San Francisco Real Estate Sales – 4th Quarter 2008

If you never bothered to look at my website or to look at the little “Contact” box at the top left of this SF real estate blog, you might not know that I work for Zephyr Real Estate.  And to be honest, I don’t talk about Zephyr enough.  The agents are fantastic, the management is incredible and the support staff is second to none.  We’re the largest independent real estate company in San Francisco.  In fact, we’re THE number one real estate company in most of the City’s hottest neighborhoods. 
Where am I going on this tangent?  Well, no where really – except to tell you that Zephyr just released the SF Quarterly Real Estate Market Report for the 4th Quarter of 2008. 
So without further adieu:

San Francisco Quarterly Real Estate Market Report for the 4th Quarter of 2008
Well, one thing is for certain: the real estate market is never dull. With so many economic factors in play in today’s market, the tight lending standards, the flux of the stock market, the increase in unemployment, it’s no wonder so many people are sitting on the sidelines waiting to see what will happen next. Unfortunately, what often happens to those on the sidelines is that they wind up getting into the game late. There are opportunities to be found, especially in this market. Consider this:

  • If you’re in the market to buy and are well-qualified, now may be a great time to swoop in and buy a great home. You will get more for your money now, and in some areas will find incredible values at prices that haven’t been seen for years.
  • If you’ve always wanted to plan for retirement or build wealth through real estate investments, but never knew how, there are many opportunities to get into this market and finally get started. Rental income properties are much more attainable, and it’s possible to find some with positive cash flow.
  • If you’re in the unique position as a seller to be in a sought-after neighborhood and have been there long enough to have built some equity, you are still in a strong position. You have more wiggle room for negotiation, but also have the power of location and demand on your side. If you’ve been in your home a short time and haven’t built equity, things may be a bit tighter, but it’s important to remember: if you sell for a lower value in this market, you also have the opportunity to buy more at the lower value as well.

In a City with neighborhoods so nuanced that prices can often vary block by block, it’s more important than ever to work with someone who can help you navigate through this market.

If you’d like more detailed information on your specific neighborhood or have any questions, please don’t hesitate to contact me.

San Francisco at a Glance
 

 

 

   

 

 

4th Quarter 2008 Single Family Homes Condos/TICs/Lofts
Average Sales Price $927.41 $786,684
Median Sales Price $729,000 $690,000
Average Days on Market 58 65
Months Supply of Inventory 5.5 6.2
End of Month Inventory 555 708
 
Oct-08 Single Family Homes Condos/TICs/Lofts
Average Sales Price $928,253 $809,710
Median Sales Price $757,500 $725,000
Average Days on Market 53 58
Months Supply of Inventory 4.7 7.7
End of Month Inventory 835 1,181
 
Nov-08 Single Family Homes Condos/TICs/Lofts
Average Sales Price $1,003,312 $803,226
Median Sales Price $750,000 $675,000
Average Days on Market 54 63
Months Supply of Inventory 5.5 9.6
End of Month Inventory 753 1,071
 
Dec-08 Single Family Homes Condos/TICs/Lofts
Average Sales Price $843,963 $740,223
Median Sales Price $704,900 $625,000
Average Days on Market 67 73
Months Supply of Inventory 5.4 6.2
End of Month Inventory 555 708
 

 

 

Data based on sales of residential property as reported to the San Francisco Association of Realtors Multiple Listing Service during the periods shown.

 

Luba