PropertyShark did an in-depth analysis of home sales in San Francisco over the last 10 years. Using data from the San Francisco City Recorder’s office, they looked at every home that was sold in the years 2003 and 2013, then compared the median sale prices, adjusting the 2003 prices for inflation.
What they found from comparing the more than 6,000 transactions completed in San Francisco in 2003, and the 8,000 done in 2013, was that prices are indeed on the rise in most parts of the city.
“We’d seen other articles written about rent where things were soaring,” PropertyShark spokesperson Nancy Jorisch said to Business Insider. “We thought it was interesting that sales were mirroring the same areas that are soaring in rent. When you map it all and colour it, you see the center of the city is bright red just like the rents are showing.”
A close-up look at the map shows that the neighborhoods we’ve been hearing a lot about — SoMa, the Mission — were indeed the areas of San Francisco that saw the biggest rise in home prices over the last decade. Theseneighborhoods are trendywith the tech community and have been the stage for much of theGoogle bus controversy.
Ritzy Noe Valley and the primarily residential Westwood Park neighbourhood were other areas showing a huge jump in sale prices.
“It’s a very hot, hot market, and this really underscores everything else everyone is talking about in San Francisco,” Jorisch said. “Whether it’s the rental market or sales market, there’s not much available in San Francisco, and if you’re intending to live there, it’s costly. It’s the best example of supply and demand out there.”
Last month we featured a map from Zumper that analysed rent prices in different San Francisco neighborhoods. As you can see in the map below, the areas with the greatest rise in home sale prices also had the highest rise in rents.