San Francisco Real Estate Sales Data – March 2009

As I do every month, I ran the latest San Francisco real estate sales figures for you.  I’m just getting back from vacation and swamped as can be, so the commentary this month is a little short, but the data is here for you with my brief 2 cents.

After the glum numbers from last month, I was relieved to see an uptick in sales volume.  Last month’s numbers had me breathing a sigh of relief, and this month did the same.  Volume, once again, crept up in March.  The other numbers though, siuch as median price, didn’t look so pretty.  However, I can say that I have a theory on that.  The new $729,500 loan limits we’ve been waiting for just aren’t materializing.  What I’m seeing instead (especially with a lot of the new buyers that have recently contacted me) is a huge upswing in activity in the lower tier of the market, the under $600K club.  In fact, almost 40% (38.59% to be exact) of all of the sales reported below fell under the $600K category, which means that the buyers were able to advantage of the new, lower interest rates.  However, buyers in the $800k-900K category are still waiting for their opportunity to take a crack at these lower rates, and unfortunately, we just haven’t seen them kick in yet.  I guess the test to my theory really will be when the $729,500 loan limit is really reinstated and the movement (or lack thereof) that occurs once that happens.

So here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from March 1 through June 31, 2009:

Single Family Homes

• 122 Homes Sold
• Median Sale Price was $672,500
• Minimum Sale Price was $320,000
• Maximum Sale Price was $7,750,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 40
• Median Selling Price for homes that sold within 30 days was 101% of asking price

Condominiums, Lofts & Co-ops

• 86 Homes Sold
• Median Sale Price was $644,000
• Minimum Sale Price was $150,000
• Maximum Sale Price was $2,450,000
• Median Selling Price was 99.5% of asking price
• Median Days on Market was 45
• Median Selling Price for homes that sold within 30 days was 96% of asking price

TIC’s

• 20 Homes Sold
• Median Sale Price was $610,000
• Minimum Sale Price was $290,000
• Maximum Sale Price was $1,775,500
• Median Selling Price was 98% of asking price
• Median Days on Market was 80
• Median Selling Price for homes that sold within 30 days was 100% of asking price