Category archive - Market News

MLS Statistics for the last two weeks, 2/20/09 – 3/06/09

Comparing the past 2 weeks with the 2-week period, 1/30 – 2/13/09:

The number of new listings coming on the market declined by 20%

The number accepting offers (going contingent sale) increased by 35%

Closed sales went up 75%

Properties coming back on market (i.e. deals falling through) fell by 8%

The number of price reductions—already at very high rates—increased by 18%

Expired and withdrawn listings are relatively stable

26% of house sales were bank-owned properties (REO); 10% of condo sales were REOs

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Property Lists: Foreclosed, Bank-Owned and Auction

The links below show properties in all stages of the foreclosure process and those that are bank-owned or up for auction. Please approach these properties with caution – and call me to discuss.

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Paragon March 2009 Newsletter – Extended Version

In this edition:

Foreclosure Sales in San Francisco

Upper-End Home Market Wilts

New Condo Developments Reduce Prices

Regarding Statistics

Average Dollar per Square Foot in Selected Bay Area Zip Codes

Sales Price to List Price

Financing Conditions & Tax Credits

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Property Lists: Foreclosed, Bank-Owned and Auction

The following PDFs contain properties that are in pre-foreclosure, recently foreclosed, REO (bank-owned) and up for auction:

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San Francisco Months-Supply-of-Inventory & Days-on-Market Analysis

Generally speaking, 4-5 months supply of inventory is considered a balanced market between buyers and sellers; less than 4 months is considered a sellers’ market; and more than 5 months is considered a buyers’ market.

By these definitions (as well as others), the home market in many of San Francisco’s neighborhoods is now a strong buyers’ market – which means more choice, less competitive bidding, increased price reductions, more price negotiation. This doesn’t mean that the best-value homes aren’t still often selling quickly.

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Current Market Trends

At current trends, over the next month:

• 563 active SFD listings will be joined by over 250 new SFD listings for a total of over 800: less than 1 out of 8 will go contingent sale (and most of them at the low end).

• 674 active Condo listings will be joined by over 350 new Condo listings for atotal of over 1000: less than 1 out of 10 will go contingent.

• 241 active TIC listings will be joined by over 150 new TIC listings for a total ofabout 400: about 1 in 16 will go contingent.

• 234 2-4 Unit listings will be joined by over 80 new 2-4 U listings for a total of over300:about 1 in 19 will go contingent.

The average days on market for active properties range from about a 100 days to over 130 days (and growing). Lots of days on market; incredible numbers of price reductions; a small number selling – though many of those selling still sell relatively quickly.

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Housing Market May Have Turned a Pivotal Corner

By Julie Haviv – Analysis

NEW YORK (Reuters) – The coast-to-coast fire sale in the U.S. housing market appears at long last to have caught a bit of a bid.

Yes, residential real estate remains in the throes of the worst downturn since the Great Depression. Yes, home prices are the lowest in six years and still falling. And yes, it still takes three quarters of a year to sell a house.

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High End vs. Low End Market Statistics

SF Real Estate Market Makes Major Shift to Lower-Priced Homes, as Higher-End Market Declines

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%*

Download Market Statistics

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