San Francisco Inventory Decreases by over 10% Sept thru Nov 2007
Dec
17
Altos Research recently debuted their first monthly housing market update which tracks real estate data from 20 major metropolitan cities. The full report can be downloaded as a PDF here.
While the data is significantly flawed, at least for San Francisco being as they excluded condo and new home inventory, it does gather statistics rarely seen, such as ‘Percentage of Inventory with at least one Price Reduction’.
How does SF compare?
- Monthly Average Days on the Market in November = 83 days on the market. The third lowest with 19 out of 20 cities reporting (Phoenix coming in at 78 and San Diego coming in at 75 for November)
- Percentage of drop in Inventory over the past three months = 10.5%. The third highest with Washington DC coming in at 11.1% and Boston coming in highest at 12.4%
- Number of listings with at least one price reduction – again the magic number of 3rd highest with an average of 8.6% increase in price reductions over the past three months (Denver came in 2nd highest at 9.2% and San Diego at 13.3% taking the top honors there).
Again, without condo stats, it’s impossible to get a true picture since that accounts for such a large percentage of the overall housing in our fair city. But it is more fuel for market watchers to debate and worthy of keeping an eye on.
By all reports from the new developments and other random open houses there was an interesting anomoly of increased activity of buyers poking around this 2nd to last weekend of the year. Look for the third week in the New Year to give us at least a few clues as to what the market has in store for 2008. It’s then that we’ll really start to see who’s going to blink first, the Buyer’s, or the Sellers in the age old game of chicken….
Thanks for the mention, Meredith!
You’re right, for any neighborhood in San Francisco, you’ll definitely want condo data, which we didn’t include in this report. For local market stats that include the condo data, people will have to swing by
http://www.meredithmartin.com/map/sfmapinteractive.htm
Altos Mike Simonsen at December 18th, 2007 at 5:00 pm ( )I actually like to see the statistics separately for condos and single family homes in San Francisco. The condos do make up a huge portion of the SF real estate market, and have a different type of buyer than single family homes. I completely agree with you that the market stats for single family homes only do not show the whole picture in SF.
Melissa at December 19th, 2007 at 12:08 am ( )Melissa Casciato
http://www.buysellSFhomes.com
Hey, I just wanted to say Happy New Year and thanks for an excellent real estate blog. Please don’t stop writing this stuff it is excellent. By the way, there is an excellent article on real estate at the New York Times here is the link: http://www.nytimes.com/pages/realestate/index.html
God Bless!
mark at December 28th, 2007 at 3:52 am ( )Real Estate Professional Websites and Marketing