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September
San Francisco Real Estate Market Update for
August 2005

The San Francisco Real Estate Market for August did not miss a beat! All summer long we have been saying that this is the time buyers, sellers and agents typically go on vacation, yet sales were still strong. The number of homes sold remained about the same as the previous month for all three categories we track. Compare the average selling prices this year to the same time last year and you will see that condos have made the biggest jump. This is still an incredible market for SELLERS.

Avram Goldman, President and COO of Coldwell Banker, SF Bay Area reported for the last week of August, "...No one can quite tell what is happening in the market, whether here or nationally. Is the bubble coming or is it a soft landing---the media has been pondering this all week. Mr. Greenspan keeps the same message going---no bubble nationally with frothy bubble forming in some marketplaces.

"When you say it long enough, people begin to believe. It is Mr. Greenspan’s job right now to slow housing appreciation and he is right on it. This is not a bad message. Appreciation must slow in order for us to have the soft landing. The market needs to cool and come into balance. It appears we are moving in that direction. We are still seeing multiple offers... but those are the exceptions, not the rule. Most multiples are in 2-3 range. We are seeing the majority of offers at one. Buyers are now negotiating price and terms. Yes, it is a 'give and take market'—a normalized market.

Open house activity is mixed. Some marketplaces continue to see good activity others are slowing. One common theme is more price reductions. Pricing is more critical than we have seen all year, even though listing inventories remain somewhat flat or slightly increasing. Those not priced at market, depending on condition, are sitting. The real estate market is easing. This is a positive sign. Demand has not gone away. It has just become more discerning. From all indications a wave of inventory is coming after Labor Day. It is very good news for buyers---greater selection. Interest rates still remain attractive. I see activity picking up a tad in September as families and agents return from vacation and kids are back in school."

The number of Single Family Homes sold for August was up slightly from July. The average listing price dropped slightly from the previous month, however, the sales price was over 119% of the listing price.

The number of Condominiums sold in August was also down slightly from July. Even so, the average listing price increased over 5.89% from last month, and the average selling price was over 106% of the listing price!

The number of Overall Sales for August were also down slightly from last month. However, the average listing price increased from the previous month, and the average selling price was over 107% of the listing price.

Don't miss out on your opportunity to buy or sell! San Francisco Real Estate continues to be a great investment!

August 2005 **

July 2005 **

August 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.