There is a Sale going on here!
Below are the normal market numbers I create each month for my own use in working with clients in San Francisco.
On Monday I attended our annual Alain Pinel Realtors “Ignite” Conference in San Francisco. One of the speakers was Chris Harney, Founder and President of Keeping Current Matters an information service for the real estate industry. Part of his message to us included the observation that the Case-Schiller Index for San Francisco has home prices in December falling to 2002 price levels. Coupled with historic low interest rates, what it basically boils down to is as he said, “Folks there is a sale going on in real estate!”
This is especially true in San Francisco. Our inventory of homes is as low as we have ever seen it. Property priced within a market selling range sell quickly, banks have streamlined the short-sale process so those inventories are being reduced too. San Francisco rental rates remain high and inventory is also low there too, putting even more buyers in the market as it is often now cheaper to buy than rent. If you are a buyer it means that now is the time to buy because you can expect home prices to begin moving up later in the year. Now is the time to buy, because as Steve said to us, “There’s a sale going on here!”
San Francisco Market Data as of Wednesday, February 29, 2012 Currently there are 214 Single Family Homes and 394 Condos/TIC/Lofts and 99 2-4 units listed for sale on the Multiple Listing Service in San Francisco in Districts 1-9.
Last 29 Days:
109 Single Family Homes sold after an average of 60 days on the market.
- Average Listing Price was $1,318,523
- Average Selling Price was $1,290,653
134 Condo/T.I.C/Loft sold after an average of 92 days on the market.
- Average Listing Price was $777,565
- Average Selling Price was $774,699
30 2-4 Unit Buildings sold after an average of 89 days on the market
- Average Listing Price was $1,277,733
- Average Selling Price was $1,205,455
Same 29 day period one year ago:
81 Single Family Homes sold after an average of 82 days on the market.
- Average Listing Price was $970,100
- Average Selling Price was $950,321
165 Condos/TIC/Lofts sold after an average of 86 days on the market.
- Average Listing Price was $693,050
- Average Selling Price was $676,687
21 2-4 Unit Buildings sold after an average of 97 days on the market
- Average Listing Price was $1,384,786
- Average Selling Price was $1,361,910
The information is based on: A 3 bedroom 2 bath home of approximately 1,581 sq ft., a 2 bedroom 1.5 bathroom Condo of approximately 1,193 sq ft. and a 2-4 unit building of approximately 2,911 sq ft.
Learn more about San Francisco's Bary Area at http://www.sanfranciscobayareahomesrighthere.com/