San Francisco Real Estate Forecast Looking Good for 2010

Another day of good news in the San Francisco housing market!

San Francisco’s Polaris Group has released it’s San Francisco Residential Development Report for December 2009.  The report analyzes new and resale condominium market trends and the performance of new condominium communities.

And the report highlights look like this:

• The resale market is showing positive signs with closed transaction volume increasing for the first time in 2009. During September-to-November 2009 sales were up 36.0 percent from the previous year. However, the median price for the same three month period was $641,000, a 9.5 percent decrease from the prior year.

• Radiance, a 99-unit community, sold out this month at an average absorption of three homes per month. Sales at Radiance began in March 2007.

• Two communities – 188 King & Cubix – recently returned to the for-sale market. 188 King is a 44-unit community located in South Beach that was repositioned to rentals in 2006. Cubix, composed entirely of 98 micro-units, had sales suspended in the Spring of 2009 when the original developer was foreclosed upon by his lender.

• There are a total of 21 new home communities on the market with a standing inventory of 1,036 condominium homes.

It does indeed look like 2010 will be bringing some positive momentum to the SF real estate market!