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You can see that the major growth in appreciation took place during the 2003 - 2007 time period, but note that the 1 bedroom prices pretty much leveled off in 2005 while the larger 2 and 3 bedroom units kept appreciating through 2007, probably because mortgage money was abundantly available and there was a smaller inventory of the larger units. All configurations have suffered in 2009.
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The volume of (re-sale) transactions, for every configuration, was really robust in the 2000 - 2004 period when economic times were good and mortgage money was plentiful. The re-sale unit volume started to decline in 2005 reflecting, to some extent, the availability of new product south of Market Street.
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This chart provides an insight into the size of different bedroom/bath room configurations. Of course, they are averages. While the size of a one-bedroom/one-bath condominium has consistently averaged 800 sq. ft., there are 600 sq. ft. condominiums as well as 1300+ sq. ft. units throughout the City. Notice how consistent the numbers are over the years.
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Call this an example of quantity discount. The larger the size of the property, the lower the cost per square foot. We at PulseFactors.com are not big fans of the $/sq. ft. calculation primarily because location, condition and view are so important and their values are difficult to estimate. They typically get lumped into the $/sq. ft. calculation. Note that a 1 bedroom with an extra 1/2 bath (about 250 sq. ft.) commands a lesser $/sq. ft. value than a 1 bedroom/1 bath unit.
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These numbers are the product of multiplying unit sales times average sale prices. More money is typically spent on 2 bedroom/2 bath units than any other category; 1 bedroom/ 1 bath units being second. The least amount of money is spent on a 1 bedroom/ 1.5 bath unit.
San Francisco: The Bigger Picture
