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Market Update: March 2004

The San Francisco Real Estate Market is even stronger than it was last month! Although high demand and low inventory are creating multiple offer situations, Realtors have tried to keep up by competitively pricing new listings. Even so, in March, the sales price was still over 100% of the listing price in all of the categories below, indicating that this is a fabulous SELLER's market!

Here's what First Republic said about San Francisco's Real Estate sales: "San Francisco Bay Area Posts Second Consecutive Quarterly Gain - Luxury home values in the San Francisco Bay Area increased 0.4 percent from the third quarter of 2003 and 0.3 percent for all of 2003. Values are approaching the levels reached in early 2001, during the height of the dot-com boom."

The number of Single Family Homes sold was up almost 70% from last month. Even with more homes on the market, the average selling price was up more than 107% of the listing price. Most of this was due to multiple offer situations! The market activity is picking up and there is still a high demand for Single Family Homes, and this is a great time to sell!

The number of Condominiums sold rose by approximately 50% and the average selling prices were still up over the previous month. Not only that, but the average selling price in March was more than 3% over the listing price. Again, statistics indicate that even though inventory was higher in this property type from last month, because of the high demand and fueled by low interest rates, it is a seller's market!

Overall Sales showed a staggering 60% increase in volume from last month. Even with increased inventory, the average listing price was still up more than 8% from February, and the average selling price was still 4.8% higher than that.

It looks like Spring will be our most active market. We continue to see 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!

March 2004 *

February 2004

First Quarter 2004

First Quarter 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.

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.