The latest market report is here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen).
Prices are up 11.2% from last year but home sales are down 20.5% from this time last year.
The market is definitely doing some funny stuff these days, places that aren’t priced right are sitting around and gathering dust, but places that are priced well, staged well and marketed well are still flying off the market with multiple offers over the asking price. Of course, some sellers are unrealistic and want to sell there home for WAY more than it’s worth, and some buyers are unrealistic and want to steal a place from the seller for WAY less than it’s worth. But that’s just human nature for the most part, though some of it is definitely fueled by the doom and gloom that we keep seeing in the media.
As for what the San Francisco real estate market will bring us in 2008? There are a lot of conflicting views. But for a nice change of pace I thought I’d include a link to a positive perspective.
From the SF REALTORÂ® Advantage Online, December 18, 2007:
Tom Campbell, Dean of the Haas School of Business at UC Berkeley, was interviewed on the subject of the mortgage market on the KCBSâ€™ program In Depth on December 8. His assessment of the mortgage marketâ€”and the real estate market, as wellâ€”was particularly optimistic. The entire interview can be heard as a podcast by clicking on the link below and going to KCBS In Depth: The Mortgage Crisis.