San Francisco Market Focus Report - February 2012
The February Issue of Market Focus Report, issued by the San Francisco Association of Realtors brings mixed news as there are pockets of movement in the San Francisco housing market, despite the lessening inventory .
The following is an excerpt from the report and focuses in 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 $164,000 to an average high in the $3 Million range, with the most pricey listing at $38,500,000. There are currently 55 active listings over $1.5 Million. The Citywide Median Sales Price currently sits at $655,000, up from last month. The Active for Sale Inventory is 517 and an average of 56.3 days on Market. Here's an excerpt from the February report:
As inventory levels dropped in January by 32.9 percent, compared to January 2011, the number of homes under contract rose by 8.7 percent. But the low inventory seemed to also contribute to fewer completed sales, which is fairly normal market behavior for this time of year.
For homes that were priced below $700,000, the months of supply inventory fell by 47.3 percent to 1.6 months. For higher priced homes between $700,000 and $1.2 million, the months of supply inventory fell by 38.9 percent to 2.4 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 pool of properties.
Still, even with low inventory numbers, there were areas of the city that experienced healthy gains. One such area, District 10, rests in the southeastern most part of town. Compared to this time last year, the number of homes under contract has only dropped by a mere 3.8 percent. And, while the number of homes sold has fallen by 39.6 percent, District 10 saw the most homes sold of any other district in the City this past month, with 32 properties. Portola, Excelsior, and Visitacion Valley are just some of the ethnically rich neighborhoods that make up the area, whose median home prices are among the lowest in the City. A diamond in the rough is just what you may find in this suburban community forged from an industrial past of warehouses and factories.
Another area of the City which has maintained positive real estate activity, despite the drop in citywide inventory, is District 5, also known as the Central District. Compared to January 2011, the number of homes under contract rose by 25 percent, while the number of homes sold was 12.4 percent of the total number of homes sold in the entire City, at 8 properties. The Central District's natural charm and various points of interest, including Mission Dolores, the Haight-Ashbury, and Buena Vista Park, offers something unique and intriguing for just about every home buyer who would like to call San Francisco their home.
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