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Living in the Bay comes at a heavy cost

07/07/2016

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SerrNovik / Istock.com

SerrNovik / Istock.com

This is a contributing article from Trulia

Although homes are coming off the market at a slower pace in San Francisco, prices continue to flourish. Eighty-five neighborhoods hold an impressively high percentage of million-dollar homes.

The million-dollar listing escalation isn’t limited to San Francisco. Nationally, the share of million-dollar homes increased from 1.6 to 3 percent since 2012. San Francisco, not to be outpaced, saw the largest increase in million-dollar properties over the past four years, from 19.6 percent to 57.4 percent of homes on the market.

There is slight relief for the San Francisco market. In April, 41.3 percent of homes sat on the market after one month, compared to just 35.5 percent of listings last year. More time on the market equals greater inventory — a minor surplus San Francisco desperately needs.

the Bay Area remains the fastest moving housing market in the U.S.

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Nonetheless, the Bay Area as a whole remains the fastest moving housing market in the U.S., and the major increase in pricey properties reflects withstanding buyer competition in the Bay Area.

Where are San Francisco’s million-dollar homes?

The most expensive neighborhood in the city is Presidio Heights, with a median price of $4.175 million. Last April, median price was $3.995 million. Homes for sale in Presidio Heights are getting larger with the price increase, and price per square foot dropped year-over-year.

Presidio Heights San Francisco, CA Profile | FindTheHome

Russian Hill, another expensive spot in San Francisco, posted a median price of $1.75 million last April, which dropped slightly year-over-year to $1.7 million this April. Sizes on homes for sale in Russian Hill downsized, from 1,550 to 1,465 square feet, and median price per square foot dropped in response.

Marina’s median price grew from $1.499 million to $2.475 million year-over-year. Marina listings got larger, but price per square foot in Marina rose from $1,041 to $1,086.

Renting in a million-dollar neighborhood

Renting a median 3,800 square foot home in Presidio Heights costs $11,500 per month. Trulia’s data also shows apartments in Russian Hill cost a median $5,400 per month for 1,200 square feet of space as of April.

In Marina, the median rent dropped year-over-year, from $4,200 last April to $3,695 in April 2016. And Marina rentals are getting larger, from just over 890 square feet to 1,281 square feet in one year.

Overall, San Francisco rents aren’t softening. Only 22.2 percent of rentals in the San Francisco metro are considered affordable, a drop from last April, when 26.5 percent were affordable. The median rent in San Francisco sits at a cool $3,500 per month, placing the City by the Bay in the top three least-affordable markets next to Miami and New York.

Jennifer Riner is a reporter for Inman who also writes on assignment for Trulia.

Source: click here

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