In looking at the numbers for this month, it really isn’t all that bad in San Francisco real estate. While we know that numbers of sales are down, reports show that average sales prices are trending upward. It’s the old law of supply and demand.

Because sellers are reluctant to bring their houses on the market with all the gloom and doom coming from the media, it creates low inventory. So what is out there sells, as long as the property is priced right. And the result can be a lot of competition for the listings that are desirable. We are still seeing multiple offer situations.

Compare our March sales figures for San Francisco to the recent March sales report from CAR. What’s the message? This too shall pass. Real estate has its ups and downs, but fortunately for us, the valleys are not as low for us as they are in some other areas of California.

- Mick Orton
Marketing Director

The number of Single Family Homes sold for March increased again from the previous month in San Francisco Real Estate. The average selling price was again over 100% of the average listing price. The average listing price was higher than February as well as slightly higher than a year ago. The average days on the market decreased to 44.

The number of Condominiums sold in March increased again from the previous month in the San Francisco Real Estate Market. The average selling price was under 100% of the average listing price. Howver, the average selling price was higher than Feburay, as well as a year ago. The average days on the market increased to to 55.

The number of homes in the Overall Sales category sold in March increased again from the previous month in the San Francisco Real Estate Market. The average selling price was slightly over 100% of the average listing price. The average selling price was slightly higher than February as well as a year ago. The average days on the market decreased slightly to 49.

See the sales figures here as well as sales comparisons to last month and to a year ago.

- Mick Orton
Marketing Director

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

While listening to the radio the other day, I heard a news report stating that consumer confidence has plummeted in February to a 17-year low. The reporter went on to discuss how fears about the housing market and its impact on the economy are major factors in the increasing pessimism of the American consumer. Later, however, I found the actual consumer confidence index report online and, upon reading it, discovered this little nugget: Those with plans to buy a home rose in February from 2.5% to 2.7%. It was actually one of the few areas of the report that had improved month over month. I’m still trying to figure out how that news reporter wound up blaming the country’s real estate market for a decline in consumer confidence when the index clearly states that confidence in home buying is improving. The index also notes that consumers with plans to buy major appliances increased from 30.6% to 30.9% – maybe those new appliances will be installed in their new homes?

During a rainy holiday weekend, it became apparent that there are an increasing number of buyers who are getting serious about hopping off the fence. Though many seem to be waiting for the conforming loan limit increase in the economic stimulus package to take effect, there are also many who are taking advantage of the affordability existing in many of our markets right now. Buyers that are waiting to see a bottom would be best served by jumping in now. Typically, by the time we can see a bottom in the charts we are well past it and on the way back up. In areas with higher levels of inventory, price, condition and location continue to be crucial factors in home sales at virtually every price point. When those elements are balanced, we are seeing multiple offers. We are also starting to see inventory levels stabilizing in many areas – Danville being a case in point where inventory remain unchanged week over week, but new pending sales increased by 67%!

Read the rest of the February 24, 2008 report here.

- Rick Turley

* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with “weekly market report” in the subject line.

Here are the February numbers from the San Francisco Multiple Listing Service (SFARMLS) which we also published on our website for our March report.

What do these numbers all mean? February is typically another slow month for us. However, with nice weather coming after a very rainy beginning to the month, buyers seem to be out in mass. Notice that the average listing prices are very close to the average selling prices, which indicates that sellers are pricing their homes close to or slightly under the actual market value in order to attract more buyers. As a result, selling prices are very close to what people are asking for their homes. The lower days on the market indicates a healthy San Francisco Real Estate market.

Read more of the March analysis of February San Francisco Real Estate Sales here.

- Mick Orton
Marketing Director

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

The past week was like a snapshot of the entire year as far as San Francisco Bay Area real estate is concerned. I’ve mentioned before that our market is like a patchwork quilt – it’s often stitched together by definition into one large market area, but it’s actually made up of a multitude of different textures and patterns that shift and swirl. There is not only significant variation geographically among cities and communities, but also just a few days make a significant difference in the activity a particular branch experiences. Last week saw some areas entrenched in the end-of-the-year holiday slowdown. Others are seeing a surprisingly heightened level of buyer activity, including some fierce competition with multiple offers in the Peninsula.

San Francisco Van Ness still saw double-digit number of sales for the week, while commenting that activity felt slower. Another office in the City states fewer sales occurring, but prices holding firm. Most offices seem to be gearing up their new listings for January. The Peninsula still has pent-up demand for $1.5 to $1.9 homes in Palo Alto, parts of Menlo Park, Burlingame, and San Mateo. Well-written and presented offers with sound strategy are critical, as witnessed by our Redwood City/San Carlos office – the winner of multiple offers did not go to the Buyer with the highest priced offer. Half Moon Bay saw activity pick up as Buyers are recognizing the value our coastal community has to offer.

Read the entire report here.

- Rick Turley

* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with “weekly market report” in the subject line.

The current monthly report may be seen at SFResidence.com.

The number of Single Family Homes sold for October increased from September in San Francisco Real Estate. The average selling price was over 102% of the average listing price yet higher than the previous month as well as a year ago. The average days on the market decreased slightly to 37.

The number of Condominiums sold in October increased from September in the San Francisco Real Estate Market, however, the average selling price was over 101% of the average listing price. The average selling price was higher than last month, as well as a year ago. The average days on the market decreased to 43.

The number of homes sold in the Overall Sales category for October in San Francisco Real Estate also increased from September and was less than a year ago. Even so, the average selling price was over 101% of the average listing price. The average days on the market decreased slightly to 40.

Read the entire report here.

- Christine Serventi

The current monthly report may be seen at SFResidence.com.

The number of Single Family Homes sold for August dropped again from July in San Francisco Real Estate. The average listing price was over 13% lower than the previous month but over 7.8% higher than a year ago. The number that counts is the The average selling price was almost 107% of the average listing price. The average days on the market decreased slightly to 35.

The number of Condominiums sold in August decreased again from July in the San Francisco Real Estate Market, however, the average selling price was over 102% of the average listing price. The average listing and selling price were both higher than last month, and much higher than a year ago. The average days on the market increased slightly to 44.

The number of homes sold in the Overall Sales category for August in San Francisco Real Estate dropped again from July and was lower than a year ago. Even so, the average selling price was over 104% of the average listing price. But compared to a year ago, the average sales price was higher. The average days on the market decreased slightly to 41.

If you are thinking about selling, Fall is the perfect time to put your home on the market!

* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.

See the August 2007 statistics here.

- Janis Stone

The current monthly report may be seen at SFResidence.com.

The number of Single Family Homes sold for June was relatively unchaged from May in San Francisco Real Estate. The average listing and selling prices were a bit lower than the previous month, higher than a year ago. The average selling price was over 103% of the average listing price, slightly less than a month ago. The average days on the market decreased slightly to 35.

The number of Condominiums sold in June decreased from May in the San Francisco Real Estate Market, however, the average selling price was over 103% of the average listing price. The best news was that the average listing and selling price were both higher than last month. The selling price was slightly lower than a year ago. The average days on the market increased to 45.The number of homes sold in the Overall Sales category for June in San Francisco Real Estate remained relatively unchaged from May as well as a year ago. The average selling price was almost 103% of the average listing price, and almost unchanged from last month but much lower than a year ago. The average days on the market remained unchanged at 42.
Spring was a great market. Summer is starting off slower than we thought, mostly due to lack of inventory. If you are thinking about selling, this is a great time!* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.

See the June 2007 statistics here.

- Janis Stone

The current monthly report may be seen at SFResidence.com.

The number of Single Family Homes sold for April did not change from March in San Francisco Real Estate. The average listing and selling prices were both lower than the previous month and lower than a year ago. Even so, the average selling price was over 106% of the average listing price. The average days on the market dropped to 36, possibly due to the shrinking inventory.
The number of Condominiums sold in April increased slightly from March in the San Francisco Real Estate Market. The average selling price was almost 102% of the average listing price. The average listing and selling price was higher than last month and higher than a year ago. The average days on the market dropped to 48.

The number of homes sold in the Overall Sales category for April in San Francisco Real Estate did not change from March but was lower than a year ago. The average selling price was over 103% of the average listing price, and slightly lower compared to last month but higher than a year ago. The average days on the market dropped to 47.

Indications are that we are poised for a great spring market. Low inventory and high demand create the environment for multiple and preemptive offers where properties are sold for well over the asking price. This could be a great time to sell!

* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.

See the April 2007 statistics here.

- Janis Stone

Because the last day for recording sales was yesterday, we are publishing the numbers early. And we think you will be impressed with what you see.

Indications are that we are poised for a great spring market. Low inventory and high demand create the environment for multiple and preemptive offers where properties are sold for well over the asking price. This could be a great time to sell!

The number of Single Family Homes sold for March increased significantly from February in San Francisco Real Estate. The average listing and selling prices were both much higher than the previous month and much higher than a year ago. The average selling price was over 103% of the average listing price. The average days on the market dropped to 41, lower than the previous month.
The number of homes sold in the Overall Sales category for March in San Francisco Real Estate increased from February but was lower than a year ago. The average selling price was over 102% of the average listing price, and higher compared to last month as well as a year ago. The average days on the market dropped to 49, lower than the previous month.

The number of Condominiums sold in March also increased dramatically from February in the San Francisco Real Estate Market. The average selling price was over 100% of the average listing price. The average selling price was higher than last month but slightly lower than a year ago. The average days on the market dropped to 51, lower than the previous month.

See the March 2007 statistics here.

- Janis Stone