San Francisco Home Sales by Property Type & Price Range
Unlike the vast majority of other counties, condos and condo-like homes such as co-ops and TICs now predominate in the SF homes market, a trend that will only accelerate as dozens of (expensive) new-condo projects come on line in coming years. The difference in median sales prices between houses and condos has also narrowed to less than 12% - when condos used to be the significantly cheaper alternative. Condos also play a huge role in luxury home sales, often selling for the highest dollar per square foot figures in the city. TIC sales, almost an exclusively SF phenomenon, have been dwindling, but now sometimes command prices in excess of $1,500,000.
The relatively small quantity - and declining percentage of sales - of house listings in San Francisco has put significant competitive pressure on house prices. This effect has been cascading through the city's neighborhoods, from most desirable to historically less desirable, as families search for affordable options in a rapidly appreciating market. Very, very few new houses are being built in the city and those that are, are typically very costly.