Danielle Lazier

San Francisco Real Estate Market on the Rebound – Competition for Desirable Properties

What goes up must come down, right? Well, the same is true in reverse.

International & cosmopolitan cities like San Francisco rarely experience major downturns (most local SF real estate agents will cite 1989-1991 as the last one) and are usually the last to the party and the first to leave. In other words, a real estate market downturn in San Francisco is rare and doesn’t last long relative to most of the country.

Personally, my belief is that 2009 was the bottom. Time will tell. My crystal ball may be a little better than the average person’s simply because I work in the housing trenches day in, day out and pay attention to micro-trends but it’s not omniscient.

Our local San Francisco Board of Realtors just published their latest market data report. SFAR tries to keep ahead of State and National reports because all real estate is local and our market is pretty unique.

Here’s a highlight of the latest report.

“Sales activity in San Francisco’s housing market rebounded during the second half of 2009 and into early 2010, resulting in a significantly tighter housing market from a year ago, according to the most recent Market Focus report released jointly by the Rosen Consulting Group and the San Francisco Association of REALTORS®. The report states that completed home sales in March 2010 increased 58 percent from the same month a year ago, absorbing much of the excess inventory in the market and intensifying competition among buyers for desirable properties.”

Check out the full report as a PDF File on San Francisco Real Estate and corresponding press release from the San Francisco Real Estate Board:

Market_Focus_Report_April_2010

Market_Focus_Press_Release_April_2010

Check out last Quarter’s Report on SF Real Estate here.

Tags: market report, rosen consulting group, sfar

What’s going on in the San Francisco Single Family Home Market? August ’08 v August ’07

How’s the San Francisco single family home market doing in this economy, you ask? Well, it’s a mixed bag. Overall, our market is holding up VERY well. Kiss your sidewalks, folks.

There is some price depreciation in areas but it’s minimal as compared to the greater Bay Area, California and certainly nationwide.

August 08 v August 07 shows an overall median single family home price decrease of 7.4%. Of course, 2007 was already past the peak so prices may be down more than that from the top of the market.

However, keep in mind that these numbers can be VERY skewed. Some districts have so little inventory that one big or small sale throws off the numbers completely.

For example, there was only 1 sale in all of District 8 in August of 2007 and only 3 in August of ’08!

If you want to know specific sales prices in your neighborhood, send me an email and I’ll get that info to you asap. No obligation, of course.

Click here for a larger version of the chart.

Tags: August '08 v August '07, market report