The August issue of Market Focus Report, issued by the San Francisco Association of Realtors brings encouraging news with the SF Housing market showing strength as pending sales rise. I look forward to a busy September.
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 can start at $250,000 to well over $1 million. Future reports will focus on different sections of the City. The Citywide SFH Median Sales price currently sits at $753,000. The Active for Sale inventory is 912 at an average 47 days on Market. Here's an excerpt from the August report:
Year-over-year, the number of single-family home sales under contract in July rose by 29.6 percent citywide. Since the start of 2011, it has soared by 73 percent throughout the city. For properties priced below $700,000, the months of supply inventory dropped by 54.6 percent to a reading of 1.8 months. For properties priced between $700,000 and $1.2 million, the months of supply inventory fell by 22.6 percent to 2.5 months.
One area of the city which has seen a spike in home sales activity is the southwest neighborhoods near Lake Merced. Since July 2010, the number of pending sales has increased from 13 to 27 properties and the number of completed transactions has jumped by 28.6 percent to a total of 18 units sold. The landscape of Lake Merced offers an abundance of recreational activities for outdoors enthusiasts, from hiking, jogging, and biking to fishing and golfing. Real estate here ranges from upscale properties in the Pine Lake Park neighborhood to more mid-priced homes in Merced Heights. The presence of two colleges, San Francisco State University and San Francisco City College, also add to the eclectic mix of its residents.
Another part of this city which has experienced continuing sales activity is the central district, which includes a variety of housing opportunities from the colorful Haight Ashbury and Castro neighborhoods to the more contemporary Noe Valley and Glen Park areas. The number of pending sales in this part of the city has leapt by 21.4 percent, with the number of completed transactions increasing by a healthy 25 percent since this time last year. Popular among residents and tourists alike, the central district boasts a wide range of architectural styles, from Victorian and Edwardian houses to mid-century and contemporary residences.
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