San Francisco House Prices Go Nuts, Condo Prices Stall

by Wolf Richter, Wolf Street:

A record luxury-volume spike in October.

The median selling price of a single-family house in San Francisco spiked by $113,000 from the crazy spike and peak in May, to a new record of – fasten your seat belt – $1.588 million, according to Paragon Real Estate Group. This was up 13.4% from October last year:

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But it’s complicated, as they say. The market for condos, lofts, and TICs (Tenancy in Common, a peculiar San Francisco form of apartment ownership and financing) isn’t quite so ebullient. The median price – half cost more, half cost less – for condos ticked up year-over-year but remained below the August peak. The median price for TICs declined further. And the median price for both combined, at $1.134 million, was down a tiny bit year-over-year (-$5,500), as it is bumping into a ceiling of sorts, and after a downturn last year, hasn’t moved all that much since early 2015:

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In San Francisco, condo sales outpace single-family house sales. Over the past 12 months, there were 3,602 condo sales and 2,256 house sales. So the overall median selling price for all types of dwellings is more impacted by condos than by houses.

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