San Francisco: Last 2 weeks sales data
Over the last two weeks 4/1/08 – 4/15/08, a total of 167 properties traded in San Francisco. Contrary to what you may be hearing about depressed prices and buyer interest, the majority of single family homes (houses) sold over asking, which tells us that buyers are out there and there is competitive bidding going on. The story on condos is not as bright as the current over-supply is giving buyers an advantage. It is however notable that more than half of the condos sold, did sell over or at asking. Looking to 2-4 Unit properites: there were only 8 properties sold over the last two weeks which may be an indication of the overall sluggishness of the TIC market.
Bottom line: there are always opportunities. The market for single family homes continues to be active and strong. There are fewer properties trading overall, but as usual, well presented and prepared homes are attracting buyers willing to pay over asking. Condo buyers: what are waiting for? If you have contemplating a move, you can be in the driver’s seat. Lastly, investors: Don’t let the numbers fool you, their is always a demand for 2-4 unit buildings. If you’ve thought about exchanging your property, this could be a good time to either trade up your investment. Remember, in markets like this, saavy people can and will come out ahead. There is really nothing new about that.
I’ll be updating this chart every two weeks.