San Francisco Real Estate - Residential

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.

Last week was a false alarm. The number of new listings is really not taking off as we had expected. Many professionals are saying that the media negative reports on mortgage problems and the housing slump are probably affecting a "wait and see" attitude among sellers.

Funny how people usually do the wrong thing! When inventory is as low as it is right now, this is the time to be putting your property on the market. Buyers are out there and will circle around like buzzards to an animal carcass (if the property is priced right) and drive the sales price up. Instead they will probably all wait until everyone else is selling and then compete for buyers. It is herd mentality at its best and something that is hard to overcome. After all, nobody wants to come out the loser, right?

Think about the dot com bubble a few years back. The people who really made money are the ones who got in early before the frenzy and then got out while everyone was buying and driving the prices to the point where the market crashed. Most people were not so lucky. So why follow the crowd right over the cliff? Beats me.

Here are the numbers for this week: 9/26/07:

• 4 new listings (average price $1,902,000 - low $969,000, high $3,295,000)
• 12 ratified sales (pending) (average price $1,228,000 - low $469,000, high $2,950,000)
• 5 closed sales (sold) (average price $2,062,600 - low $483,000, high $7,250,000)

- Janis Stone

posted by SFResidence.com @ 4:29 PM