2011 Year End San Francisco Real Estate Summary

Sunday, January 1st, 2012 @ 4:19 pm | 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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