help out if you cooled off just a little bit for the sake of our wallets.
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Paragon Real Estate Group just released its semi-annual report about home pricing and neighborhoods in San Francisco. Although you’d have to be a cave-dwelling hermit to not know the Bay Area is expensive, this report shows what you get for how much, and where.
Only 26 percent of house sales in the first half of 2016 were under $1 million, Paragon says. In 2011, the real estate firm reported that figure at 75 percent.
PREG’s map of San Francisco neighborhoods
Affordability comes in from the south
Paragon’s report focused on homes with at least two bedrooms and one bathroom that also offer parking. The report does not include data regarding “fixer-uppers.”
The lowest median home price of $752,000 came out of the Visitacion Valley/Silver Terrace neighborhood. In the first half of the year, Paragon says there were 29 homes sold in this area.
The Bayview and Bayview Heights area saw 35 homes sell with a median price of $754,000.
Excelsior and Portola barely made the sub-$1 million cut, with a median home price of $908,000. However, this is also where the most homes were sold in the same category, at 51.
San Francisco’s condo market pushed more units under $1 million than homes. The overall median price for condos in San Francisco was $1.1 million The most affordable area was Ingleside Heights, where median price for one-bedroom units was $531,000. However, only 19 units were sold in this neighborhood in the first six months of 2016.
Paragon’s report shows median price for one-bedrooms in the Mission Bay/Yerba Buena/South Beach was $952,000.
Of all condo sales, 43 percent were under $1 million. This data includes studio-unit sales, which had a median price of $542,500.
Tipping the $1M scales
A majority of homes (144) priced between $1 million and $1.499 million sold in the Sunset and Parkside/Golden Gate Heights neighborhoods, Paragon says. The average price per square foot in this area was $806.
The highest price per square foot came from the Bernal Heights/Potrero Hill/Inner Mission area. For the 48 homes sold in this neighborhood, the average price per square foot was $999.
According to Paragon’s data, the median San Francisco home sold between $1 million and $1.499 million was a three-bedroom, two-bathroom home at 1,485 square feet.
For condo sales in the same price category, the most affordable place to buy was in Stonestown. All 11 condo sales in this neighborhood were three-bedroom units with an average price per square foot of $661.
In addition to the “affordable” condos, Mission Bay, Yerba Buena and South Beach had the second highest price per square foot, at $1,134. There were 42 one-bedrooms, 66 two-bedrooms, and 3 three-bedrooms sold in these neighborhoods.
