Despite some anecdotal accounts that San Francisco’s real estate market has cooled slightly due to “buyer’s fatigue,” a look at the numbers tells a more straightforward story. Based on data provided by Redfin.com, most signs indicate that for much of San Francisco’s housing market, including the Mission, things are unambiguously white hot.
Looking at the housing sale data in the Mission and a few neighborhoods directly adjacent to it, it’s pretty clear 2014’s numbers are on track to keep up with trends in 2013. Median sale prices are up as well as percent of houses sold above asking price. And buyers are grabbing available property even faster than they were in 2013.
Another report by Paragon Realty reported that prices in the Mission District have climbed 45 percent since the pre-crash highs of 2006 to 2008. That makes the Mission the neighborhood with the highest appreciation in the city.
The data below from Redfin does only reflect annual numbers (through October for 2014) and real estate is seasonal affair. When it’s cold outside people buy fewer homes. So it’s possible quarterly data may show a slightly different trend. Also of note, in many neighborhoods the rate of rising sale prices is slowing down somewhat. In the Mission, for example, median sale prices increased 19 percent from 2012 to 2013. In 2014, that increase was down to 15 percent.
All in all, the data shows a pretty consistent picture for the Mission and its neighbors: homes are getting more expensive to buy and demand is getting higher.