February 2008 Report
San Francisco Real Estate Market Update for
January 2008
The number of Single Family Homes sold for January decreased again from the previous month in San Francisco Real Estate. The average selling price was less than 100% of the average listing price for the second month in a row. However, the average selling price was higher than December and 16.8% higher than a year ago! The average days on the market increased to 63.
The number of Condominiums sold in January decreased again from the previous month in the San Francisco Real Estate Market, and the average selling price was under 100% of the average listing price. The average selling price was higher than December, and higher than a year ago. The average days on the market increased to to 64.
The number of homes in the Overall Sales category sold in January decreased again from the previous month in the San Francisco Real Estate Market, and the average selling price was slightly under 100% of the average listing price. The average selling price was higher than the previous month as well as a year ago. The average days on the market increased to 65.
What does all this mean? January, like December, is traditionally a very slow month for us. Notice that the average listing prices are higher than the average selling prices, which is very unusual for San Francisco Real Estate. This means that there are deals to be had. For the first time in a long time buyers are in a position to negotiate with sellers. Typically this is what the buyers want. But what happens in our market? Buyers are pulling back! Sounds silly, but the "herd" mentality seems to be taking over. The negative real estate news appears to be causing buyers to have the "paralysis of analysis"; thus losing out on opportunities to get the home they want at a price they can afford. It's almost like people are afraid that they might get what they want! Rick Turley publishes a weekly report for more insight.
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
Mortgage rates are always changing. Foster Weeks does a weekly mortgage update, part of which is posted on our blog.
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January statistical market history is now online.
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 93 | $1,222,832 | $1,213,813 | 99.26% | 63 |
| Condominium | 93 | $853,946 | $844,228 | 98.86% | 64 |
| ALL * | 205 | $1,105,079 | $1,093,855 | 98.98% | 65 |
December 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 142 | $1,131,422 | $1,118,577 | 98.86% | 55 |
| Condominium | 180 | $805,017 | $805,836 | 100.10% | 62 |
| ALL * | 364 | $1,035,667 | $1,036,330 | 100.06% | 60 |
January 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | |
| Single Family Dwelling | 124 | $1,032,491 | $1,039,320 | 100.67% | |
| Condominium | 146 | $831,906 | $826,218 | 99.32% | |
| ALL * | 311 | $980,877 | $975,326 | 99.43% |
* 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.
