The latest market report is here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen).
As you know, things in the market have been a little topsy turvy. Some areas of the City have depreciated but other areas like Noe Valley have actually seen some appreciation. Some homes are sitting on the market and waiting for a new owner to come along and call them home while others are receiving multiple offers and flying off the MLS faster than you can update your loan approval. Some loans are taking 45 or more days to close (if they close at all), while others are closing in just 15 days. Some people are taking advantage of the reduced competition and buying homes at reasonable prices. Others are just waiting on the sidelines and hoping that the market falls further before they step in and claim their home. In a nutshell, there is no one story to tell. Whether the market is good or bad really depends on YOUR personal real estate goals and whether the market is good or bad for YOU!
As far as data goes, these numbers should give you something to chew on:
Sales of single-family, re-sale homes dropped 7.9% last month compared to last October. Year-to-date, home sales are down 5.4%.Loft/condo sales rose 23.4% from September, but were off 22% compared to October 2007. Year-to-date, loft/condo sales are off 22.4%.The median price for single-family, re-sale homes fell 2.8% from September, and it was down 14.1% year-over-year. The average price was off 10.2%, down 29.8% compared to last October.The median price for loft/condos in San Francisco gained 4.1% from September, but was down 3.4% year-over-year. The average price for condos gained 0.6% from September. The average price was down 8% year-over-year.
Click here for the full report. And of course, email me if you want to discuss whether this market is good or bad for YOU!
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