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Market Update: February 2004**

The San Francisco Real Estate Market is like the veritable snowball rolling downhill gathering momentum! High demand and low inventory are creating multiple offer situations resulting in homes selling for considerably over the asking price! In February the sales price was 139% of the listing price!!! This is a fabulous SELLER's market!

Here's what Real Estate News said about California Real Estate sales: "Highlights from the 2003 Coldwell Banker Luxury Home Sales Report include: Coldwell Banker reports that California continues to dominate the country in luxury home sales, with six times more sales in this category than any other state. California total luxury home sales topped $12.6 billion and also had the highest luxury homes transaction conducted by a Coldwell Banker sales associate for 2003."

The number of Single Family Dwellings sold were down dramatically (almost 30% from January) for the second month in a row, yet the average sales price rose by over 52% from January! The average selling price was more than 139% of the listing price mainly due to multiple offer situations! There is a high demand for Single Family Homes, and this is a great time to sell!

The number of Condominiums sold rose by approximately 12% and average selling prices jumped nearly 20% over the previous month. And the average selling price in February was more than 6% over the listing price. Again, statistics indicate that this is a seller's market!

Overall Sales showed a 10% drop in volume from January. Even so, the average listing price was up more than 7% from January, and the average selling price was an amazing 16.97% higher.

Traditionally, Spring is our most active market. With the inventory low and the demand high, this could be our best year since the "dot com" boom.*** We are seeing multiple offers, with many properties getting 4 or more offers and some receiving as many as 20 offers! If you are considering making a move, this is a great time to do it!

Interest rates continue to hold steady and are still the lowest in years! Lenders have many great loan programs available!

San Francisco Real Estate continues to be a great investment!

February 2004*

January 2003

* 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.
*** Notice our March report shows that the First Republic Bank report showed a similar conclusion!

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.