San Francisco’s real estate market is…? What is going on anyway? In casual polling of fellow agents, I hear words like, “random,” “spotty,” “hard to predict,” “complex,” and so on.
At our Zephyr Real Estate office meeting, agents will announce their sales (address, list price, #offers, and a ball park estimate of sales price). These meetings are a phenomenal way to stay in touch with the broader market trends. Lately, the results seem to confirm these confusing adjectives!
Some houses received many offers in 2 weeks and sell for $50–$150k over the asking price while others get one offer weeks or months into the listing. Typically, these sales are at or slightly under the listing price.
What I find fascinating is that sales are down BUT prices are UP from last year!
Note to home sellers: if you’ve lived in your property at least 3 years, not to worry! If not, it depends on your particular place. Some of you are best off staying put for another few months at least while others could get a tidy profit even now.
Note to home buyers: Buy, buy, buy. Much of SF is on sale for the short-term. Get in and take advantage before the market picks up early next year.
Check our Cleanoffer.com’s Real Estate Market Trends Report. An excerpt is below and click HERE for the down loadable PDF.
Happy analyzing and Trick or Treat!
Credit Crunch Crunches Sales
|Trends at a Glance|
|Sep 07||Aug 07||Sep 06|
|Sale/List Price Ratio:||103.0%||106.1%||101.3%|
|Days on Market:||37||36||41|
As expected, the credit crunch had a big impact on sales in September. Sales of single-family, re-sale homes fell 23.6% from the month before, and were off 30.3% year-over-year. Year-to-date, home sales are off 9.3%. We expect sales to be slow this month, then start to recover at the end of the quarter as the credit crunch is alleviated.
The median price for single-family, re-sale homes dropped 4.6%, a year-over-year gain of 6.6%. The average price fell 9.6%, up 0.7% compared to last September.
The median price for condos in San Francisco fell 4.3% to $785,000 from August, up 1.3% compared to last September. The average price for condos lost 3.6% to $816,513, month-over-month. The average price was up 8.6% year-over-year.
San Francisco condo sales fell 26.8% in September, down 10.6% year-over-year. Year-to-date, condo sales are down 0.8%.