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September
San Francisco Real Estate Market Update for
August 2004

The San Francisco Real Estate Market for August remained very strong despite being typically a slow month with buyers, sellers and real estate agents on vacations. So much for trying to tell the future. Although the percentages were down slightly from last month, selling prices continue to be above the listing price in all of the home categories. It will most likely continue to be a great SELLER's market through election time!

Here is what Avram Goldman, President and COO of Coldwell Banker San Francisco Bay Area, said in his report for the week of Aug. 23-29... "Listing inventories are still declining... San Francisco is at the low points of the early Spring market. Our report shows four offices having increasing inventories, 14 Steady and 13 (about 40%) showing decreasing inventories...

The market is still being driven by supply demand factors. We still don't have enough inventory for the under $1 million range. There are plenty of buyers coming through open houses and interest rates aren't budging. For those sellers that waited this may be their best time to list in the next two years. Next year we will (probably) see interest rates in the high 6's or low 7's--not dramatic but it will impact some buyers. Homes still need to be priced right as the number of multiple offers are decreasing. This Spring it seemed like every offer was a multiple. Now we are looking at an average of one out of every five. San Francisco and some markets on the Peninsula and North Santa Clara county are still running at 50%, but they are the exception not the rule."

The number of Single Family Homes sold was down from the previous month and, although the listing price is slight lower from July, the average selling price in August was nearly 108% of the listing price.

The number of Condominiums sold in August held steady from the previous month. Although the average listing price was lower, the average selling price was still almost 6% higher.

Overall Sales were also down slightly, however, the sales versus list price remained relatively unchanged for the third month in a row; almost 107% of list price.

If the SFResidence sales activity is any indication, Fall will continue to have incredible opportunities for sellers. Inventory is low, so if you are considering making a move, this might be a great time to do it!

Interest rates seem to be holding steady, although it has been rumored that they will begin to creeping upward. It's quite possible we won't see it until after the election. Remember, this market won't last forever. Don't miss out on your opportunity to buy or sell!

Click here to see what the L.A. Times has to say about the so called "housing bubble" in California!

San Francisco Real Estate continues to be a great investment!

August 2004 **

July 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.