San Francisco Condos More Expensive Than Houses in January

San FranciscoIf you’re looking for a deal on a new home in San Francisco, forget about buying a condo.

The median price for a condo or tenancy-in-common unit in San Francisco hit $950,000 in January, a 24.6 percent year-over-year jump, and surpassed the $928,000 median price for single family homes, according to the San Francisco Association of Realtors.

One major driver behind the trend is that the supply of homes for sale in San Francisco declined overall and few new condo projects came onto the market. Of the scant number of condo communities moving new units, prices rose to $1,045 per square foot in January — a 19 percent leap compared with the previous year, according to the Mark Co., a condo marketing and research firm.

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Authored By Blanca Torres – See the Full Story at BizJournals.com

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