San Francisco's October Condominium Sales Market Wrap

(Click on the picture to the left for the pdf of the report along with district and sub-district names)

(Click on the image for a
PDF of the report)

Please forward this
report to others at
the link below.

October Single Family Homes Sales Activity for 2007 vs. 2006.
(From the San Francisco Association of Realtors)

Sales prices up while total sales and DOM are down.

In almost all districts the number of sales were down, while the prices were up and days on market (DOM) was lower. In other words, the homes that do come on the market tend to sell faster and for more money.

District 4 (Diamond Heights, Forest Hill, St. Francis Wood, West Portal, etc) is one of the best selling districts in San Francisco. Sales up from 28 in October 2006 to 36 in Oct. '07! Prices were up from $980,000 to $1,001,500 this year. Welcome to the Million Dollar Club. DOM fell from 52 to 36.

District 9 (SOMA, South Beach, Inner Mission, Bernal Heights, etc) though never typical, was typical as far as the month for most districts. The number of sales fell from 24 in Oct 2006 to 17 in Oct. 2007. Prices were up from $775,000 to $949,000 in Oct. '07 while DOM is 32 down from 44!

District 3 (Ingleside, Lakeside, Stonestone, etc) did fall from $735,000 in 2006 to $700,000 last month. Number of sales down from 26 to 13 and DOM up to 47 from 45.

District 10 (Bayview, Hunters Point, Outer Mission, etc) also saw fall offs in prices and number of transactions ($715,000 to $635,000 and 51 to 39). DOM grew to 59 from 45.

Overall? There is not a lot of great inventory. This is the natural regulation of the market. When good properties come on the market, they sell. And there are not a lot of new Single Family Homes being built in San Francisco.

If you are looking for a single family home the good news is that it is not a total frenzy all the time. Though a number of homes are receiving multiple offers without even a Sunday showing.

For buyers, the key is to do your homework and be prepared to act quickly when you find a place that is right for you.

For home sellers, pricing and home preparation are key. Overpriced properties that do not show well are not selling in this market.

Written by Scott Pierce

This article is written based on information from the San Francisco Association of Realtors dated 11/13/07. Please contact me with any questions or for further information.

Homeowners who are thinking about selling their home are encouraged to contact me regarding my sales & marketing plan for selling your home.

San Francisco's September Condo Sales Activity for 2007 vs. 2006.
(From the San Francisco Association of Realtors)

(Click on the image to the left for a PDF of the report)

In the Richmond District the number of sales was up as were prices while days on market were less.

District 5 (Noe & Eureka Valley, etc) saw prices go from an average of $775,775 in 2006 to $936,000 in September 2007. There were 21 sales Sept. 2007 vs. 38 in 2006. But...days on market was much lower at 27 vs. 47 in '06.

In District 7 (Pac Heights et al) 19 condominiums sold averaging $1,261,000 with only 33 DOM. In 2006 20 properties sold averaging $907,500 at 38 DOM.

District 9 came in lower this September with 46 places selling at an average of $732,000 and 55 DOM vs. 50 condos selling at a $758,750 average last September at 60 DOM.

The high end of ALL MARKETS are selling very well. 1 bedrooms seem to be harder to sell, especially in bad areas, bad locations, bad floor plans....any excuse not to buy something, buyers will not buy.

But a 1-bedroom bankruptcy sale at the Metropolitan (District 9) hit the market two weeks ago in a bad location and not cheaply priced and it went Pending in 2 days.

So who knows? There are a lot of investors from all over California in San Francisco. As well as investors/buyers from all over the United States, Central & South America, Asia, Europe, etc (lots of everyone here).

Which is how San Francisco has always been. But now people from around the world do not have to uproot their lives to get their fill of San Francisco. They can just buy a condo or house and visit a couple of times a year.

In addition the job market is still strong. Many of our clients are moving or have moved to San Francisco because of job transfers or accepting new jobs for more money.

As long as the job market is strong in San Francisco, and international markets are doing well, allowing foreign buyers, the market will be fine.

And for the foreseeable future, both of these indicators seem strong.

One thing we are not seeing anymore of are people trying to flip properties in San Francisco.

Click on the image to the left for the September sales totals for 2-4 unit buildings in San Francisco for 2007 vs. 2006.

Email or call me for any detailed or for further information.