The last couple of weeks have shown marked improvement on the actual number of home sales in the city which may indicate that buyers are realizing that this really is a good time to buy.
There were 89 single family homes sold in the last two weeks with better than half sold over or at asking. I am also glad to report an increase in the number of condos that were sold, although it does appear that the buying public realizes that they have some definite negotiation power as condo inventory remains high. In regard to 2-4 unit buildings: I know that I keep saying it, but if you’ve been considering an investment purchase, this could be a very good time to buy. Consistent with the last two reporting periods the majority of 2-4 unit properties ( and in this case nearly 75%) traded at or below the asking price. While availablity is limited, I have also noticed that over the last couple of weeks, that in certain neighborhoods, sales prices for new listings have come down.
Spring is traditionally the busiest real estate season and I would expect to see the current trend to continue for the next couple of months. In the next few days, I plan to post an update to the a few key single family home neighborhoods. I’ll start with Noe Valley where sales have been particularly brisque.