Buyers Hit the Holiday Home Stretch
Posted by insidesfre on November 19, 2009
We’re approaching Thanksgiving, and I’d say the San Francisco real estate market is officially in its annual home stretch.
It’s important to check out recent sales activity, as this data will help guide your house hunt from this point forward. Condo sales were fairly brisk from Nov 1-18th, with 81 units selling at a median price of $710,000. Of the 81 sold, 21 sold for over the asking price; eight sold for at asking; and 52 sold for under the asking price. There are currently a whopping 629 condos on the market, ranging from a below-market-rate (BMR) unit at Symphony Towers on Van Ness listed at $186,538, to 59 condos listed at more than $1.5M. But a bulk of available condos—481—are listed at or below $1M.
On the single-family home front, 98 homes sold in the same time period at a median price of $823,750. 49 sold for over the asking price; 44 sold for under asking; and five sold for the asking price. There are 500 available single-family homes at present. Try your luck at the “fully detached TOTAL FIXER” probate sale on Keith Street in Bayview, or scoop up one of the 119 homes listed at $1.5M+. (Don’t forget 2845 Broadway for $65M, on the market for 1356 days and counting.) However, you’ll have plenty to choose from for under $1M; there are 296 homes listed in that range.
Though many of these homes will likely sell by the end of the year or at least will go into contract, there’s bound to be excess inventory that spills over into 2010. I’m anticipating that the winter real estate market in San Francisco will kick in around mid January, as plenty of sellers will want to get moving again. But as always, between now and December 31st is the time to get your deal done.
