July 2008 Report
San Francisco Real Estate Market Update for
June 2008
The number of Single Family Homes sold for June decreased from the previous month after four months of gains in a row in San Francisco Real Estate. The average selling price was just slightly over 100% of the average listing price. Yet the average selling price was lower than May but about the same as a year ago. The average days on the market increased significantly to 45.
The number of Condominiums sold in June decreased from the previous month in the San Francisco Real Estate Market. The average selling price was again under 100% of the average listing price. The average selling price was lower than May as well as a year ago. The average days on the market increased to 69.
The number of homes in the Overall Sales category sold in June decreased from the previous month after four months in a row of gainsin the San Francisco Real Estate Market. The average selling price was slightly under 100% of the average listing price. The average selling price was higher than May as well as a year ago. The average days on the market increased to 58.
What do these numbers all mean? Though steady, our market is making a shift. No doubt about it. Reports of multiple offers are becoming rare which is reflected in the numbers as average selling prices are LESS than average listing prices. This indicates a buyers market giving them room to negotiate the price. How long it will last is anyone's guess. Overall, the San Francisco real estate market is still strong though we definitely feel it changing.
We publish 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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It takes experience to sell in a Buyers market! San Francisco Real Estate continues to be a great investment!
June sales history is now online.
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 195 | $1,256,098 | $1,257,521 | 100.11% | 45 |
| Condominium | 186 | $876,305 | $874,332 | 99.77% | 69 |
| ALL * | 423 | $1,185,023 | $1,179,416 | 99.53% | 58 |
May 2008 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 196 | $1,325,356 | $1,334,602 | 100.70% | 38 |
| Condominium | 228 | $896,349 | $892,853 | 99.61% | 58 |
| ALL * | 469 | $1,131,357 | $1,132,026 | 100.06% | 49 |
June 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 197 | $1,252,811 | $1,292,890 | 103.20% | 35 |
| Condominium | 265 | $863,841 | $892,281 | 103.29% | 45 |
| ALL * | 520 | $1,101,448 | $1,132,816 | 102.85% | 42 |
* 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.
