For Buyers, interest rates remain near historic lows (with many pundits expecting a jump if the Fed stops buying mortgage bonds on March 31st as planned); the home-buyer tax credits have been extended through April 30th ($6500 to $8000, subject to various conditions); and we appear to be at, near or just past the bottom of the market (of this latest cycle) after general price declines in San Francisco of 15% – 25%. The buy versus rent equation is at its most appealing in years.

For Sellers, there is strong demand for well-priced properties; inventory levels are low; average-days-on-market (the time between going on market and accepting an offer) are declining; and the percentage of listings which have accepted offers has increased significantly. A good proportion of homes for sale are selling quickly, sometimes with multiple offers and sales prices over asking.

Without wishing to sound like an industry publicist, and without really knowing what the future holds regarding interest rates, government initiatives, and price appreciation or depreciation, still it appears to be a very good time to buy if one’s personal and financial situation is favorable, and one plans to keep the home for at least 3 to 5 years (typically, the longer the better). Conversely, with demand high and inventory low, it also appears to be a good opportunity to sell — if, and only if, one is realistic about existing pricing realities. (Plenty of listings still expire without selling.)

One doesn’t often see such an odd mix of market circumstances, but there it is.

What You Get for How Much Where — in San Francisco

Recent Home Sales at Selected Price Points

For about $12,000,000

Pacific Heights: 6 BR, 8 BA, 4-story, 1900 brick-exterior Georgian mansion; library, wine cellar, cinema room, elevator, decks, yard, 5 car pkg.

For about $9,000,000

Sea Cliff: 5 BR, 7.5 BA, 7089 sq.ft. 1928, 4-level Italianate Mediterranean house (SFD); GG bridge, ocean & Marin views; 4 car parking. Approx. $1200/sq.ft.

For about $5,000,000

SOMA: 3 BR, 3.5 BA, 2773 sq.ft. 2001 Four Seasons condo; spectacular city and bay views, library, 24-hour concierge, 2 car pkg. $1749/sq.ft.

For $3,000,000 to $3,500,000

Russian Hill: 3 BR, 3.5 BA, 1909 Victorian SFD; 3 decks, city views, 2+ pkg.

Pacific Heights: 3 BR, 3.5 BA, 2800 sq.ft. full floor co-op; bay view, 2 pkg. $1205/sq.ft.

For about $2,000,000

Inner Sunset: 6 BR, 6.5 BA, 4300 sq.ft. 2008 Edwardian-style SFD + cottage; 3 pkg. $488/sq.ft.
St Francis Wood: 5 BR, 5 BA, 4083 sq.ft. 1925 SFD; trust sale, den, ocean vw, 2 pkg. $490/sq.ft.
Inner Richmond: 5 BR, 3.5 BA, 3232 sq.ft. 1910 Edwardian SFD; au pair qtrs, 2 pkg. $650/sq.ft.
Marina: 4 BR, 3.5 BA, 3277 sq.ft. 1927 3-level SFD; south garden, 1 pkg. $641/sq.ft.
Potrero Hill: 3 BR, 3.5 BA, 1916 3-lvl SFD; rebuilt in 2005, atrium, decks, garden, city view, 2 pkg.
SOMA: 2 BR, 2 BA, 1450 sq.ft. 2005 St. Regis condo; city & bay views, 1 pkg. $1360/sq.ft.

For about $1,700,000

Noe Valley: 4 BR, 3 BA, 2200 sq.ft. 1906 Italianate Victorian; yard, 1 pkg. $777/sq.ft.

For about $1,500,000

St Francis Wood: 5 BR, 2 BA, 2146 sq.ft. 1925 English Tudor SFD; 4 pkg. $678/sq.ft.
NOPA: 4 BR, 4 BA, 3455 sq.ft. 1905 SFD + cottage; “diamond in the rough”, 4 pkg. $420/sq.ft.
Anza Vista: 4 BR, 3 BA, 1954 SFD; city & bay views, deck, spa, 2 pkg. $537/sq.ft.
Cole Valley: 4 BR, 3 BA, 2560 sq.ft., 2-lvl, 1999 condo; deck, 2 pkg. $570/sq.ft.
Haight Ashbury: 3 BR, 3.5 BA, 2500 sq.ft. Eastlake Victorian; deck, 1 BR apt, 3 pkg. $620/sq.ft.
Nob Hill: 2 BR, 2.5 BA, 1961 sq.ft. 1963 condo; doorman; cathedral views, 1 pkg. $739/sq.ft.
Cow Hollow: 2 BR, 2 BA, 1595 sq.ft. 1928 Marina-style SFD; needs work, bay vws, pkg. $940/sq.ft.
Mission Bay: 2 BR, 2 BA, 1711 sq.ft. new Radiance condo; huge patio, bay views, pkg. $874/sq.ft.

For about $1,250,000

Forest Hill: 4 BR, 3.5 BA, 2800 sq.ft. 1964 Contemporary SFD, family rm, 4 pkg. $448/sq.ft.
Bernal Heights: 4 BR, 3 BA, 3-story Victorian SFD; in-law apt, Twin Peaks view. 2 pkg.
Eureka Valley: 3 BR, 2.5 BA, 1654 sq.ft. 1907 Victorian; deck, media rm, leased pkg. $758/sq.ft.
Inner Sunset: 3 BR, 2 BA, 1455 sq.ft. new condo; 1 car pkg. $863/sq.ft.
Inner Richmond: 3 BR, 1.5 BA, 2210 sq.ft. 1915 Edwardian; solar pwr, bonus rms, pkg. $554/sq.ft.
Pacific Heights: 2 BR, 2 BA, 1920, 5-room condo; near Alta Plaza, 1 pkg.
Nob Hill: 2 BR, 2 BA, new top-floor condo; den, GG bridge view, 1 pkg.
Corona Hghts: 2 vacant units, 1745 sq.ft. 1931 Arts & Crafts; bonus rms, vws, 2 pkg. $702/sq.ft.

For about $1,000,000

Lakeshore: 4 BR, 3 BA, 2135 sq.ft. Contemporary SFD; study, 2 car pkg. $461/sq.ft.
Glen Park: 4 BR, 2 BA, 2100 sq.ft. 1978 SFD; canyon vw, family rm, deck, 2 pkg. $488/sq.ft.
Noe Valley: 4 BR, 2 BA, 1545 sq.ft. 1970 SFD; east bay views, deck, 1 pkg. $655/sq.ft.
Bernal Heights: 3 BR, 3 BA, 2134 sq.ft. 2001 SFD; city view, deck, patio, 2 pkg. $469/sq.ft.
Mission Dolores: 3 BR, 2.5 BA, 1241 sq.ft. 2005 condo; garden, spa, 1 pkg. $798/sq.ft.
Outer Richmond: 3 BR, 1.5 BA, 2050 sq.ft. Edwardian; ocean vw, b’ful garden, 2 pkg. $495/sq.ft.
Financial District: 2 BR, 2 BA, 1250 sq.ft. 1987 condo; huge vws, doorman, valet pkg. $820/sq.ft.
South Beach: 2 BR, 2 BA, 1279 sq.ft. 2002 condo; bridge/city/ bay views; 1 pkg. $794/sq.ft.
Hayes Valley: 4339 sq.ft. 3 full-floor Edwardian flats, 1 unit vacant; no parking. $230/sq.ft.
Central Richmond: 3165 sq.ft. 2 Marina-style flats, vacant, bonus rooms, 1 pkg. $316/sq.ft.

For about $800,000

Miraloma Park: 4 BR, 2 BA, 2005 sq.ft. 1943 SFD; deck, garden, 1 pkg. $411/sq.ft.
Golden Gate Hghts: 3 BR, 2 BA, 1563 sq.ft. 1947 SFD; deck, ocean views, 1 pkg. $510/sq.ft.
Inner Mission: 3 BR, 2.5 BA, 1643 sq.ft. new condo; 1 car pkg. $475/sq.ft.
Sunnyside: 3 BR, 2 BA, 1619 sq.ft. 1928 Marina-style SFD, deck, yard, 1 pkg. $500/sq.ft.
NOPA: 3 BR, 2 BA, 1589 sq.ft. 1995 full-floor condo; south views, 1 car pkg. $488/sq.ft.
North Beach: 2 BR, 2 BA, 1197 sq.ft. 2001 condo; deck, 1 car pkg. $647/sq.ft.
Mission Bay: 2 BR, 2 BA, 1293 sq.ft. 2004 condo; near ball park, 1 pkg. $603/sq.ft.
SOMA: 2 BR, 2 BA, 1316 sq.ft. Museum Parc condo; deck, city vws, doorman, 1 pkg. $612/sq.ft.
Noe Valley: 2 BR, 2 BA, 1244 sq.ft. 1989 full-floor condo; patio, 2 pkg. $627/sq.ft.
Outer Sunset: 2 BR, 1.5 BA, 1875 sq.ft. 1933 SFD; large bonus room, garden, 2 car. $436/sq.ft.
Bernal Heights: 2 BR, 1.5 BA, 1480 sq.ft. 1926 Span-Med SFD; bay/city views; 1 pkg. $524/sq.ft.
Glen Park: 2 BR, 1 BA, 1029 sq.ft. 1965 SFD; city & bay views, deck, 2 car pkg. $758/sq.ft.

For about $650,000

Bayview: 6 BR, 3 BA, 2382 sq.ft. SFD; bonus rooms, partial bay views, 2 pkg. $273/sq.ft.
Portola: 3 BR, 2 BA, 1532 sq.ft. 1941 Span-Med SFD; family room, 1 pkg. $418/sq.ft.
Outer Parkside: 3 BR, 2 BA, 1214 sq.ft. 1945 SFD; yard, 2 car pkg. $535/sq.ft.
Forest Knolls: 2 BR, 2.5 BA, 1485 sq.ft. 1977 townhouse condo; deck, 2 pkg. $431/sq.ft.
Potrero Hill: 2 BR, 2 BA, 1041 sq.ft. 2002 condo; west views, garden, 1 pkg. $619/sq.ft.
Central Sunset: 2 BR, 1 BA, 1232 sq.ft. 1925 SFD; short sale, full basement, 3 pkg. $528/sq.ft.
Hayes Valley: 2 BR, 1 BA, 1200 sq.ft. Victorian TIC; den, leased pkg. $541/sq.ft.
South Beach: 1 BR, 1 BA, 1081 sq.ft. 1996 top-floor live-work loft; water views, pkg. $597/sq.ft.

For about $500,000

Silver Terrace: 3 BR, 2 BA, 1200 sq.ft. 1945 SFD, yard, 1 pkg. $416/sq.ft.
Outer Richmond: 2 BR, 2 BA, 1155 sq.ft. 1983 condo; ocean views, 1 car pkg. $437/sq.ft.
Crocker Amazon: 2 BR, 1 BA, 1068 sq.ft. Contemporary SFD; deck, basement, 1 pkg. $463/sq.ft.
Buena Vista Park: 1 BR, 1 BA, 704 sq.ft. 1986 condo: patio, east bay views, 1 pkg. $709/sq.ft.
North Waterfront: 1 BR, 1 BA, 613 sq.ft. 1993 condo; bay/bridge views, 1 pkg. $816/sq.ft.
SOMA: 1 BR, 1 BA, 670 sq.ft. 2000 condo; 1 car pkg. $739/sq.ft.

Most bank-owned property sales (aka REO sales) are at the lower price points – for example, of the 85 REO house sales in SF between October 1st and January 21st, 75 were below $649,000 and 45 of those were below $500,000. (The overall median house price in the city is approximately $775,000.) There were only 2 REO house sales over $1,000,000, though earlier in 2009 one in Pacific Heights closed for $11,500,000. In the same October-January period, 46 REO condo sales and 8 REO 2-4 unit building sales occurred. Most of these sales happen in the city’s southern and southeast neighborhoods, though a smattering occurs all over the city. Generally speaking, the bank-owned home market is quite hot, and sales over asking price are common.

$1,370,000: Eureka Valley 3 BR, 2 BA, 2052 sq.ft. 1918 3-story Edwardian; 2 pkg. $668/sq.ft.
$1,040,000: Mt Davidson Manor 3 BR, 2.5 BA 2053 sq.ft. traditional 7-room SFD; 1 pkg. $507/sq.ft.
$979,000: Parkside 5 BR, 3 BA, 2813 sq.ft. 1927 Span-Med; needs TLC, deck, 1 pkg. $348/sq.ft.
$950,000: So. Beach 2 BR, 2 BA, 1019 sq.ft. 2006 penthouse; pano vws, doorman, pkg. $932/sq.ft.
$781,000: Central Richmond 4 BR, 2 BA, 1846 sq.ft. fixer-upper 1911 SFD, 3 pkg. $423/sq.ft.
$722,000: Portola 5 BR, 3 BA, 2856 sq.ft. 1938 SFD; family rm, tenant occupied, 1 pkg. $253/sq.ft.
$720,000: Glen Park 2BR, 1 BA, 1426 sq.ft. 1954 SFD; bonus rooms, deck, yard, 2 pkg.
$620,000: Miraloma Park 3 BR, 1 BA, 1023 sq.ft. 1959 SFD; bonus rooms, bay/city views, 1 pkg.
$600,000: Inner Sunset 4 BR, 1.5 BA, 1860 sq.ft. 1925 SFD; tenant occupied, 2 pkg. $323/sq.ft.
$560,000: SOMA 2 BR, 3 BA, 1588 sq.ft. 2002 live-work loft condo; 1 car pkg. $353/sq.ft.
$525,000: Bernal Hghts 3 BR, 1 BA, 1400 sq.ft. 1910 Victorian; tenant, 2 pkg. $373/sq.ft.
$501,000: Bayview Heights 3 BR, 3 BA, 1716 sq.ft. 1997 SFD; city/bay views, 2 pkg. $292/sq.ft.
$501,000: Ingleside Hghts 3 BR, 2 BA, 1671 sq.ft. 1937 SFD; bonus rms, view, pkg. $300/sq.ft.
$380,000: Hunter’s Point 3 BR, 3 BA, 1412 sq.ft. 1911 SFD; bonus rooms, outside pkg. $269/sq.ft.
$301,500: Potrero Hill 2 BR, 2 BA, 1071 sq.ft. 2006 condo; bay views, deck, 1 pkg. $287/sq.ft.

All the above are specific sales which closed 10/1/09 – 1/21/10, but they are not necessarily representative of typical values for the property type and neighborhood delineated. Exact location within a neighborhood, quality of condition and renovations, curb appeal, “extra” rooms, lot size and many other factors all impact property values. SFD = single family dwelling (house). Square footage is based on “livable space”, which may be measured in different ways, but does not include decks, patios, yards, garages, unfinished basements and attics, or rooms built without permit (“bonus rooms” and “in-law apts”). Square footage figures are often unreported or unreliable.