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August
San Francisco Real Estate Market Update for
July 2004

The San Francisco Real Estate Market for July was once again very strong, however, it is showing signs of slowing. This is typical during the month of August which is deemed "vacations month". Even so, selling prices continue to be above the listing price in all of the home categories, indicating that there are still multiple offer situations. It is still a great seller's market!

Avram Goldman, President and COO of Coldwell Banker in the San Francisco Bay Area, said in his report for the week of July 19th-25th: "...This is the first time since the beginning of the year that close to 40% of our offices reported decreasing sales. That should not be alarming. We knew this was coming. Again, the market is losing velocity as we come back to earth and a more normalized market. Yes, we are still seeing multiple offers, but nowhere near the searing pace of the spring... Buyers are beginning to sense a change and could begin holding off. Open houses are well attended when the home is open for the first time. After that, attendance appears to dwindle, showing buyers are really comparison shopping. We will know more after the summer. Many buyers, sellers and agents are on vacation..."

The number of Single Family Homes sold was down slightly from last month and the average selling price also dipped a little from June. However, the selling price was nearly 108% of the listing price, indicating there are multiple offer situations. The real news is that the difference between listing price and selling price is a healthy 5.12% increase over this same time last year!

The greatest opportunity in the San Francisco Real Estate Market right now appears to be in Condominiums. Great inventory coupled with low interest rates are giving buyers an excellent opportunity to purchase their first home. Although the number of condominiums sold was down from June, the average listing price increased a healthy $37,000 on average. Again, with competition being key, multiple offer situations appear to be the factor driving the selling price to almost 106% of the listing price. Compared to last year, and you can see that there was only a modest 1% increase in 2003 even when listing prices started lower.

Overall Sales were off slightly from last month indicating a mild slow down, but listing and selling prices were substantially higher over the same time last year.

As we approach the end of Summer, it appears that we will continue to have incredible opportunities for sellers. If you are considering making a move, this would be a great time to do it! Interest rates actually dropped a bit at the end of July. However, don't expect that to continue as they will most likely begin to creep up toward election time.

San Francisco Real Estate is still a great investment!

July 2004 **

June 2004 **

* 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.