Our SOMA/South Beach Specialists meet regularly to keep on top of all existing and proposed inventory in the area. Utilizing both statistical information and day-to-day observation- obtained only by being actively involved in this exciting micro market- our Specialists have what it takes to guide you through the changing markets.

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Low Inventory Keeps South of Market Home Prices High

Q1 2007 Sales Information for SOMA & S.Beach[1]

When it comes to real estate, San Francisco bucks the trends – both nationally and locally. While home prices have been softening nationwide and in and around the nine-county Bay Area, in San Francisco home prices continue to rise. Nowhere is this truer than in SOMA and South Beach.

As the 1st quarter sales information from 2007 attests, low inventory and continued consumer demand among homebuyers has fueled a continued rise in the average sales prices for lofts and condos in SOMA (district 9F.)

To the east, South Beach (district 9H) also saw a similar rise in prices across the board: the average sales price for a SoBe loft was $939,000 (up from $888,000 in Q4 ’06); the average sales price for a SoBe Condo was $989,133 (up from $867,217 in Q4 ‘06).

The continued strength of South of Market real estate appears much the same when tracking sales information based on the average price/per sq. ft.

Even South Beach, with its greater share of new high-rise construction and luxury condominiums, saw a rise in the average price/sq. ft. in 2007.

The exception was South Beach lofts where the Average Price/Sq. Ft. of $520.57/sq. ft. (down from $787.23 in Q4 ’06). But as this statistic was based on only one sale, it’s difficult to draw any conclusions from what may appear to be an anomaly.

Seth Skolnick
Zephyr Real Estate

[1]Information contained in this report is drawn from the San Francisco Association of Realtors Multiple Listing Service for the Period 04/01/06 –  03/31/07.