Housing in San Francisco

The city of San Francisco is the fourth largest populous city in California, 12th largest populous city in the United States.

Real Estate market is one of the major markets and it contributes to a considerable amount to the GDP. Also the real estate market though was affected by a nominal count during the economic recession; the market is now booming making real estate investment profitable for future in San Francisco.

Real Estate In San Francisco

The real estate trends in San Francisco show some interesting trends and patterns. It was reported that the first time buyers increased to great extent in 2009 from 35.9% percent in 2008 to 47 percent in 2009. Also reports indicated that the federal tax credit for home purchasers was beneficial in 2009 and that carried on the home sales drive. It is said that the tax credit for the home buyers is one of the most apt and sound strategy by the government, that stimulated the economy.
The short sales and the foreclosures/ REO on a statewide basis accounted for approximately half of the annual sales in 2009. There was also an increase from 35.6 percent in 2008. The median price of the feeble properties reduced nearly by a quarter to $250,000 in 2009 as compared to $330,000 in 2008. In the meanwhile the median cost for the non-distressed property holdings went down only 10.4 percent to $485,000 as compared with $541,000 in the year 2008.

The state’s median home cost in San Francisco in February 2009 was at $245,170. From that time onwards the home median price have had a stable increase, even in monthly comparisons, but it was a little below 2008 levels throughout 2009. However the yearly median prices increased to $280,000 in 2010 from $271,000 in 2009.
The residences that are priced at $500,000 or lower than that ruled the sales mix throughout the year 2008, and early last year, i.e. 2009, but it went up at 85 percent in January 2009. In the meanwhile the market share of the houses that were sold for a price more than $500,000 went up by 15 percent in January 2009 to 25 percent in July 2009. Also at the present moment, in San Francisco the annual sales of the existing household nationwide are estimated to reach even greater units in the year 2010. Therefore the market is favorable for future investments in real estate in San Francisco