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Image 1 of / 49 Caption Close Image 2 of 49 The kitchen The kitchen Image 3 of 49 Stainless steel appliances Stainless steel appliances Image 4 of 49 Open concept living room leads out to the balcony Open concept living room leads out to the balcony Image 5 of 49 Image 6 of 49 The small balcony The small balcony Image 7 of 49 One of three bedrooms One of three bedrooms Image 8 of 49 One of two full baths One of two full baths Image 9 of 49 Another shot of the bath Another shot of the bath Image 10 of 49 Image 11 of 49 Second bedroom Second bedroom Image 12 of 49 Walk-in closet Walk-in closet Image 13 of 49 Another bathroom Another bathroom Image 14 of 49 The sink The sink Image 15 of 49 Image 16 of 49 The shower The shower Image 17 of 49 The dining room fixture The dining room fixture Image 18 of 49 Millwheel North in the Dogpatch Millwheel North in the Dogpatch Image 19 of 49 1133 De Haro St. is a single-family home that sold for $1.25 million on August 29. 1133 De Haro St. is a single-family home that sold for $1.25 million on August 29. Image 20 of 49 Image 21 of 49 Open concept living-dining Open concept living-dining Image 22 of 49 Living room area Living room area Image 23 of 49 Dining area and kitchen Dining area and kitchen Image 24 of 49 Another view of the open concept entertaining space Another view of the open concept entertaining space Image 25 of 49 Image 26 of 49 Skylights bring in natural light Skylights bring in natural light Image 27 of 49 The kitchen The kitchen Image 28 of 49 Small eat-in area Small eat-in area Image 29 of 49 Small back patio off the main level Small back patio off the main level Image 30 of 49 Image 31 of 49 Master suite Master suite Image 32 of 49 Another view of the master, with ensuite bath. Another view of the master, with ensuite bath. Image 33 of 49 The bathroom, one of three The bathroom, one of three Image 34 of 49 Another bedroom, one of three Another bedroom, one of three Image 35 of 49 Image 36 of 49 The third bedroom The third bedroom Image 37 of 49 Another full bath Another full bath Image 38 of 49 Family room Family room Image 39 of 49 The family room opens to a west-facing deck The family room opens to a west-facing deck Image 40 of 49 Image 41 of 49 Another view of the family room Another view of the family room Image 42 of 49 A large back deck A large back deck Image 43 of 49 Another full bath on the deck level Another full bath on the deck level Image 44 of 49 Laundry room Laundry room Image 45 of 49 Image 46 of 49 Another view of the large deck Another view of the large deck Image 47 of 49 A large front yard A large front yard Image 48 of 49 The house as seen from the backyard The house as seen from the backyard Image 49 of 49 S.F. condo prices catch up to single-family stats 1 / 49 Back to Gallery

San Francisco condos are no longer much of a bargain compared to single-family homes, according to a new report from Paragon Real Estate Group. The report found that there is only a 12% difference in median sales prices between the two categories, with $1.075 million the median for homes sold between March 1 and August 31 in 2014, and $950K the median for condos/co-ops. TICs are still a (relative) bargain with a median price of $805K.

But TIC sales are dwindling, with only 195 units sold between January 1 and August 31, 2014, or 5% of the overall market in the city. Condos, on the other hand, make up 46% of the sales in San Francisco, with 1,864 sales. Single-family homes make up 37% of San Francisco sales, with 1,513 homes sold by August 31 this year.

New developments push prices up

Median condo prices are getting a boost from newly built projects that are seeing extraordinary price-per-square-foot numbers, in some cases over $1,300 a square foot. The numbers are so high they are bringing up neighborhood values as well. “The surge in expensive, new-condo construction sales in various areas, such as Hayes Valley, Potrero Hill, Inner Mission and the Market Street and Van Ness Avenue corridors, is significantly affecting (raising) the average and median values in those neighborhoods,” according to the report.

Condo vs. single-family home

The gallery above shows a recent sale from Millwheel North, a brand-new 39-unit condo development in the Dogpatch neighborhood, just east of Potrero Hill. The three-bedroom, three-bath 1,600-square-foot condo sold for $1.33 million earlier this month, 40K over the asking price of $1.295 million.

The gallery also shows a single-family home sale in Potrero Hill, not far from Millwheel North. That three-bedroom, three-bath 1,515-square-foot single-family home sold for $1.25 million at the end of August. The 1908 home isn’t brand new, of course, but it has been updated with a desirable open-concept living space, and has a rarely-seen-in-S.F. front yard, as well as a large back deck. (The Millwheel North unit has just one small balcony and a shared courtyard.)

Low single-family inventory

Paragon’s report also shows that, although condos may be catching up with the median-priced single-family home, there are still more single-family sales on the ultra-high end. There are significantly more condo sales in the 750K to $1.49-million range, with single-family and condo sales running neck and neck in the $1.5-million to $1.99-million range (150 sales and 143 sales, respectively). But there were 178 single-family sales between $2 million and $4.99 million, versus only 118 condos.

After all, at least developers are still building condos, and the new inventory helps to keep pricing lower than in the single-family market, where almost no new homes are being built. “The relatively small quantity—and declining percentage of sales—of house listings in San Francisco has put significant competitive pressure on house prices,” according to the report. “Very, very few new houses are being built in the city and those that are, are typically very costly.”

Emily Landes is a writer and editor who is obsessed with all things real estate. She also has a DIY problem that she blogs about at pritical.com.