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October
San Francisco Real Estate Market Update for
September 2004

The San Francisco Real Estate Market for September remained relatively strong. Although the percentages were down again 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 Sept. 20-27... "The number of multiple offers are more numerous after a drop off in the month of August... Inventories are primarily holding at their current levels--- ...We are in the second cycle of sales for the year. We are now experiencing the Fall buyer wave. Open homes are well attended. We still don't have enough well-priced and well-presented listings to meet buyer demand. Interest rates are still remaining steady and we see no significant movement between now and the end of the year. Again a perfect time for both buyers and sellers. Buyers can take advantage of the historically low rates and sellers are fortunate to have a market of low inventories and high buyer demand.

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."

The number of Single Family Homes sold was down slightly from the previous month and, although the listing price is nearly 6% lower from August, the average selling price in September was nearly 107% of the listing price.

The number of Condominiums sold in September dropped significantly from the previous month. Although the average listing price was almost 2% lower, the average selling price was more than 104% of the listing price.

The number of homes sold in the Overall Sales category were nearly 10% less than in August. With the listing price being down 4% from the previous month, the sales price was still more than 105% of the listing price. This could indicate a coming market slow down.

Our SFResidence sales activity has shown some signs of slowing. Marketing times seem to be getting longer, meaning that properties are not getting the immediate multiple offers that we got used to in the frenzied spring market. This is especially true for properties priced over $1 million.

Even so, Interest rates seem to be holding steady, despite talk of them beginning to creep upward. Our impression is that we won't see any major changes until after the election. Don't miss out on your opportunity to buy or sell!

San Francisco Real Estate continues to be a great investment!

September 2004 **

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.

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