San Francisco Market Focus Report - January 2012
The January Issue of Market Focus Report, issued by the San Francisco Association of Realtors brings mixed news as housing inventory drops, setting up a seller's market but with stronger affordability.
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 $199,900 to an average high in the $3 Million range, with the most pricey listing at $38,500,000. There are currently 53 active listings over $1.5 Million. The Citywide Median Sales Price currently sits at $645,000. The Active for Sale Inventory is 345 and an average of 59.4 days on Market. Here's an excerpt from the January report:
Even though inventory dropped citywide by 48.5 percent compared to December 2010, the number of homes under contract only fell by a minimal 7.4 percent, while the number of homes sold dipped by 13.9 percent, ending the month at 199 properties. For homes that were priced below $700,000, the months of supply inventory fell by 66.8 percent to a reading of 1 month. For higher priced homes between $700,000 and $1.2 million, the months of supply inventory fell by 65.6 percent to 1.2 months. These short readings continue to indicate a seller's market, where sellers have more leveraging power over home buyers.
Despite the low inventory, homes were still being sold in areas such as District 4, or as many know it, Twin Peaks West. Since December 2010, the number of homes under contract in this area increased by 7.7 percent, but the number of homes sold has also risen by 14.8 percent to a total of 31 properties. Located in the mid-western part of the City, Twin Peaks West has a total of 16 neighborhoods, including upscale and exclusive St. Francis Wood and Forest Hill, and the more approachable and family-friendly communities of Diamond Heights and West Portal. There is an array of architectural styles available for everybody here, from stately Spanish Mediterranean homes to charming craftsman bungalows.
Another location of the City which experienced an increase in sales activity is District 3, in the southwestern part of town, know as Lake Merced. Compared to December 2010, the number of homes sold in this area has increased by 61.5 percent to a total of 21 properties sold. From hiking and biking to fishing and golfing, the neighborhoods around Lake Merced offer a number of recreational activities for outdoors enthusiasts and people looking to get into shape. Real estate here ranges from upscale properties, such as those in Pine Lake Park, to more mid-priced homes around Merced Heights and Stonestown Galleria Mall.
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