There has been a lot of chatter this fall about home prices around the city and whether or not they can continue their stratospheric rise. After a big spring selling season, the median price for houses had peaked at $1.325 million, while condos sat at $1.12 million. After the usual summer dip, prices were back up again in the fall. However, houses didn’t quite reach their spring highs: the median home price for October and November was $1.3 million. Condos rose past their spring mark to hit $1.25 million.
As Paragon Real Estate notes in its latest market report, “there was clearly no significant ‘crash’ in prices this past autumn.” In October, homes sold for 109 percent of asking price, while in November the average was 106 percent. Both of those figures were similar to last year’s numbers. And while luxury home prices around the entire Bay Area seemed to stagnate this fall,
Paragon pointed that this is pretty usual for this time of year. After a big spring climb, fall tends to be flatter in the high-end market.
So what does all of this mean for San Francisco’s housing market? Unfortunately, the only real answer is that we have to wait until spring to see what happens. The sales market slows down almost completely over winter, but we’ll pick this story back up as houses start selling again in the spring.