In 2017, the median sales price for both houses and condos in San Francisco rose to their highest point since Paragon Real Estate Group started keeping track 25 years ago, according to Monday’s report from the real estate experts.
The median house sales price in the city last year rose to $1.42 million, up 7.16% from $1.325 million in 2016 and significantly higher than the median average for an existing house in the entire state of California ($540,000) and the nation as a whole ($248,000).
For condos, the median sales price was $1.15 million, up 5% from 2016’s $1.095 million, the report said.
“2017 saw real estate markets surge and financial markets soar,” the report said.
Looking at the fourth quarter alone, median prices were $1.5 million for houses, up from $1.35 million during the last three months of 2016 and $1.185 million for condos, up from $1.078 million at the same time the previous year.
Luxury property—with a threshold of $3 million and up—in the city had a banner year too. In 2017, for the first time, District 5: Noe, Eureka and Cole Valleys had the highest number of sales above $3 million in the city, a total of 83; but only seven of those were priced above $5 million.
Meanwhile District 7: Pacific and Presidio Heights, Cow Hollow and Marina had a total of 79 luxury sales, 45 of those sold for more than $5 million, according to the report.
A likely cause of the boost is the Bay Area’s high-tech economy, which surged again last year after some cooling from mid-2015 to mid-2016, according to the report. “Unemployment rates have flirted with historic lows, and 2018 may see some major local IPOs, which could create great quantities of new wealth,” the report said.
The report also detailed the sales prices of houses with specific luxury amenities. Fifty-five houses with wine cellars sold last year for a median price of $3.3 million, the report said; 33 sold with elevators for a median price of $4.5 million; four sold with pools for $2.6 million; and four LEED-certified houses sold for a median price of $6.35 million.
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