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.
It’s been a while since I’ve done one of these, in fact, the last time I did this feature was March of last year… but considering that the market is a lot different these days than it was last year, I thought it would be interesting to see how things are selling these days.
*Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.
It’s no surprise that things have changed a bit from this time last year. 63 homes closed escrow this time last year, while just 23 homes closed escrow last week. What is similar from last year to this year is that sales under the asking price dominated both time periods. One other change that we are seeing these days is that escrows are taking longer to close, so while last year, properties that went into contract in mid-December would have been closing right around now, this year, properties that sold in the same time period are likely still in escrow while lenders cross more T’s and dot more I’s than they’ve ever crossed or dotted before. It’ll be interesting to see the changes (or lack thereof) that will happen to sales volume and to the Over, Under, At stats over the next few weeks.
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 SF 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 January 12 – 18, 2009:
Single Family Homes – 11 Homes Sold
Condos/Lofts/Co-ops’s – 9 Homes Sold
TIC’s – 3 Home Sold