Market Update: San Francisco Home Sales Continue Toward Recovery

San Francisco Home Sales Continue Toward Recovery

Pacific Heights condo building

Curious about how our San Francisco market is doing?    The latest city wide market update is below as provided by the S.F. Association of Realtors.  Twelve weeks of Zephyr Real Estate sales data is below as well.  Our clients are dealing with multiple offers with some properties selling over list price, some properties selling under & some selling at list price.

There is also a good amount of all cash or heavy cash down competition.  My investor clients recently lost out to an all cash $1.1M buyer & they were coming in with a 50% down payment.  As provided by a title company, they saw for March 2011:

13-14% all cash buyers

an additional 20-25% were 50% down or more

San Francisco has several micro-markets many of which are performing very well.

Download full SFAR report:  market_focus_may_2011

Excerpt:  Although year-over-year sales of single-family homes moderated slightly in April, probably as a result of the expiration of last year’s federal home buyer tax credit, sales of common interest developments (condominiums, TICs, stock cooperatives and lofts) surged 24.6 percent, keeping San Francisco’s housing market on track to recovery.

The reasons most often given for San Francisco’s comparatively strong housing market are the improving economy, particularly in nearby Silicon Valley, increased lending activity on the part of banks and the high standard of living that attracts workers from all over the world to the city.

Single-Family Homes Sales

In spite of a drop of 5.4 percent in single-family home sales from April 2010, sales of this type of housing in San Francisco has remained brisk and, in some areas, exceptionally strong.

Zephyr Real Estate Company Wide Sales Trends

Sales 5-25-2011 Zephyr Real Estate

Single Family home sales citywide & by district

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