Updated numbers table and graph for houses in Noe & Eureka Valleys. Note that of the houses reporting square footage (which usually runs from 60%-75% of all sales), the average size dropped 12% in the 1st Quarter from 2012’s average size. This will typically affect dollar per square foot (increasing it, because smaller homes usually generate higher dollar per square foot values) as well as average sales price (lowering it because smaller houses sell for less). One quarter’s data is not definitive, though the trend upward is clear.
Averages are very general statistics that may fluctuate for other reasons besides changes in value. There is no “average house” or “median house” consistent from year to year, of which sales can be annually compared to calculate exact changes in market values. Statistics are most useful for ascertaining market trends over the longer term.
The only way to assess the approximate fair market value of any particular house is by a comparative market analysis crafted to its particular – and in San Francisco, often relatively unique – specifications.
DOLLAR PER SQUARE FOOT ($/sqft) is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, lot size, or patios and decks — though all these can still add value to a home. These figures are usually derived from appraisals or tax records, but are sometimes unreliable or unreported altogether.
All things being equal, a house will sell for a higher dollar per square foot than a condo (due to land value), a condo higher than a TIC (quality of title), and a TIC higher than a multi-unit building (quality of use). Everything being equal, a smaller home will sell for a higher $/sqft than a larger one. However, all things are rarely equal in SF real estate. There are often surprisingly wide variations of value within neighborhoods and averages may be distorted by one or two sales substantially higher or lower than the norm, especially when the total number of sales is small. Exact location within a neighborhood, condition, curb appeal, amenities, parking, views, lot size & outdoor space all affect $/sqft home values.
All data is from sources deemed reliable, but may contain errors or omissions, and is subject to revision.
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