San Francisco record neighborhood sales in 2015 have been driven by the luxury market and new trendy neighborhoods. In July 2015 the median price for a single-family home in San Francisco was $1,315,000, up 19.5% compared to last year. But in the most desired neighborhoods it is a much different story. In luxury neighborhoods such as Pacific Heights, Cow Hollow, Presidio Heights, and the Marina the median sales price for a single-family home has gone up 52% compared to last year and cost $5.6 million. Other popular neighborhoods once considered more affordable have become the trendiest place to live such as Hayes Valley, Haight Ashbury, Cole Valley, and Balboa Terrace. The median sales price for a single-family home in 2015 has increased by 60-100% and ranges between $1.7-$3.5 million depending on the neighborhood.
The luxury neighborhoods with highest record sales in 2015 were Pacific Heights, Presidio Heights and the Marina. Pacific Heights had the greatest increase in value where the median sales price for a home went up 62% compared to last year and sold for $6.8 million. The record high sale this year was the Gold Coast home that sold for $31 million. It sold for $4 million more than what the owners paid for it in 2012. Presidio Heights had the second largest increase in the luxury market with median sales prices going up 44% compared to last year and selling for $6.25 million. The record high sale for 2015 was a remodeled luxury home with Golden Gate Bridge views that sold for $13.5 million. The Marina had the third largest increase in the luxury market with the median sales price for a single-family home reaching $4,075,000. The median sales price has increased 23% compared to last year. The record high sale was a 5,420 sq./ft. remodeled home at 663 Marina Blvd. that sold for $8.6 million.
As prices soar in the luxury neighborhoods buyers are seeking more affordable alternatives. The trendiest neighborhoods with the greatest increase in median sales for July 2015 are Hayes Valley, Haight Ashbury, Cole Valley and Balboa Terrace. Hayes Valley has increased 100% compared to last year with the median sales price for a home costing $2.8 million. Hayes Valley has become one of the trendiest neighborhoods in 2015 because of all of the new condo developments that have attracted young buyers to the area. It is a vibrant community filled with a variety of restaurants, cafes, and bars all within walking distance. The second trendiest area is Cole Valley where median home sales price has gone up 87% and a single-family house cost $3.48 million. The third trendiest area is Haight Ashbury where the median home sales price has increased 86% and a single-family home cost $3.21 million. The fourth trendiest area is Balboa Terrace where the median home sales price has increased 58.7% and a single-family home cost $1.7 million. Balboa Terrace is located next to the affluent St.Francis Woods neighborhood.
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(Source: San Francisco Association of Realtors Infosparks data analysis)