San Francisco Real Estate - Residential

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Compared to past years, interest rates are still very low. But the only news we hear from the media is gloom and doom for the housing market, though some experts predict that the worst is over. Home loan rates improved for the week.

...our recently overheated Stock market suddenly took an icy plunge lower last week. Just as quickly as the Dow had cracked the record level of 14,000, Stocks reversed course and lost 586 points for the week overall. The big cool down was triggered by a few different factors, including several weak Stock earnings reports and continuing concerns about the backlash from the subprime mortgage situation and tightening mortgage credit. And when the mood in the Stock market went sour, it happened fast - Traders and investors unloaded Stocks hand over fist.

But when they sell off Stocks, that money has to get parked somewhere, right? The glad beneficiary of the selling was the Bond market. As money flowed out of Stocks and into Bonds, the Bond market overall enjoyed a move higher with the influx of money, helping home loan rates stabilize and even improve very slightly.

Read the entire report here.

- Foster Weeks

posted by SFResidence.com @ 8:34 AM 0 comments

San Francisco Real Estate Market Update for the week of July 22

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

The media enjoyed a field day with the real estate industry this week in attempting to analyze major reports issued by N.A.R. and the Commerce Department regarding the nationwide housing market. Combined with subprime lending issues and Wall Street’s wobbly performance, most reporters took the easy route of predicting doom and gloom, and a longer downturn for real estate on a national front.

The media forgot, however, to mention a few key points which indicate that this is an excellent time to buy real estate, and savvy sellers are reaping the rewards. Regarding issues with lending, the simple fact is that lenders are more than happy to lend money to people who can afford to borrow it. Standards for documented income, assets and cash flow have become stricter, but rates remain relatively low. Additionally, when Wall Street suffers from volatility, people tend to cash out of the stock market and reinvest in real estate.

Read the entire report here.

- Rick Turley

* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 12:09 PM 0 comments

Things to do in San Francisco - Part 30 - Aquarium of the Bay

posted by SFResidence.com @ 8:50 AM 0 comments

Fast Facts from CAR and Freddie Mac - June 2007

Creeping interest rates are no doubt hurting the housing market. Even though interest rates are low from a historical perspective, the constant drumbeat of the evening news makes it sound worse than it is. As a result, some of the markets in California are being hurt and the number of foreclosures continues to rise.

Here in the Bay Area, our market is very strong, partly due to the heavy restrictions on builders and partly due to the desirability of living in San Francisco (low supply and high demand).

Although the number of houses sold has fallen off, prices remain high, with over asking price sales still being the norm. Our current market report may be seen here. June numbers from California Association of Realtors are listed below.

- Janis Stone

Calif. median home price - June 07: $594,260 (Source: C.A.R.) (note: compared to $591,180 last month)

Calif. highest median home price by C.A.R. region June 07: Santa Barbara So. Coast $1,375,000 (Source: C.A.R.) (note: compared to $1,325,000 last month)

Calif. lowest median home price by C.A.R. region June 07: High Desert $306,310 (Source: C.A.R.) (note: compared to $313,550 last month)

Calif. First-time Buyer Affordability Index - First Quarter 07: 25 percent (Source: C.A.R.)

Mortgage rates - week ending 7/12:

• 30-yr. fixed: 6.73%; Fees/points: 0.4% (note: compared to 6.69% and 0.5% points last report)
• 15-yr. fixed: 6.39%; Fees/points: 0.4% (note: compared to 6.37% and 0.5% points last report)
• 1-yr. adjustable: 5.71%; Fees/points: 0.5% (note: compared to 5.66% and 0.7% points last report)

- California Association of Realtors & Freddie Mac

posted by SFResidence.com @ 8:01 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

The summer lull is officially here, with regard to the Giants, new listings as well as the weather. The fickle finger of fog is back and has blanketed the City for about a week now. Warmer temperatures inland draw the cool, moist air in from the Pacific which is typical for this time of year. It's called natural air conditioning! This morning I used my lights and windshield wipers from Marin to our office. Yet even with the lack of new listings, agents in our office are continuing to sell homes to buyers. Our pending sales outpaced new listings by 4 to 1. Can you say shrinking inventory... again?

Here are the numbers for this week:

7/25/07

• 4 new listings (average price $837,750 - low $539,000, high $1,188,000)
• 16 ratified sales (pending) (average price $1,585,250 - low $559,000, high $6,800,000)
• 11 closed sales (sold) (average price $1,735,227 - low $599,000, high $5,775,000)

- Janis Stone

posted by SFResidence.com @ 11:11 AM 0 comments

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. What began as another rough week for home loan rates ended with them being slightly improved for the week.

EASY COME, EASY GO...Last week, Stocks surged to cross the 14,000 mark on the Dow for the first time ever. But just as the party hats came out, so did a disappointing earnings report from Wall Street darling Google. Suddenly, the Stock that could do no wrong was showing chinks in the armor, and led to fears that other Stocks might follow suit, which caused an across the board sell-off. But every cloud has a silver lining - the money coming out of Stocks was parked over into Bonds. This helped home loan rates improve from levels hit earlier in the week, and end up about .125% better for the week overall.

And as if that weren't exciting enough, Fed Chairman Ben Bernanke took center stage last week, speaking to Congress about inflation, housing, and the economic outlook. He stated that although the recent inflation numbers have been moderating, the Fed remains very concerned about inflation. He underscored that they are staying very alert to economic changes and indicators, but based on their continuing concerns over inflation, it certainly appears that there will not be a cut to the Fed Funds Rate in the near future.

Read the entire report here.

- Foster Weeks

posted by SFResidence.com @ 6:15 AM 0 comments

San Francisco Real Estate Market Update for the week of July 15

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

This week DataQuick, the real estate information firm relied on by the local media, released its report on the condition of the Bay Area real estate market for the month of June. The report is a solid reflection of what we’re seeing in July as well, and what we’ve been identifying in the Weekly Market Watch for months now – some areas are witnessing high activity and others are struggling. The report indicates that median sales prices have increased, but that sales of homes are down over all in most areas. For a change, however, the report has identified the booming luxury homes market as being not only strong but also largely responsible for elevating that median sale price. Buyers in lower priced markets are adopting a “wait and see” attitude.

Read the entire report here.

- Rick Turley

* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 11:29 AM 0 comments

Defining "good rental property" in San Francisco

A reader asks:

In San Francisco, what makes a good rental property investment? I know rent control has taken away some of the market, but are there other properties I could buy that would make sense as an investor?

Reply:

My opinion is that if you do not want to deal with rent control, buy properties that were built after 1978 because they are exempt from rent control. In San Francisco, an investor typically does not make money from monthly cash flow but from appreciation (except maybe in an all cash situation). So you would have to subsidize the properties while you own them, but more than make up for it in appreciation when you sell.

Or you could sell them "differently" than how you bought them. For instance-- you buy a 6 unit building that is in disrepair and when you are able to get the units vacant, you remodel them so you can then sell them as TIC's. In this instance the individual units are much more valuable than the building as a whole.

But it is very difficult to make "income" property in San Francisco make sense especially with rent control and the high price of property.

- Janis Stone

posted by SFResidence.com @ 2:29 PM 0 comments

Things to do in San Francisco - Part 29 - San Francisco Fire Engine Tours & Adventures

posted by SFResidence.com @ 9:47 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

The market in San Francisco just keeps rolling steadily along, even with the 4th of July holiday "week" and in spite of the usual summer slowdown. Ratified deals continue to outpace new listings, though there were quite a few pocket listings announced for the office's knowledge only. So it is worth mentioning again that, if we don't have it listed, there's a good chance we represented the buyer.

Here are the numbers for this week:

7/18/07

• 6 new listings (average price $1,673,000 - low $759,000, high $3,500,000)
• 14 ratified sales (pending) (average price $1,157,071 - low $515,000, high $2,650,000)
• 12 closed sales (sold) (average price $1,225,750 - low $275,000, high $3,150,000)

- Janis Stone

posted by SFResidence.com @ 12:26 PM 0 comments

San Francisco Real Estate Market Update for the week of July 8

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

With the Fourth of July holiday falling right in the middle of the week, another quiet week was anticipated, but it was actually pretty busy out there. In the outlying areas, Buyers are still more interested in looking than in writing offers. In all areas, including the Peninsula and the City, Buyers are becoming more sensitive to condition and price. With an influx of new inventory hitting the market in many areas, those Buyers will be more likely to find what they’ve been searching for. Several months ago, it seemed the Peninsula was anxious to see new listings in all areas, now some communities are seeing some fresh inventory begin to stack up. In some northern Peninsula markets, the new inventory is definitely not selling as quickly as it did in April. Below are some fast facts on inventory in our markets in the City and Peninsula:

San Francisco has been holding steady all year with approx. 2.3 months supply inventory – June this year at 2.3 months is down from June ’06 when there was 2.7 months supply. In the over $2.5M market however, the City saw a jump which nearly doubled the May rate, now up to 5.5 months supply. This is likely a combination of new June inventory over $2.5M, as well as some existing listings that did not move in June. We’ll watch this one over the next several months to see if the upper end homes will continue a slower rate of absorption.

Read the entire report here.

- Rick Turley

* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 7:04 AM 1 comments

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. As stocks rose last week, home mortgage rates bumped up and down a bit but ended pretty much unchanged.

...Stocks got very lucky, with the Dow closing at record highs. This was not the case for Bonds and home loan rates, which could have used a rabbit's foot or four leaf clover, as they were buffeted up and down over the course of last week, and finally settled out close to where they began.

The economic news calendar is normally responsible for moves like this - but with a super thin schedule of reports last week, it was everything else under the sun driving the action. First, Stocks had a terrific week overall - and investors that want to move money into the Stock market logically have to take that money out of somewhere, right? Guess where that somewhere was? Bonds. So the move of money out of Bonds and into Stocks caused Bond pricing and home loan rates to suffer. Though Stocks enjoyed a great week overall, buyers can be fickle, and a day or two of disappointing Stock earnings news drove midweek volatility, with some anxious buyers moving money right back out of Stocks and into Bonds. Read the entire report here.

- Foster Weeks

posted by SFResidence.com @ 7:47 AM 0 comments

Increasing popularity of Tenancy in Common

Renters are a huge voting block in San Francisco. As a result, they have a lot of power to influence City politics. They continually lean on the government to change laws in their favor; limiting condominium conversions is just one of the examples. Because so many owners of small, multiple unit buildings were converting to condominiums to avoid the oppressive rent control laws, the City stepped up and passed laws to make it harder to do this.

However, the market always finds a solution. Today, the easiest way for multiple parties to own property is as Tenants in Common. In the past the biggest challenges to this type of ownership has been the financing, not necessarily in the beginning when everyone gets together to buy the building, though that can be troublesome when buyers come in and then drop out. But it can be challenging later on when one or more of the parties wants to sell while the others want to stay.

For example, onc of biggest problems has been, if someone wanted to sell his "share" at a time when mortgage rates were higher than when the group originally purchased, the whole package would have to be refinanced when the new buyer comes in. How to compensate the people who are staying so that their financial positions are not changed from their original position was one of the hardest obstacles to overcome.

However, with the introduction of new financing options where individual interests are separately financed, this form of ownership has opened up and become more attractive to buyers. Where condominium conversions are costly and burdened with bureaucratic red tape, Tenancy in Common becomes a very attractive alternative.

The proof of this is the latest in continuing education for Realtors. On September 20, 2007, Andrew Sirkin in cooperation with Old Republic Title Company are holding a Tenancy in Common, Condominium Conversion and Fractional Ownership workshop at Fort Mason Cnter, Building A in San Francisco. The seminar is open to licensed professionals and goes from 12:30-3:30 PM. Space can be reserved by calling Bonnie Mannion at 415-552-5192 or e-mailing her at bmanning@ortc.com.

- Mick Orton

posted by SFResidence.com @ 9:09 AM 0 comments

The difference between condos and loft condos in San Francisco

Question:

What is the difference between a condo and a loft condo? Is there a difference from a mortgage perspective?

Answer:

In the past, a loft condo had a live/work designation, and you had to have a business license in order to live there. Most lenders would treat them the same way as they treat a primary residence. The only issue would be the success of the business you would be running out of your loft.

Today loft condos are described as a condo in which the bedroom is a loft but you do not necessarily have to have a business license to own them. Both types of units are treated exactly the same for lenders.

- Janis Stone

posted by SFResidence.com @ 7:53 AM 0 comments

Things to do in San Francisco - Part 28 - Angel Island

posted by SFResidence.com @ 7:59 AM 0 comments

TRI Coldwell Banker San Francisco real estate statistics - last week in review

SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.

Actually, this week's numbers are for 2 weeks since there was no meeting on July 4. Sales figures show that the market is cooling slightly, if not in prices, surely in number of transactions. Yet the number of new developments south of Market Street is downright impressive. We plan on publishing a report put out by the San Francisco Business Times in PDF format of all the current, planned and approved condominium projects in the City within the next few days. We will link to our website so watch for that.

Here are the numbers for this week:

7/11/07

• 10 unit condominium project on Market St. - reservations being taken - $505,000-825,000
• 7 new listings (average price $1,038,286 - low $515,000, high $1,550,000)
• 16 ratified sales (pending) (average price $1,560,997 - low $399,000, high $5,995,000)
• 17 closed sales (sold) (average price $1,222,817 - low $419,000, high $3,200,000)

- Janis Stone

posted by SFResidence.com @ 11:41 AM 0 comments

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. It looks like the days of low, low mortgage rates are finally coming to an end as home loans inch ever higher.

WHILE INDEPENDENCE DAY SIZZLED, BONDS AND HOME LOAN RATES FIZZLED...Just like a bottle rocket that turns out to be a "dud" - Mortgage Bonds sputtered and crashed lower last week, causing home loan rates to rise about .125% across the board.

The move was sparked by a variety of factors, including the Bank of England (like our Fed) announcing a hike in their benchmark interest rate to 5.75%, their highest rate in six years and .50% above our own Fed Funds Rate of 5.25%. Remember, our own US Bonds compete globally for investment dollars seeking the highest rate of return, so higher rates being offered in other countries can pull money out of our Bond market. And just like a slowing demand for any product would cause prices to decline - this caused Bond prices to move lower and home loan rates to rise. Read more.

- Foster Weeks

posted by SFResidence.com @ 7:18 AM 0 comments

San Francisco Real Estate Market Update for the week of July 1

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

The markets have moved into the anticipated summertime holding pattern. With the mid-week Independence Day holiday looming and temperatures beginning to soar, buyers and sellers alike seemed to need a week to just relax and breathe.

Still, for upper-tier homes, cash customers continue to keep certain markets hot, such as in San Francisco and many parts of the Peninsula. Both areas are still struggling with low inventory levels. Burlingame is witnessing multiple offers on properties in the $2.5 to $4 million range. In San Francisco, frenzy continues for attractive properties (there were seven offers on a vacant investment property) but good inventory is hard to find. Read more.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 8:33 AM 0 comments

Getting a grip on home pricing in Noe Valley - San Francisco

After being a realtor in San Francisco for 32 years I can almost always predict if a particular property is going to appeal to a wide number of buyers. It takes experience in San Francisco real estate to understand the nuances of our market. To a person who does not analyze our market every day it can be confusing. If I were to use a comparative market analysis, I could almost always tell why one sat unsold and others obtained multiple offers.

It is a matter of those factors: timing, market conditions, marketing techniques and how the house is presented. If there are several homes at the same price point with the same amenities then you might not receive as many offers or if the market is slow you might not get offers right away. There is also a big difference in the quality of the marketing by different agents. I cannot predict how fast a house will sell because our market can change very fast. If the interest rates change or if the stock market takes a big correction or if we have an earthquake then all of the predictions can be wrong. However, if no major event happens then preparing the house and marketing it to all of the potential buyer pools is the best way to receive the best price.

An experienced realtor is your best tool since they are in the market every day and can counsel you on changing market conditions and buyer feedback so your expectations are in line with reality.

- Janis Stone

posted by SFResidence.com @ 10:31 AM 0 comments

Appraisals in San Francisco

Hi there!

If I had my property appraised in Aug. 2005, do you think the appraisal is still good? Also, do you think the value is better today?
The appraisal had 2 separate figures, one for the land and one for the house. I'm not ready to sell, but I'm curious as to the value
of my property today.

Thank you!
Linda Kittlitz

Our reply:

An appraisal from August of 2005 is definitely NOT valid for today’s market. In San Francisco and especially Bernal Heights, I would assume the value is now higher. Of course, I do not know what properties the appraiser used or if that appraisal was a true “fair market value”. Sometimes appraisals are not really what the property would sell for in the open market because the appraiser is using comparable sales that can be months old or the appraiser did not see the comparable properties.

Appraisers do not usually go and see homes that are on the market like real estate agents do so they are not necessarily aware of the differences that make one house sell for more that another one even though they looked like they were the same.

Also, in a hot market your property could sell for much higher than the appraised value and in a declining market it could sell for less because the market is moving so fast the comparable sales from 3-6 months ago can be out of date. From August 2005 until today we have gone through a decline and an upswing. So the best solution would be to get a new appraisal based on the latest sales.

- Janis Stone

posted by SFResidence.com @ 8:55 PM 1 comments

Open invitation to contributors

We have the ability to open this forum up to others who want to publish their own articles on our blog, but there is no "open" forum for contributors; they have to be invited. Right now, the only way to get your question published is to send an e-mail to info@sfresidence.com and we will post as quickly as we can, sometimes the same day.

- Mick Orton

posted by SFResidence.com @ 8:10 PM 0 comments

Comments on new developments in San Francisco

This question appeared in The Front Steps, a blog to which we are regular contributors. The questions they get are very thought provoking, and we have chosen to reprint some of our answers here:

A reader asked: What is their (the experts') opinion when they see new developments start listing properties on the MLS? Is this a general sign of weakness in sales? For instance, I noticed 310 Townsend has quite a few listings on MLS and it seemed to coincide with their reduction in price and incentives.

Likewise, the Berry street properties and King St. properties in Mission Bay area also have quite a few listings on MLS and word seems to be that they are having a hard time moving their last batch of inventory…

Now I noticed the Radiance, the new property on the other side of Mission Bay… at first word was there were lots of reservations, etc but now they have a listing on MLS…. I’m wondering if that means they may start offering incentives etc.

Or maybe developers just naturally list inventory on MLS since it would reach the most people? If so, then why do they not list inventory when they first release. Thanks.

- T

Our reply: That is a very good question and very observant. In the beginning, these types of developments have sales staff dedicated to their project so the developers are not interested in cooperating with agents because of the commission they have to pay a cooperating broker. Some even make it more difficult for other agents to be paid for clients they may have been working with for years. If the client goes to the project without their agent and is registered with the developer's staff, then the developer will not pay the agent a commission. For this reason it is not in the MLS as they would have to abide by the SFAR rules which does not allow the developer to refuse to pay a cooperating agent whether the client had registered with the developer or not.

However, as the project winds down less units are available and may be harder to sell. Also, people who had reservations may have dropped out. So to get these last units sold, the remaining ones are put on MLS. By that time, developers are ready to move on to the next project. This can be a great time to get a good deal. At the beginning of the project developers are less willing to make concessions unless the market is slow and units are not moving. As the project is being sold out, the developer wants to sell the final units because this is where the profit is usually made. For instance, The Potrero is offering incentives for buying units now, though they have not finished the building yet are over 60% sold. Even so, they are offering a reduced price on some units and throwing in 2 years of dues, a refrigerator and washer and dryer, a value of close to $15,000.

- Janis Stone

posted by SFResidence.com @ 10:18 AM 0 comments

San Francisco Real Estate Market Update for 6/23 - 6/29/07

Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:

Buyers are not sitting on the fence when it comes to making offers on homes that are well-priced, in good condition and in desirable neighborhoods.

Our more that 60 multiple offer situations bear testament to that fact – and the homes that received multiple offers were spread throughout the Bay Area. An Albany listing received eight offers and two lower-priced Berkeley homes received four and seven offers each. One remodeled Eichler property in the San Mateo Highlands neighborhood was listed at $1,995,000 and sold with multiple offers over the asking price. A loft in the South of Market Area of San Francisco – a market which has been languishing of late - received four offers, all over asking, and sold with a short contingency period and a 14 day close. Buyers are making emotional investments as well as financial ones, and are willing to go the distance in order to get that dream home – but they are not jumping at just anything at any price. The Danville office manager makes an excellent point in saying that, “managing expectations of buyers and sellers is critical.”... Read more.

- Rick Turley

* For an e-mail alert when this report is updated, send a note to info@SFResidence.com with "weekly market report" in the subject line.

posted by SFResidence.com @ 7:23 AM 1 comments

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Last week loan rates improved slightly.

"I HAVE NEVER DEVELOPED INDIGESTION FROM EATING MY OWN WORDS." Winston Churchill In last week's issue we wondered...would Thursday's Fed Policy Statement on the economy and inflation line up with Friday's "morning after" release of the inflation-measuring Personal Consumption Expenditure (PCE) Index? Would the Fed look smart, or be served up a hearty helping of their own words to eat?

In true form, the Fed chose their words very carefully, saying that inflation had improved modestly, but that a "sustained moderation...has yet to be convincingly demonstrated." But it's their job to be on guard against inflation - so no real surprises there. But on Friday, along came the PCE Index with some hard data on inflation - and it showed that the current year-over-year pace of inflation is down to a friendly 1.9%. Not bad, and within the Fed's desired range of 1 - 2%. So everyone was reasonably happy, no word-eating was required for the Fed, and home loan rates improved about .125% on the week overall... Read more.

- Foster Weeks

posted by SFResidence.com @ 8:21 AM 0 comments

July San Francisco Real Estate Market Update for June 2007

The current monthly report may be seen at SFResidence.com.

The number of Single Family Homes sold for June was relatively unchaged from May in San Francisco Real Estate. The average listing and selling prices were a bit lower than the previous month, higher than a year ago. The average selling price was over 103% of the average listing price, slightly less than a month ago. The average days on the market decreased slightly to 35.

The number of Condominiums sold in June decreased from May in the San Francisco Real Estate Market, however, the average selling price was over 103% of the average listing price. The best news was that the average listing and selling price were both higher than last month. The selling price was slightly lower than a year ago. The average days on the market increased to 45.

The number of homes sold in the Overall Sales category for June in San Francisco Real Estate remained relatively unchaged from May as well as a year ago. The average selling price was almost 103% of the average listing price, and almost unchanged from last month but much lower than a year ago. The average days on the market remained unchanged at 42.
Spring was a great market. Summer is starting off slower than we thought, mostly due to lack of inventory. If you are thinking about selling, this is a great time!

* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.

See the June 2007 statistics here.

- Janis Stone

posted by SFResidence.com @ 9:26 AM 0 comments