November 2008 Report
San Francisco Real Estate Market Update for
October 2008
For a list of past market reports click here
Because there has been such a change in our market, we have decided to split the statistics to show homes under $2M and homes $2 and over separately. We believe this will more accurately portray our market. However, comparing numbers to previous months as well as a year ago becomes harder to quantify.
We have also changed the way we will report on the condominium statistics separating condos from co-ops, lofts and TICs. This will more accurately report on various segments of the much broader market category. As you can see from the numbers, Co-ops, lofts and TICs have been dragging down condominiums in the days on market. Of couse, this makes sense. It takes a lot longer to put together TIC deals, especially when there are more than 2 units involved. And co-ops have always taken a bit longer because of the nuance of having to have board approval and other factors. We have to thank Wall Street Journal reporter, Ben Worthen, for this change. His request for more detailed information on TICs sparked it.
The number of homes in the Overall Sales category sold in October dropped slightly from the previous month in the San Francisco Real Estate Market but was much lower than a year ago. The average selling price was again slightly UNDER 100% of the average listing price. However the average selling price was slightly higher than September but much lower than a year ago. The average days on the market decreased to 56.
What do these numbers all mean? Surprisingly, the homes over $2M are taking less time to sell than those under $2M. Condominiums continue to sell much better than co-ops or TICs, probably because of the scarcity of funding for the latter two categories. We will have more analysis as months go on. We hope you appreciate the more detailed analysis of the market numbers.
We publish a weekly report for even 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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October sales history is now online.
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family $2M & Over | 11 | $3,103,909 | $3,119,818 | 100.51% | 42 |
| Single Family Under $2M | 152 | $808,613 | $813,035 | 100.55% | 53 |
| Condominium+ | 136 | $890,227 | $883,828 | 99.28% | 51 |
| Loft Condo | 5 | $794,200 | $766,800 | 96.55% | 71 |
| Co-op | 2 | $752,000 | $742,000 | 98.67% | 60 |
| TIC | 27 | $605,270 | $612,209 | 101.15% | 94 |
| ALL * | 368 | $977,878 | $977,041 | 99.14% | 56 |
September 2008 **
| 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 |
October 2007 **
| Property Type | Sold | Avg Listing |
Avg Selling Price |
% Sales Price versus Listing | Avg Days on Market |
| Single Family Dwelling | 183 | $1,316,949 | $1,348,905 | 102.43% | 37 |
| Condominium+ | 222 | $885,505 | $896,106 | 101.20% | 43 |
| ALL * | 439 | $1,135,108 | $1,153,363 | 101.61% | 40 |
* 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.
+ Formerly, condominium statistics included
condos, co-op, lofts and TICs.
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.
