September 2008 Report
San Francisco Real Estate Market Update for
August 2008
The number of Single Family Homes sold for August decreased dramatically from the previous month in the San Francisco Real Estate Market. Surprisingly, the average selling price was UNDER 100% of the average listing price. The average selling price was lower than July as well as a year ago. The average days on the market increased for the second month ina row to 57.
The number of Condominiums sold in August also decreased from the previous month in the San Francisco Real Estate Market. The average selling price was also UNDER 100% of the average listing price. The average selling price was lower than July but higher than a year ago. The average days on the market increased to 69.
The number of homes in the Overall Sales category sold in August decreased the most dramatically from the previous month in the San Francisco Real Estate Market as well as a year ago. The average selling price again UNDER 100% of the average listing price. However the average selling price was lower than July but higher than a year ago. The average days on the market increased to 63.
What do these numbers all mean? While it looked like we would have a stronger than normal end to our summer market, it was not the case. As you can see by the numbers, there were deals to be had. When the sales price versus the listing price drops under 100% like it did in all three categories we track, it means sellers were willing to negotiate. If buyers were ever looking for a time to buy and get the price they wanted, this was it. But as you can see the numbers of homes sold were down, indicating that buyers just weren't stepping up. What does this mean for our fall market? Who can say? Anectdotally we can tell you that we have a large number of new listings coming up, and so do other agents in our office. Once the presidential race is decided we may see a bump in market enthusiasm, regardless of who wins.
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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August sales history is now online.
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 174 | $1,118,638 | $1,116,952 | 99.85% | 56 |
| Condominium | 177 | $854,645 | $849,519 | 99.40% | 69 |
| ALL * | 387 | $1,051,220 | $1,043,912 | 99.30% | 63 |
July 2008 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 208 | $1,149,216 | $1,167,646 | 101.60% | 48 |
| Condominium | 246 | $898,300 | $900,608 | 100.26% | 58 |
| ALL * | 502 | $1,060,207 | $1,070,266 | 100.95% | 55 |
August 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 174 | $1,074,283 | $1,146,405 | 106.71% | 35 |
| Condominium | 228 | $817,733 | $834,648 | 102.06% | 44 |
| ALL * | 452 | $988,830 | $1,029,548 | 104.12% | 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.
