Snapshot of the Market for two weeks
73 Properties Changed hands in the San Francisco Real Estate Market during the two week period of January 23rd - February 5th 2008
SFH Single Family Homes
17 sold Over Asking ↑
13 Sold Under Asking ↓
7 Sold At Asking ↔
Condos
9 Sold ↑
12 Sold ↓
10 Sold ↔
2-4 Unit buildings
1 Sold ↑
3 Sold ↓
1 Sold ↔
Which means that even though we are down on the volume of sales year over year we still have over 61% of properties that are selling at or over their asking prices...
By far still the best deals are to be had in the Southern Part of the city, District 9 but interestingly enough South of Market is also posting (unofficially) the current highest price/per square feet for sales with the Infinity garnering $2000/sf for their penthouses - and due to close soon by all accounts.
Condo's sold do not include the numerous new developement sales which will eventually show up in the tax records.
Source: San Francisco Multiple Listing Service
posted by Meredith Martin @ 7:54 PM
4 comments
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4 Comments:
"Condo's sold do not include the numerous new developement sales which will eventually show up in the tax records."
So, realistically, how does that change the snapshot?
Another question:
Given that you've included data about "sold above asking price" - are these "asking prices" the latest asking prices ... or the asking prices when particular listings were initially listed?
I ask because, as we know, many asking prices are being revised downward in this market.
Hi Jack,
Good questions - and I ALMOST looked (at the original list price for over or at askings) to address that very concern. But then I got sidetracked. I'll give you an actual number by day's end on that.
Snapshot on new developments - their prices are going to reflect higher prices per square feet than the vast majority of the current resales. BUT it wont reflect the many 'deals' being given such as pre-paid homeowner's dues, credits for upgrades, and in some cases mortgage payments being made for six months.
I would also be interested in the answer to SF Jack's question, in order to get a better picture of the data you present here. I'm linking to your blog for mine, and the very issue Jack mentions came up, so I'd like to follow the
thread...
http://blog.redfin.com/sfbay/2008/02/sf_and_daly_city_market_performance_luster_and_lackluster.html
Thanks!
Anna
There were 6 total listings that dropped their price and consequently sold over asking. Of those six, 5 closed for only $5000 or less over their revised asking prices. Additionally, there were several that dropped price and still sold for under their asking price.
22 sales were reported posthumously during that time period that I did not re-calculate into the equations (for a total of 95 sales rather than 73). As stated it's really a snapshot.
Thanks for checking in...
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