San Francisco Market Focus Report - September
The September issue of Market Focus Report, issued by the San Francisco Association of Realtorsbrings encouraging news with the SF Housing market showing continuing strength as pending sales rise. I look forward to a busy October - our Summer!.
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 $707,000. The Active for Sale inventory is 887 at an average 52 days on Market. Here's an excerpt from the September report:
Although closed sales of single-family homes has dropped 14.8 percent throughout the city since August of last year, the number of homes under contract has increased by 40.1 percent, presaging better sales numbers to come. Since January 2011, homes under contract have increased by 59.6 percent, with sales also increasing by 9.5 percent. Year-over-year, for properties priced below $700,000, the months of supply inventory fell by 55.7 percent to a reading of 2 months, while for properties priced between $700,000 and $1.2 million, the months of supply inventory fell to 1.9 months.
One area of the city which has experienced an increase in sales activity is the central west neighborhoods of the Sunset district. Since August of last year, the number of homes under contract rose by 18.9 percent, while the number of completed transactions grew by 5.3 percent for a total of 40 sold properties.
The Sunset, which is predominately residential, offers a small town quality and feel, which complements its conservative and family-oriented character. Homes in the Sunset are mostly midcentury and offer similar floor plans, thanks to well-known
developer Henry Doelger, who in the 50s, is said to have been able to construct two houses in a single day.
Another part of the city which has experienced healthy sales activity is the central-eastern neighborhoods of Bernal Heights and Potrero Hill. Since August 2010, the number of homes under contract has grown by 160 percent, while the number of completed transactions increased by 5.6 percent to a total of 19 sold properties. Bernal Heights offers a somewhat progressive neighborhood feel, with quirky shops, restaurants, and annual traditions such as a soapbox derby and neighborhood-wide garage sale. Potrero Hill, with two surrounding freeways and large strips of industrial land at its feet, is relatively cut off from the city, yet still manages to maintain a laid-back and sunny disposition. Both neighborhoods possess an eclectic mix of architecture, which includes row houses, cottages, and Victorian bungalows.
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