Castro & SF 2013 Home Real Estate Sales Review
As 2013 draws to a close Paragon Real Estate has put out their annual analysis of City homes sales categorized by neighborhood. No surprise to anyone The Castro –according to the plethora of info laid out here in detailed, nerdtastic charts and graphs– ranks in the top half to top third of ‘most expensive’ spots to try to buy within SFs 7 mile x 7 mile footprint.
Paragon amassed sales information under a wide variety of headings and then ranked much of that data according to geographical locations. This comprehensive look at the City’s ebb and flow of the housing market reveals what most of us already knew: the City has continued its tech driven, meteoric rise and become the most expensive place in the US to call home.
Other interesting points that jumped out:
- Citywide there was only 44 Below Market Rate (BMR) units sold for the entire year. Not good news for the middle class and working poor who’re clinging by a thread to stay in the City.
- Median price of a 2-bedroom condo with parking sold in the Castro/Eureka Valley: $1.06 Million
- 509 homes sold for less than $500,000. That comprises less than 10% of all Citywide sales.
- Bank repos of homes were down 62% overall from 2012.
As you peruse the facts and figures please keep in mind that these numbers were amassed as of mid November. Also note that often Castro/Eureka Valley are lumped in with Noe Valley when determining average prices. While it might not seem completely accurate to do this to some it’s important to note that Paragon is offering this information as a broad, general overall analysis of the City and its neighborhood’s home sales.
Approximately 2000 new units came on the market this year in the City. There are another 6000 units due to be completed by year-end of 2014. The Castro and the Octavia corridor is home to many and are a big part of those figures. We should continue to see more growth as the City heads toward a projected whooping 50,000 new units built within the next decade.
Let’s hope that Mayor Ed Lee follows through with his most recent directive to make affordable housing a priority in the coming building boom lest San Francisco’s long rich tradition of an economically diverse population becomes extinct as the Manhattanization of SF property values reaches a zenith from which there’s no return.