Another striking difference was the number of properties going for less than their original asking price. Back in September, the vast majority of properties were selling for at or over asking. So far in December, over 60% of properties sold have fetched less than asking, with some going for significant discounts.

The steepest discount was on an 1,100 square foot 2 bedroom, one bath condo located in prime Pacific Heights at 2040 Jackson St #1202. It went for 84% of its original $1,195,000 asking price, or $999,000. This one looks like a seller who initially asked to much, as even at the discounted sale price, the property still went in the fairly healthy range of over $900/foot.

A few of the other steeply discounted properties may be cause for a little more concern. For example, a 1,900 square foot, 3 bedroom, two bath condo also located in a fairly desirable part of Pacific Heights at 1969 Broadway was originally listed at $1,395,000. Though it has “peekaboo” views of the bay and some cool period details (and even an inglenook) it was only able to bring $1,250,000 – 90% of the original asking price and a relatively low $647/foot.

After spending some quality time with the sales data, I’m not sure whether the slowdown and lower than hoped for prices are signs of the season or signs of something worse. If you have any thoughts on the matter, please feel free to share them below.

The news wasn’t all bad, however. There was a small increase in the median sale price both when compared to last month and to last October. DataQuick also acknowledged that some bay area markets seem to be relatively impervious to the downturn:

The metro Bay Area markets – near the coast and close to the major job centers – are weathering this downturn better than the rest of the state. We’re finding that higher-priced areas are not seeing the price declines we’re seeing in the more affordable areas that absorbed spillover activity during the frenzy two years ago.

The article can be read in its entirety here. And, back by popular demand, here’s a picture summarizing my take on this month’s data:

Image credit: euan_pics via Flickr.

When you purchase a home in our community, we will assign one or more similar properties in the project to your purchase contract. Should any of those assigned homes reduce in price or be sold at a lesser price than originally listed, we will reduce the price of your home as well by the same percentage amount prior to your close of escrow. No questions asked.

It would be interesting to read the fine print on this offer and would be nice if it included the value of any incentives offered as well as outright reductions, but the concept seems like a good one.

In the same release, Esprit also announced a $635k starting price for 1 bed 1.5 bath units. No word yet on pricing for the larger units.

I tried typing in 1030 Sunnyhills over in Oakland – a property we were thinking of writing an offer on but have decided to pass up. Cyberhomes came back with some info on the listing as well a map with an estimate of the value of each home within a few blocks. From here, I was able to set up a free account and quickly create an unbelievably cool (I realize I should probably get out more) report with all kinds of information that would be very useful in evaluating the home, including: data on 10 recent comparable sales (complete with map and details on the comps); data and graphs on homes and sales in the same zip code; charts showing various market indicators (unemployment, building permits, rental vacancy rates) and their impact on the prices of similar properties; and information on neighborhood demographics. While some of this information is available elsewhere, Cyberhomes does a nice job of pulling it all together and will make a very nice companion to Redfin in my property search.

Though it’s pretty easy to create your own report, you’re welcome to check out a PDF the one I created here.

The impact of the rate cuts on mortgages and the housing market in general is less certain. I observed no immediate impact from the Fed’s last rate cut in mid-September; however, in the weeks following the last cut, the lenders I am working with have cut rates on their jumbo loans by almost .5%.

CNN, for one, seems to think the latest rate cut may cause mortgage rates to fall a bit and may help prop up the housing market, though they qualify that conclusion with an armada of ifs. The mortgage broker I’m working with, on the other hand, issued a release yesterday saying that mortgage rates inched higher after the Fed’s latest cut, explaining the rise as follows:

Remember that the Fed Funds Rate and the Discount Rate do not directly impact mortgage rates, with one exception. The only consumer mortgage rate that moves exactly according to Fed Funds Rate moves is a Home Equity Line of Credit (HELOC) 2nd mortgage. HELOCs are tied to the Prime Rate which is Fed Funds plus 3%. So anyone with a HELOC 2nd mortgage will see a .25% rate decrease on their next statement.

All other mortgage rates are based on trading in bond markets, which reference the Fed Funds Rate and Discount Rate for influence, but are not directly correlated to moves in these Fed rates. Just like mortgage rates increased today after the Fed rate cuts, the same thing happened after the Fed cuts on September 18. The reason is that bond markets priced in too much of a Fed rate cut in advance. After the Fed said inflation is still a threat and future cuts may not happen, bond markets (and thus mortgage rates) sold off accordingly. When bond prices drop in a selloff, yields (or rates) rise.

If you have any thoughts on what impact the latest cut will have on mortgages or our local housing markets, please feel free to share them below.

As usual, after the jump, I’ve assembled a list of the new listings that will be open this weekend.

SINGLE FAMILY:

Richmond / Sea Cliff

30 Scenic Way
4/3.5, ??? sf. $3,595,000, Sun 2-4

2503 Clay St
5/4.5, 4,605 sf. $4,200,000, Sun 1-4

CONDOs / TICs:

Richmond / Sea Cliff

261 23^rd Ave ##1, 2 and 4
#1: 2/1, ??? sf. $539,000
#2: 2/1, ??? sf. $555,000
#4: 2/1, ??? sf. $569,000
Sun 2-5

721 14^th Ave
2/1.5, 1,748 sf. $975,000 Sun 2-4

3145 Turk St #101 (new listing – should be on Redfin soon)
3/2, 1,548 sf. $1,015,000, Sat and Sun 2-4

NoPa

636 Broderick St
3/1.25, 1,614 sf. $1,049,000 Sat and Sun 2-4

Pac Heights / Marina

2831-33 Webster St #1
1/1, ??? sf. $479,000 Sun 2-4

3324 Octavia St #4
1/1, 752 sf. $799,000, Sun 1-4

2090 Pacific Ave #502
1/1, ??? sf. $995,000, Sat and Sun 2-4

3225 Gough St (new listing)
3/2, 1,788 sf. $1,199,000, Sun 2-4

3223 Gough St (new listing and not to be confused with the single family home that somehow has the same address)
3/1.5, 2,428 sf. $2,199,000, Sun 2-4

2863 Clay St
3/2.5, 1,939 sf. $1,795,000, Sat and Sun 2-4

181 O’Farrell St #513
3/2, ??? sf. $3,100,000, Sun 2-4

Nob / Russian / Telegraph Hill

1336 Leavenworth St (new listing)
1/1, ??? sf. $629,000, Sun 2-4

345 Union St
2/1, ??? sf. $749,000, Sun 2-4

1776 Sacramento St #609 (new listing)
2/2, 1,064 sf. $765,000, Sun 2-4

650 Chestnut St #408 (new listing)
2/2, ??? sf. $849,000, Sun 2-4

411 Francisco St #F311 (new listing)
2/2, 1,030 sf. $849,000, Sun 1-3

1304 Pacific Ave
2/2, 1,153 sf. $949,000, Sun 2-4

1650 Jackson St #408 (new listing)
2/2, 1,103 sf. $980,000, Sat 2-4 and Sun 1-4

1451 Montgomery St #1
2/2, 1,465 sf. $1,195,000, Sun 2-4

999 Green St #2804 (new listing)
2/2, 1,791 sf. $2,150,000, Sun 2-4

SoMa / South Beach

520 Natoma St #2 (new listing)
1/1, 480 sf. $268,000, Sun 1-4

1073 Natoma St (new listing)
2/1, ??? sf. $429,000, Sun 2-4

201 Harrison St #1122
1/1, 495 sf. $469,000, Sun 2-4

410 Jessie St #308 (new listing)
0/1, 727 sf. $650,000, Sat and Sun 12-4

501 Beale St
1/1, ??? sf. $795,000, Sun 2-4

1 South Park St ## 208 and 209
208: 1/1, 831 sf. $815,000
209: 2/2, 1,199 sf. $1,100,000
Sun 1-5
Note: I don’t normally post new condo developments here, but made an exception since this is the grand opening (and will reportedly have live jazz and refreshments as well).

5,014 homes were sold in the greater Bay Area last month, which is the slowest September on record since DataQuick started keeping track in 1988. This number is down 31% from August (7,299 homes sold), down 40% from September 2006 (8,374 homes sold) and way, way down from 2004, which was the best September on record (12,868 homes sold). Jumbo mortgages were also off, with 1,935 being funded in September (compared to 3,762 in August).

According to the DQNews:

“A lot of escrows just didn’t close in September because the buyers couldn’t get financing. Some of those sales might close this month or next, but many of the deals are going to be put on hold or die on the vine. Jumbo financing has become more available the last few weeks, but lenders are being more cautious than before, and the loans cost more,” said Marshall Prentice, DataQuick president.

As usual, San Francisco remained relatively unscathed by the meltdown occurring all around it. Though SF sales were down 17.3% compared to September ’06, the other 8 counties comprising the Bay Area did much worse. Marin was next best with a 32.5% YOY decline and Contra Costa fared the worst, registering a whopping 48.7% YOY decline. SF (along with a handful of other counties) also managed to post a modest increase in median price compared to last September.

Anecdotally speaking, I have yet to see any evidence of a slowdown in the neighborhoods I’m currently shopping in SF and Oakland. As recently as this week, properties I’m interested in have received multiple offers and sold for significantly over their asking price.

If all these numbers and percentage marks haven’t given you a headache, there’s plenty more great data in the DQNews release, which can be found here.

And, for those of you more visually inclined, here’s a photo representing my take on the current state of the Bay Area housing market:

Image credit: tlindenbaum via Flikr

SINGLE FAMILY:

Richmond / Sea Cliff

558 27^th Ave (new listing – should be on Redfin soon)
2/1, 1,160 sf. $790,000, Sun 2-4

417 Ivy St (new listing)
2/1, 1,025 sf. $799,000, Sun 1-4

2301 Anza St
3/1, ??? sf. $995,000, Sun 2-4

739 12^th Ave
3/1.5, 2,438 sf. $999,000, Sat 1:30-4:30 and Sun 2-4

519 21^st Ave
3/3.5 2,425 sf. $1,569,000, Sun 1-4

176 Palm Ave (new listing)
4/4, ??? sf. $2,995,000, Sun 2-4

Pac Heights / Marina

2450 Francisco St
4/4.5, ??? sf. $3,495,000, Sat 12-2 and Sun 1-4

CONDOs / TICs:

Richmond / Sea Cliff

189 Commonwealth Ave #5
2/2.5, 1,626 sf. $1,189,000, Sun 1-4

711 Lake
2/1.5, 1,745 sf. $1,049,000, Sun 1:30 – 4:30

490 33^rd Ave #205
2/2, ??? sf. $598,888, Sun 2-4

Western Addition / North Panhandle

1915 Eddy St #B
2/2, 1,025 sf. $699,000, Sat and Sun 1-4

49 Octavia
3/2, 1,460 sf. $699,000, Sun 2-4

1264 Golden Gate Ave
3/2, ??? sf. $559,000, Sun 2-4

1209 Scott St
2/2, ??? sf. $629,000, Sun 2-4

743 Baker St
3/1, 1,860 sf. $699,000, Sun 2-4

350 Broderick St #316
2/2, ??? sf. $795,000, Sun 2-4

938 Central Ave
2/2, 1,071 sf. $895,000, Sun 1-4

Pac Heights / Marina

1701 Jackson St #602
1/1, 743 sf. $689,000, Sun 1:30 – 4:30

3042 Jackson St #2
2/1, ??? sf. $849,000, Sat and Sun 2-4

2110 California St
2/2, 1,281 sf. $1,099,000, Sun 2-4

3042 Jackson St #3
3/2, 1,267 sf. $1,185,000, Sun 3-5

341 Presidio Ave
2/1.5, 1,307 sf. $1,095,000, Sun 2-4

327 Locust St (new listing)
3/2, 1,950 sf. $1,798,000, Sun 1-4

2668 Greenwich St (new listing)
2/2, 2,110 sf. $1,895,000, Sun 1-4

Nob / Russian / Telegraph Hill

570 Greenwich St #C (new listing)
1/1, ??? sf. $419,000, Sun 1-3

2555 Leavenworth St #206
1/1, 780 sf. $499,000, Sun 2-4

1591 Jackson St #2
1/1, 967 sf. $795,000, Sun 1-4

445 Francisco St #F204 (new listing)
2/2, 1,269 sf. $998,000, Sun 2-4

SoMa / South Beach

520 Natoma St ##4 and 9
#4: 0/1, 380 sf. $199,000
#9: 1/1, 480 sf. $309,000
Sun 1-4

1655 Mission #343
1/1.5, 830 sf. $529,000, Sun 2-4

140 S. Van Ness Ave #830
1/1, 795 sf. $559,000, Sun 2-4

175 Langton St #2
1/1.5, ??? sf. $629,000, Sun 2-4

400 Spear St #212
2/2, 1,191 sf. $696,000, Sun 2-4

400 Beale St ##1405, 1003 and 1901
#1405: 1/1, 828 sf. $760,000
#1003: 2/2, 1,074 sf. $949,000 (new listing)
#1901: 2/2, 1,223 sf. $1,075,000
Sun 2-4

199 New Montgomery #1201
2/2, 971 sf. $899,000, Sun 2-4

246 2^nd St #1306
2/2, 1,101 sf. $939,000, Sun 1-4

855 Folsom St #517
2/2, 1,408 sf. $1,150,000, Sat and Sun 2-4

200 Brannan St #420
2/2, 1,949 sf. $1,550,000, Sun 2-4

Worth Checking Even if You Can’t Afford It Option: 1021 Hayes overlooking Alamo Square Park
4/3.5, 4,081 sf. $2,150,000, Open today 2-4

Notes: Queen Anne Victorian built in1891. I’m not normally a fan of old Victorians – they feel choppy, dark and claustrophobic to me, but with over 4,000 square feet of space, this one ought to defy that stereotype. Claims to have been extensively renovated and looks like it’s spotless and full of character. It’s hard to call a $2 million+ house a bargain, but this looks like one to me.

I Wonder Why There Are Only 4 Photos Option: 723 Bay St. in (on?) Russian Hill
3/2.5, 1,900 sf. $2,150,000, Open Today 1-4

Notes: I saw this picture earlier this week on SocketSite and it caught my eye again as I was skimming through this week’s new open houses (I’m apparently a sucker for a nice ceiling as well). The other photos look equally amazing, but I couldn’t help wondering why there were only four photos and no pictures of the exterior. Google Street View’s image of the building’s exterior fairly capably answered my question.

Obligatory Inexpensive Condo Option: 162 and 162-A 23rd Ave. in the Lake district
2/1.5 for $875,000 and a 1/1 in the backyard for $475,000 (or both for $1,350,000!), Open Today 2-4

Notes: both appear to have been tastefully remodeled (love the mosaic tiles) and seem reasonably priced.

In other new condo news:

the Californian on Rincon Hill has apparently been scrapped; and

the sales office at Esprit Park is officially open for business.

–Image: rendering of Esprit Park interior.