SF: State of the Market; 9/1/07 to 9/7/07
Whether it’s talk of the rising sea of foreclosures, the unexpectedly weak jobs report, the continued trouble in the mortgage markets or the cratering of home prices in some regions, bad news about the real estate market and the economy in general seems to be coming from every direction. Yet, as someone who is currently looking to buy a home in SF, I can say with certainty that I have seen almost no impact to date on the houses I am interested in. Desirable properties in nice neighborhoods seem to get snatched up almost immediately for prices that continue to amaze me.
In order to get a better handle on what’s going on in the SF market, I thought it might be useful to slice and dice the data from the previous week’s home sales. My hope is that a few trends might start to emerge that will give us some perspective on what all this bad news is (or isn’t) doing to our market.
Week ending September 7th: 55 houses and condominiums closed escrow in the city of San Francisco. The average property sold just over 64 days after it was listed and the average sale price was about 2.1% over asking. 13 properties sold for less than their asking price and 42 sold for at or over asking. The average property selling for less than asking was listed 77.8 days before it was sold while those selling for at or over asking spent an average of 59.9 days on the market.
In subsequent weeks, I’ll include some tables showing how the data has moved over time.
One final note: this is a work in progress. If you have any suggestions about how to make this data more useful or some other metrics that might be worth tracking, please let me know.
