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July 5, 2011

Q2 in SF: How’d We Do?

The first half of 2011 is in the bag. Our San Francisco real estate market has been seeing its share of ups and downs–and so have its buyers and sellers.

I’ve observed a fair share of what I like to call “mood swings” in the market. On the one hand, there are properties that are sitting on the market and ultimately selling for far below their original list prices. This outcome has been most common among luxury properties.

But on the other hand, some homes are garnering multiple offers and sales prices for well above their list prices. For example, a single-family home on a coveted block in Cole Valley was recently listed for $1,095,000 and ended up selling for $1,350,000. (And it needed updating.)

A total of 622 houses sold in the second quarter of this year, at an average of $991,747. Only 176 of the homes sold for more than $1M. On the condo side of things, a total of 573 units sold at an average of $792,797. The takeaway? Prices aren’t plummeting in San Francisco.

Multi-unit buildings seem to be very popular these days with buyers looking to owner occupy and invest for the long term. A total of 99 two- to four-unit properties sold in the second quarter across all price ranges. Some buyers are paying top dollar for the opportunity to own such buildings in desirable north end neighborhoods such as Pacific Heights and Russian Hill.

There are currently 568 single-family homes, 652 condos, and 158 TICs available.  And 411 houses, 363 condos, and 62 TICs are in contract. Inventory is actually a bit light due to the summer months. But I’m anticipating that the usual flood of activity will occur in September and October.

San Francisco continues to see its share of rapidly selling foreclosure properties, as well as an increasing number of short sales. However, only a handful of neighborhoods are seeing the bulk of these sales.

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