San Francisco County home sales to uptick slower, says Pacific Union

Roughly 5,600 to 5,700 home resales predicted to close in 2016
  • Home and condo price appreciation in San Francisco County will slow in 2018.
  • District 9 is by far the strongest San Francisco County submarket for condo resales.
  • The county will see several waves of condo unit deliveries in the coming years.

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One large Bay Area real estate firm expects San Francisco home and condo price appreciation to slow in the coming years, particularly in 2018. Pacific Union forecasts annual existing home sales growth of 1 or 2 percent during both 2016 and 2017, with some supply relief upcoming for the condo market. A slowing in price appreciation would suggest that double-digit, year-over-year gains would be a thing of the past. According to a fourth quarter report from the firm, home values for the entire San Francisco County real estate market were recently up by 6.9 percent on a year-over-year basis. The median prices of a single-family home and condo are relatively comparable at $1.2 million and $1.1 million, respectively. If a 1 percent to 2 percent rise in San Francisco real estate activity occurs during 2016 that will mean that roughly 5,600 to 5,700 properties sell. Expect a larger percentage of single-family and condo sales to be prices in the $1 million to $3 million range. ...