SF: Hot Single-Family Home Action

Perhaps the title of this blog is sexier than the content, but any true market watcher keeps a close eye on the moves of the single-family home. And frankly, to this potential buyer anyway, the idea of owning an actual house as opposed to a coffin size “30% share” TIC in some building with a bunch of hard to please partners… well, the single-family home looks attractive indeed. So what’s she been doing out there on the market?

First, we’ll look at her overall action. These data are courtesy of SFSchtuff and show the sales for the month Feb in both ’07 and ’08. (For a map of these districts, visit this link.)

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You can probably do the math better than I can, but the numbers are telling even to a calculation challenged individual like me. And they don’t tell the rosy story we might want to read. Of course for  buyers lusting after single-family homes who never thought they’d be a league to get one, these data could be rosy after all.

Another potentially telling bit of info comes from the newly revamped FrontSteps. Here guest blogger Missionite posted an article about a spacious (3/2) and by all accounts very attractive home in Twin Peaks (a great neighborhood). Normally I would expect something like this to list for over $800K, maybe way more. But 441 Dellbrook listed instead for $749K. It is already contingent, and who knows if the bid was under or over, but the listing price could be seen alternately as depressing or encouraging, depending on your position in the market.

Meanwhile, over at Socketsite, a sad(?) story of 1024 Sanchez in Noe Valley unfolds. The posting tells us that the property was purchased for $965K in ’06, it’s now on the market for $949K. Ouch.

So, is this news an indicator that we are, who to quote Submedian’s blog (in a slightly censored way), “people who aren’t millionaires and don’t want to live in a s***ty condo?” What do you think?