Despite Foreclosures, Low Prices, San Francisco Market Sees Some Improvement

Prices are still low and foreclosures are still up, but word on Market street is that the San Francisco housing market is slowly starting to come back.

According to Debi DiCello, a real estate expert recently quoted in the Chronicle:

“Foreclosures in San Francisco went up in 2010 and the median sales price of homes here remains low,” she says, “but we still have one of California’s lowest foreclosure rates and the number of home sales has been rising recently. December 2010 saw a 4.4 percent increase in sales activity and there were more home sales in 2010 than 2009.

4.4% isn’t a wild, crazy boom, but it’s a respectable year-over-year increase these days.

The short-term picture for Bay Area real estate isn’t quite as rosy – more than half of the existing Bay Area homes sold in the past month were foreclosure. That’s a staggering percentage anywhere, and it’s certainly significant for an upscale city like San Francisco.

Still, foreclosures or no, homes are selling in the Bay Area, which is more than can be said for many parts of SoCal. Prices of homes in Southern California and Orange County in particular have dropped to all-time lows, while prices in San Francisco might actually stand a chance of stabilizing in the foreseeable future. Viva San Francisco!

 

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