June
San Francisco Real Estate Market Update for
May 2005
The San Francisco Real Estate Market for
May saw little change from the previous month! The number
of homes sold dipped slightly for two of the three categories
we track. Average listing prices were up from the previous month
except condominiums, yet the selling prices were nearly 110% of
listing prices in all categories.
Avram Goldman, President and COO of Coldwell
Banker, SF Bay Area reported the week before Memorial Day,
"...With all the articles and media talking about the
bubble the market still stays hot. With that said, we are seeing
some unpredictability from home to home and market to market.
The buyers are still out in hordes...; however some are becoming
more careful in their decisions. Not every house is selling with
multiple offers. Sellers are finding out the hard way that buyers
are willing to walk away if repairs that are requested are not
met. Other sellers are beginning to see the first and only offer
may be the best. Some homes are sitting on the market longer.
."
The number of Single Family Homes sold for
May was up again for the third month in a row. The average
listing price jumped significantly from April. Even so,
the average sales price was over 109% of the listing price.
The number of Condominiums sold in May
dipped slightly from the previous month as did the average
listing price, yet the average selling price was once again over
109% of the listing price.
Overall Sales for May showed a slight
decrease from April in the number of homes sold, yet the
average listing price was higher than the previous month, and
the average selling price was over 109% of the listing price.
Our trusted mortgage consultant, Jay Bransfield
of All California Mortgage said in his May 26,
2005 update, "This past week the minutes from the Fed's
May 3rd meeting failed to generate any big surprises. General
consensus on the minutes is that the FED will continue to hike
rates in .25% increments at future Fed meetings until we are in
range of 4% on the Fed Funds rate which translates to 7% Prime
Rate. This is a modest positive for the economy. Keep in mind,
that 30 year mortgages are roughly where they where for the last
year or so and the move in Prime will have more of an impact on
second mortgages and credit card rates.
"Lastly - A Few Tidbits
of Interest -
- BOOM - Over the last 25 calendar years (1980-2004),
the average price of a house in America has increased +5.1%
annually, +1.4% above the average annual rate of inflation
of +3.7%. But over the last 8 years (1997-2004), housing prices
have increased +7.1% annually vs. an inflation average of
+2.3%, a yearly spread of +4.8% (source: Department of Labor,
Office of Federal Housing).
- FED - With the announcement last week that Fed board
member Edward Gramlich will be retiring at the end of August
2005, the Fed's 7-person Board of Governors may have 3 new
members in the next 8 months. Ben Bernanke has been nominated
to the Council of Economic Advisors and Chairman Alan Greenspan
is expected to retire 1/31/06 (source: Federal Reserve).
- Retire? - Slightly more than 1 out of 2 households
that have access to an employer sponsored retirement plan
will be able to retire with adequate savings. Only 1 out of
4 households that do not have access to an employer sponsored
retirement plan will be able to retire with adequate savings
(source: ASPPA).
"I've used Janis Stone as my Trusted
Advisor when I've bought and sold real Estate in San Francisco
and I'm honored to be a part of her Trusted Advisor Team"
- Jay Bransfield
Don't miss out on your opportunity to buy or sell!
San Francisco Real Estate continues to be a great investment!
May 2005 **
| Property Type |
|
Sold |
Avg Listing
Price
|
Avg Selling
Price |
% Sales Price versus Listing |
| Single Family Dwelling |
|
243 |
$1,180,410 |
$1,293,482 |
109.58% |
| Condominium |
|
258 |
$736,434 |
$809,683 |
109.95% |
| ALL * |
|
575 |
$1,017,248 |
$1,109,696 |
109.09% |
April 2005 **
| Property Type |
|
Sold |
Avg Listing
Price
|
Avg Selling
Price |
% Sales Price versus Listing |
| Single Family Dwelling |
|
239 |
$1,015,339 |
$1,133,888 |
111.68% |
| Condominium |
|
310 |
$738,356 |
$811,227 |
109.87% |
| ALL * |
|
604 |
$893,911 |
$988,232 |
110.55% |
* 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.
