Welcome back to the “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
*Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.
Happy Monday folks. Sales are kinda sad this week. Single family homes sales slipped, condo sales increased and TIC’s stayed the same (one closed last week, one closed this week.) But, these are mostly sales that went into contract in 2008 since a typical escrow these days is 30–45 days with longer escrows being more and more and more common. I am hearing good news, though, about sales picking up. 32 homes went pending in San Francisco in December (Single Family Homes, Condos, Lofts, Co-ops &TIC’s), 89 homes went pending in SF in January and 45 homes have already gone pending in just the first week of February!!! OK, this is, by no means, indicative that the market is recovered just yet, but it is an indication that there are plenty of folks out there taking advantage of low interest rates, and lower prices. And my feeling is that maybe, just maybe things are heading in a positive direction.
Keep in mind that these reports are meant to be helpful for potential buyers and sellers – but to really understand the pulse of the SF real estate market, talk to a local real estate agent. We’re in the trenches and these closed sales went into escrow a month ago (sometimes less, sometimes more). We are much better in tune with what’s going on in the market TODAY and can give you much more in depth information than any set of statistics can. If you need advice from a San Francisco Realtor, feel free to contact me. I’m always happy to talk real estate.
Here’s a quick breakdown of closed San Francisco home sales for the week from February 2 – February 8, 2009:
Single Family Homes – 6 Homes Sold
Condos/Lofts/Co-ops’s – 12 Homes Sold
TIC’s – 1 Home Sold