San Francisco Market Focus Report – March
The March issue of Market Focus Report, issued by the San Francisco Association of Realtors has San Francisco Homes selling faster as Inventory Drops.
The following is an excerpt from the report, and focuses on Single Family Homes. Those of you in the know, know that you can buy a home in San Francisco throughout a broad range of neighborhoods. And depending on the neighborhood, prices currently start from $215,000 to an average high in the $3-$4 Million range, with the most pricey listing at $38,500,000. There are currently 71 active listings over $1.5 Million. The Citywide SFH Median Sales Price currently sits at $649,000. The Active for Sale inventory is 618 and an average of 52.9 days on Market. Here’s an excerpt from the October report:
Although the city's inventory has dropped by 25.5 percent compared to February 2011, inventory levels also have ticked slightly upwards since January of this year by 7.7 percent. And despite the low inventory, homes under contract showed improvement compared to the same time last year, rising by as much as 22.9 percent. Moreover, the number of homes sold has almost doubled, by 40.7 percent, with a tally of 173 properties.
For homes that were priced below $700,000, the months of supply inventory fell by 66.2 percent to 1.2 months. For higher priced homes between $700,000 and $1.2 million, the months of supply inventory fell by 30.4 percent to 1.6 months. These short time frames continue to indicate a seller's market, where sellers have more leveraging power over buyers who are competing against a limited supply of properties.
One part of the city which experienced an above average increase in sale activity in the Sunset district. Since February 2011, the number of homes under contract has risen by 11.4 percent, while the number of homes sold has jumped 52.4 percent to a total of 32 properties. The Sunset district, a predominantly residential area, rests on the central-west side of the city. With good schools and plenty of family owned businesses, home buyers seeking a more conservative and small town approach to living would find the Sunset district ideal as long as they don't mind the fog.
Another area of the city which saw notably positive real estate activity is the central-eastern section. Compared to the same time last year, the number of homes under contract in this section increased by 4.8 percent, while the number of homes sold spiked by 157.1 percent, to a total of 18 properties. Although generally associated with the condominium markets of South of Market (SOMA) and South Beach areas, the central-eastern section also includes neighborhoods such as Bernal Heights and Potrero Hill, which offer an assortment of cottages, bungalows, and single-family homes in a very friendly, community type setting. Home buyers who yearn to be close to the city, but who also desire amenities such as a small garden or yard, would find solace here. This is also a warmer and sunnier area of the City.
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area