Zip Code Spotlight – 94080 – South San Francisco, CA
This month, the Zip Code Spotlight falls on 94080, in South San Francisco, CA. As its name so cunningly implies, South San Francisco lies to the south of San Francisco proper, encompassing a wide swath on the east side of the peninsula.
94080 is populated by about 60% single family homes, 20% townhouses and 20% condos, making it attractive for all kinds of buyers. Perhaps most importantly, compared to San Francisco and its other, pricier neighbors to the south, 94080 provides an affordable option for those who want to live on the northern half of the peninsula.
For single family homes, currently listed properties range from $975,000 for a 4 bedroom/4 bathroom to $300,000 for a 2 bedroom fixer. Lots tend to be on the small size, so if you are looking for a home, home on the range you should probably look elsewhere. On the other hand, South San Francisco’s numerous hills can provide amazing views of the Bay and commuting to the city is a breeze.
Value wise, 94080 has seen a steep, 35% drop in average sale price since 2007. As you can see in the graph below, this steep price decline has been accompanied by a spike in supply in the area. Supply remains elevated above historic norms but has fallen sharply in recent months. This drop in supply, together with a possibly leveling value decline, may indicate that the worst is over for 94080.
Its proximity to San Francisco, together with a strong biotechnology presence in South San Francisco, should make this area desirable and valuable for the foreseeable future.