South of Market (SoMa)
Annual Price & Volume Statistics
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| Source: All statistics are from the San Francisco Association of Realtors, Multiple Listing Service (MLS). |
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1-Bedroom Condos |
Median Prices |
Median prices for 1-bed condos in SoMa were flat in 2006 but are up sharply since 2001 - 2003. The SoMa neighborhood has matured significantly over the last two years with more and more urban amenities, such as Safeway, Starbucks and Borders to name just a few, along with more new construction coming on line.
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The current inventory level (as of 1/1/07) of five actively listed 1-bed condos for sale in SoMa suggests prices should remain firm going into Q1 of 2007.
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* Figures current through January 22, 2009.
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2-Bedroom Condos |
Median Prices |
Median prices for 2-bed condos in SoMa have risen steadily since 2002 but were relatively flat for 2006 vs 2005. Again, the SoMa neighborhood has matured significantly over the last two years and should continue to evolve rapidly into one of San Francisco's most densely populated areas. |
The current inventory level (as of 1/1/07) of seven actively listed 2-bed condos for sale in SoMa suggests prices should remain firm going into Q1 of 2007.
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* Figures current through January 22, 2009.
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Cost per Foot |
The cost per foot is nearly the same for both 1- & 2-bed condos. This is unusual since there is normally a statistically significant "economies of scale" effect that makes larger properties less expensive on a cost per square foot basis. |
Nevertheless, the cost per square foot has been very consistent for both 1 & 2-bed condos and is a very useful check point on the fair market value of a property for sale.
Views and proximity to the bay will tend to skew a property's cost per foot higher than these averages.
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* Figures current through January 22, 2009.
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Unit Sales |
| Over the past three years, there has been an average of five one-bedroom and 5.3 two-bedroom condos sold per month in SoMa. |
On January 1, 2007, there were five 1-bed and seven 2-bed properties actively listed for sale.
This represents approximately a one and 1.5 month supply respectively and is characteristic of a balanced market. Unless inventory increases sharply in early Q1-07, prices should remain firm in the early part of 2007.
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* Figures current through January 22, 2009. |
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