Homes vs. Condominiums: How much extra do you pay?

Recently, I blogged about the fact that condominiums seemed to be holding up better than single family homes in terms of their decline from their all-time highs.

At the same time, I noted that there was only about $100,000 difference in median value between condos and homes.  That seemed like a small delta and I was interested to see whether it was, historically speaking.  Turns out that it is.

Since, until recently (ahem!), home prices along with everything else have tended to go up, I decided not to look simply at the difference in price between condos and homes.  Instead, I converted the price difference to a percentage of the median value of condos sales for the given period.  This represents the “premium” for owning a home rather than a condo.  Here’s the result. ...  Additional Details

Case Shiller Chimes in With Good News: US Down only 17%!

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Case-Shiller published its closely watched indices yesterday.  Hooray! The broadest CS index shows that the rate of decline in the nation’s largest housing markets has reversed in recent months.  Now we’re only going down 16% year over year instead of 20%.

They also point out that we are now back to 2003 values, which also holds true of San Francisco.  Here’s my chart from an April blog:

Core Area Medians vs All Districts

Before you go out and celebrate, Case-Shiller has “San Francisco” down a whopping 26.1% year over year.  Why the quotes?  Because it’s really the “San Francisco-Oakland-Fremont, CA Metropolitan Statistical Area” and it includes ALL of Alameda, Contra Costa, Marin, San Mateo, and … San Francisco County. That’s 5 counties folks, a factoid often omitted even by such august publications as the New York Times (see today’s front page article). ...  Additional Details

Districts 3 and 10, R.I.P.

The Excelsior, Bayview, Hunter’s Point, Oceanview, Ingleside:  these are some of the neighborhoods included in the San Francisco Association of Realtors’  MLS (Multiple Listing Service) Districts 3 and 10.  It’s been suggested here and elsewhere  that perhaps these non-“core” San Francisco neighborhoods have been pulling down San Francisco’s home prices disproportionately.  The theory, plausible enough, is that these more modestly-priced neighborhoods would be feeling the effects of the economic slowdown more than the tonier “core” neighborhoods, whose denizens’ bank accounts might provide a little more padding against hard times.
I recently published a chart that compared the percentage change of Districts 3 and 10 from their all-time highs to that of the city as a whole.  Some readers of theFrontSteps expressed an interest in seeing what the chart would look like if you excluded those districts from the data set for the city as a whole.  (Districts 3 and 10 make up over 20% of the city’s single family home sales for the 5 year period covered by the chart.)  I aim to please, so I ran the numbers again and here are the results.
focus-on-dists-3-and-10-vs-all-dists ...  Additional Details

Are San Francisco Home Values Rotten to the “Core”?

Not long ago I did a guest post at The Front Steps in which I showed that city-wide home prices had fallen back to November 2003 levels. Here’s the chart.

san-francisco-price-trends-2000-presentsmall

That prompted some discussion about whether the results would be different if you excluded home sales in some of San Francisco’s outlying areas, such as the Bayview and the Westlake districts. These and other neighborhoods are included in MLS (Multiple Listing Service) Districts 3 and 10. Here’s the official MLS district map...  Additional Details