October 2008 Report
San Francisco Real Estate Market Update for
September 2008
For a list of past market reports click here
The number of Single Family Homes sold for September held steady from the previous month in the San Francisco Real Estate Market. The average selling price was back up slightly over 100% of the average listing price. The average selling price was lower than August for the second month in a row and slightly lower than a year ago. The average days on the market decreased slightly to 53.
The number of Condominiums sold in September decreased from the previous month for the second month in a row in the San Francisco Real Estate Market. The average selling price was again UNDER 100% of the average listing price, also the second month in a row. The average selling price was lower than August but higher than a year ago. The average days on the market increased slightly to 72.
The number of homes in the Overall Sales category sold in September did not change significantly from the previous month in the San Francisco Real Estate Market but was much higher than a year ago. The average selling price was slightly UNDER 100% of the average listing price. However the average selling price was about 7% lower than August but only 3% lower than a year ago. The average days on the market increased slightly to 64.
What do these numbers all mean? Right now it looks like single family homes is where the action is. With the financial markets in turmoil and the housing market ina huge slowdown, the savvy investors are starting to pick up bargains. You would think the buyers would be out in droves, but the herd mentality is at work, and people are in panic mode. If ever there were a time to get a deal on San Francisco real estate, this would be it. Who knows how much lower it can go? Sellers who have their property on the market right now probably have to sell for one reason or another so they are what we like to call "motivated". This means, make an offer and see what happens. Understandably, some buyers may have taken a hit in the stock market and have lost that down payment they were counting on. But for those who are liquid, have the funds, want the home and are just too nervous to pull the trigger, they will soon find themselves back in the multiple offer situations before long wondering why they didn't buy when they had the chance!
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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September sales history is now online.
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 175 | $1,032,758 | $1,042,905 | 100.98% | 53 |
| Condominium | 160 | $821,097 | $807,194 | 98.31% | 72 |
| ALL * | 374 | $974,844 | $970,769 | 99.58% | 64 |
August 2008 **
| 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 |
September 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 145 | $1,014,005 | $1,045,377 | 103.09% | 38 |
| Condominium | 179 | $761,537 | $772,628 | 101.46% | 50 |
| ALL * | 357 | $973,302 | $999,213 | 102.66% | 45 |
* 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.
