REALTOR Magazine did a nice job of summarizing a recent report provided by Forbes magazine showing that San Francisco real estate is still performing, and in fact is one of the 10 best performing markets in the market.
Here are the top 10 best performing housing markets, according to Forbes magazine, their third quarter median home sale prices and the percentage that prices have risen compared to third quarter 2006.
Salt Lake City; Median Home Sale Price: $246,700; Percent Change: 14.1 percent
Charlotte, N.C., $220,000, 11 percent
San Jose, Calif., $852,500, 9.4 percent
San Francisco, $825,400, 8.6 percent
Raleigh, N.C., $229,500, 7.5 percent
Austin, $188,200, 7.2 percent
Pittsburgh, $127,700, 6.1 percent
Seattle, $394,700, 6 percent
San Antonio, $154,700, 5.7 percent
Portland, Ore., $299,700, 5.2 percent
Source: Forbes, Matt Woolsey (11/21/2007)
What does this mean to you?
Well, if you’re a seller – this is good news because that means your home likely hasn’t lost its value. If it’s on the market now and isn’t selling, don’t fret. This time of year is always tough for real estate here in the City. By spring (if not sooner), the market should be back in full swing again.
If you’re a buyer, don’t be afraid to jump into the market – especially right now. Inventory levels are low, but there are several good values out there – and I mean several. If you want to find out more about what’s out there now and worth buying, let me know. I’m happy to tell you about the deals out there right now. But don’t hesitate too long, because these deals won’t be around forever. It’ll be a few months at most before, San Francisco homes will be selling like hotcakes again (and some still are!) so you really should think about striking while the iron is HOT!