Comparison of SF House, Condo and TIC sales
10/15/08 – 1/30/09 with one year earlier by price range
Total # of Sales: down 27% – 30%* Total Dollar Volume: down 43% – 46%*
|
Price |
# Sales |
# Sales |
Change in |
% of Total Sales |
% of Total Sales |
Change in % |
|
Under 500k |
139 |
165 |
+ 19% |
11% |
18% |
+ 64% |
|
500k – 749,999 |
418 |
366 |
– 12% |
32% |
41% |
+ 28% |
|
750k – 999,999 |
340 |
206 |
– 39% |
26% |
23% |
– 12% |
|
1m – 1,499,999 |
232 |
99 |
– 56% |
18% |
11% |
– 39% |
|
1.5m – 1,999,999 |
79 |
27 |
– 66% |
6% |
3% |
– 50% |
|
2m – 4,999,999 |
81 |
35 |
– 57% |
6% |
4% |
– 33% |
|
5m+ |
12 |
3 |
– 75% |
1% |
.3% |
-70% |
While the numbers tell an interesting story, I would point out that the increase in home sales on the lower end of the market and decline on the upper end could also indicate a couple of positive things:
1. There really are some great deals out there both on the low end and high ends of the market.
2. The unprecedented timing of low interest rates and reduced real estate prices makes it possible for first time homeowners to buy (and investors to invest).
3. With inventory on the high end ($1,5MM and above) at a relatively low 4 month supply, I predict that the supply and demand rule will prevail provided home sellers list their homes at realistic prices and potential buyers step up to take advantage of absolutely great interest rates.
There are ready, willing and able buyers out there. Let’s just hope that they see the light and stop waiting for a better time to buy.