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August 10, 2009

SF Market Shifts Gears, For the Better

It’s been a challenging first half of 2009 in the San Francisco real estate market. But signs abound that indicate a shift for the better.

Take July, for instance—a good barometer for what to expect for the next half of the year. 235 single-family homes sold in July alone. And the luxury market even picked up speed. Of the 235 homes, 29 were sold for more than $1.5M, including five for above $5M. Multiple-offer scenarios and all-cash offers were reported by many agents, lending credence to my belief that there is still considerable money coming into San Francisco.

On the condo front, 160 units sold last month, which I think indicates a bit of weakness in this segment of the market. Lender restrictions on condo buildings may be contributing toward the slowdown. But it’s clear that the single-family home category cornered the market in July.

TICs made a respectable showing last month, with 46 selling—two of which were newly renovated units listed on Scott Street in Pacific Heights for above $2M and sold for unreported prices.

And it looks like August/September may kick some butt, too. There are presently 396 single-family homes, 315 condos, and 95 TIC interests currently in contract or pending (contractual conditions removed).

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