Market Update: January 2004
January 2004**
The San Francisco Real Estate Market was relatively strong despite the extreme lack of inventory. The number of Single Family Dwellings sold were down dramatically (almost 30%) from December while the average sales price fell by only 8%. However, the fact that selling price was more than 104% of the listing price shows that there is still a high demand for Single Family Homes and suggests that this is a great time to sell!
Condominium average selling prices dipped slightly again in January (about 6.25%) while the number sold plunged by over 37%. Even so, the selling price was slightly more than the listing price, which indicates that, because there is shortage of inventory, buyers are having to compete. Again, statistics indicate that this is a seller's market!
Overall Sales showed a 32% dip in volume for January. Although the average listing price was down 11% from December, the average selling price was still higher. It bears repeating that because of low inventory, sellers have been able to get higher offers. If you are thinking about selling your home, all signs point to this being a great sellers' market!
Interest rates are holding steady and continue to be the lowest in years. Lenders have many great loan programs available. However, latest news from the Fed indicate that these low rates may not last much longer.
San Francisco Real Estate continues to be a great investment!
January 2004*
| Property Type | Sold | Avg
Listing |
Avg
Selling Price |
% Sales Price versus Listing | |
| Single Family Dwelling | 162 | $789,629 | $823,119 | 104.24% | |
| Condominium | 169 | $584,742 | $591,710 | 101.19% | |
| ALL * | 390 | $767,601 | $792,380 | 103.23% |
December 2003
| Property Type | Sold | Avg
Listing |
Avg
Selling Price |
% Sales Price versus Listing | |
| Single Family Dwelling | 231 | $874,447 | $895,172 | 102.37% | |
| Condominium | 269 | $631,742 | $631,316 | 99.93% | |
| ALL * | 573 | $863,741 | $873,722 | 101.16% |
*
Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and
5+ Units.
** Figures subject to change as Multiple Listing Service is updated.
Realtor.com is the official site of the National Association of Realtors® (NAR) and is a search engine for real estate nationwide. Realtor.com has all of San Francisco's listed homes and condominiums.
