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Market Update: September 2003

he San Francisco Real Estate Market volume has increased slightly over August. The total number of sold properties was up 3% from last month and the average sales price for all properties was up very slightly (about 0.5%).

The average sales price for Single Family Dwellings was at $821,094 which is an increase of 0.5% from August. But the most significant statistic is that the sales price was 108.86% over the asking price - a 5% increase over last month! That means there is still a lack of inventory which has buyers offering even more over the asking price on many homes.

Condominium sales increased almost 5% over August and the average sales price is $614,555 which is an increase of 0.75%. The sales prices were also over the asking price.

Third Quarter figures are GREAT and show continued strength in our market. The total number of sales increased 17% with homes increasing 14% and condominiums over 27%! The largest increase in the average sales price was in homes - 12%.

Interest rates are going down again! Banks are offering great financing packages for purchases and refinancing. San Francisco Real Estate continues to be a great investment.

First Republic Bank reports - "San Francisco Bay Area values fell 0.1% from the second quarter of 2002, and were off 0.2% from the first quarter of 2003. The San Francisco Bay Area has posted three consecutive quarterly declines, and average values stand at $2.18 million.

September 2003**

August 2003

Third Quarter 2003 (July-September 2003)

Third Quarter 2002 (July-September 2002)

Six Month Average (April-September 2003)

* 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.