There were almost too many local, political, economic, social, and ecological factors impacting the 2018 market to count. In the first half of the year, market conditions were about as hot as they’ve ever been, and there were staggering year-over-year appreciation rates. Come summer/early autumn, real estate and financial markets began to shift distinctly cooler. Looking at 2019, there are many wild cards whose impacts are difficult to predict: extremely volatile financial markets, fluctuating interest rates, contentious national politics, international trade issues, spiraling debt levels, employment growth, and a dramatic surge of local high-tech unicorns that plan to go public (whenever the SEC reopens!), which could create a tsunami of new wealth in the Bay Area.
Comparing 2018 to 2017, the median house sales price jumped 13% or $185,000 to $1,600,000 – the largest annual dollar increase ever (not adjusted for inflation) – and the median condo price increased by $60,000 to $1,210,000.
Below are 4 tables of home prices for selected San Francisco neighborhoods.
As always, we will continue to share our findings on the market that we think are relevant. We hope you find this information interesting. If you, or anyone you know, have questions on the real estate market, or are just curious about what home-improvement projects provide the biggest bang for the buck, we’re always just a phone call away (415-595-7661).