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March 20, 2009

SF Market Down, But Not Out

The first quarter of 2009 is winding to a close, and it’s time to check out how well San Francisco is positioned heading into April.

A quick look at what properties are pending is an excellent indicator of market health. As of March 18th, a total of 165 single-family homes were pending, along with 94 condos and 26 TICs.

To put things into perspective, 200 single-family homes sold in April 2008, as well as 191 condos and 45 TICs. So we’ll be unexpectedly down in volume this year if all the currently pending sales close in April. But sales are on track to happen nonetheless, which is good news.

Average list prices for everything in contract? $702,049 for houses; $744,899 for condos; and $625,923 for TICs—proving once again that the mid-market price range of $400,000-$900,000 is the sweet spot for San Francisco real estate right now.

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