San Francisco’s Real Estate Market Watch
August 1, 2009
From the Fog City Guide
By Jed Lane
In July the number of sold units in the real estate market is up over the month previous in both single-family homes (SFH) and condominiums. SFH are up 10.6% and condos 12%. When looking at the same month one year ago the condos sales are down 30% and SFH are down only 1%. Here is a graph of the combined catogories showing units sold month by month.
The above reflects the steady rise of units in escrow that has been happening in San Francisco since the first of the year, but as of August 1, 2009 the number of open escrows has turned down. Single family is down 11% and open escrows for condos are down 15%. The number of open escrows should predict the number of units sold. Therefore the market should see a decline in sales transactions in August.
Although the rate of inventory absorption in both categories is still falling that number reflects the higher sales number of closed units. Even with the lower number of open escrows looking at the steady number of available properties on the market, 548 SFH and 940 condos, we are in a strong sellers market for SFH with the inventory sitting at a 2.65 month supply. Condos are riding the edge of a balanced to buyer’s market with inventory at a 5.14 month supply.
Pricing, what is going on with pricing? The median price, we need to remember is a function of where are the majority of sales. That said the past month broke the upward trend line that has been going on in the city since March. Single-family homes fell from $785,000 to $780,000, little more than ½ of 1%. Condo’s showed a deeper shift from $676,000 to $601,000, more than 12%. Taken together the median price in San Francisco is $702,000 for the month of July 2009. That is a decline of just about 5% from the previous month and a 16% drop from the same month in 2008.
So what does it look like in my area of the City? Here is a table that shows what the median price, days on market and the median size in each of the ten districts of San Francisco. If you aren’t sure which district you live in check this map http://www.sfrealtors.com/sfarmls/sfinfo.html
|Single Family Home Median July 2009|
|8||No SFH sales in this district|
|Condo Median July 2009|