Market Activity Over $1 Million Year-End in San Francisco

Jan 06, 2012 by admin in Buyers, Market Trends, San Francisco Real Estate, Sellers

Home & Condo/Coop Property Sales

December Property sales were 80, down -20.0% from 100 in December of 2010 and -15.8% lower than the 95 sales last month. December 2011 sales were at a mid level compared to December of 2010 and 2009. December YTD sales of 1,020 are running 2.2% ahead of last year’s year-to-date sales of 998.

Home & Condo/Coop Sold Prices

The Median Sales Price in December was $1,348,500, down -7.4% from $1,455,500 in December of 2010 and down -14.9% from $1,585,000 last month. The Average Sales Price in December was $1,916,134, up 5.9% from $1,809,866 in December of 2010 and down -15.2% from $2,258,616 last month. December 2011 ASP was at highest level compared to December of 2010 and 2009.

Home & Condo/Coop Inventory & MSI

The Total Inventory of Properties available for sale as of December was 174, down -43.9% from 310 last month and down -28.4% from 243 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.

Home & Condo/Coop Absorption of Inventory (MSI)

MSI is the number of months it takes to sell the current inventory at  the monthly sales pace.  A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.  The December 2011 MSI of 2.2 months was at its lowest level compared with December of 2010 and 2009.

Home & Condo/Coop Market Time

The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 73, up 21.7% from 60 days last month and equal to 73 days in December of last year. The December 2011 DOM was at its lowest level compared with December of 2010 and 2009.

Home & Condo/Coop Selling Price per Square Foot

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $681 was down -11.7% from $771 last month and down -1.4% from $691 in December of last year.

Home & Condo/Coop Selling Price vs Original Listing Price

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 99.6% was up from 99.0% last month and up from 98.0% in December of last year.

Based on information from San Francisco MLS for the period  through 12/31/2011. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.


End of 2011 San Francisco Market Activity Under $1M

Jan 04, 2012 by admin in Buyers, Market Trends, San Francisco Real Estate, Sellers

Property Sales for homes and condos

December Property sales were 413, down -4.2% from 431 in December of 2010 and -4.4% lower than the 432 sales last month. December 2011 sales were at their lowest level compared to December of 2010 and 2009. December YTD sales of 5,160 are running 5.5% ahead of last year’s year-to-date sales of 4,891.

Prices  for homes & condos

The Median Sales Price in December was $550,000, up 1.7% from $541,000 in December of 2010 and equal to $550,000 last month. The Average Sales Price in December was $541,583, down -2.8% from $557,001 in December of 2010 and down -3.6% from $561,893 last month. December 2011 ASP was at the lowest level compared to December of 2010 and 2009.

Inventory for homes & condos

 The Total Inventory of Properties available for sale as of December was 950, down -40.6% from 1,600 last month and down -50.3% from 1,912 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.

Housing Absorption (MSI) for homes & condos

MSI is the number of months it takes to sell the current inventory at  the monthly sales pace.  A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2011 MSI of 2.3 months was at its lowest level compared with December of 2010 and 2009.

Market Time for homes & condos

The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 84, up 5.0% from 80 days last month and up 2.4% from 82 days in December of last year. The December 2011 DOM was at its highest level compared with December of 2010 and 2009.

Selling Price per Square Foot for homes & condos

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $423 was down -4.1% from $441 last month and down -4.1% from $441 in December of last year.

Selling Price vs Original Listing Price for homes & condos

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 99.8% was down from 100.3% last month and up from 98.3% in December of last year.


2011 Year End San Francisco Real Estate Summary

Jan 01, 2012 by admin in Buyers, Homeownership, Market Trends, Real Estate, San Francisco Real Estate

 

San Francisco Real Estate Market saw the usual year end slowdown as buyers and sellers turned their attention to the holidays, family and friends, and last minute shopping.

Yet there were pockets of activity where focused buyers competed for limited inventory, determined to wrap up transactions before 2011 ended.  

As throughout the year, well priced properties continued to sell in the first  30 days on the market evidenced by  mulitple offers with Buyers offering the asking price or more to purchase.  

One interesting observation that occurred towards the end of 2011 was that many properties that had been on the market for a very long time are now sold … which speaks to the diminishing inventory and the pent up demand to buy in the city.  

For the astute Buyer: What hadn’t sold in 2011 and was taken off the market during the Holidays, tends to sell in January and February while still off the market…our so called “hidden market”.  Call me so as not to miss out.

Generation X – young families and adults ages 31 to 45 are likely to lead the home buying recovery as they are in full force with their careers; they see the benefits of homeownership and they need  room to accommodate their growing families.

Baby Boomers comprise of 41% of our prospective Buyers today – buying their “essence of San Francisco” (i.e. second home) and/or downsizing to smaller homes in other neighborhoods within their city.

“It’s hard to see the possibility of losing on a home purchase right now, with these low mortgage rates”, quote from a Dean Baker of Businessweek 10/24/11.



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