San Francisco Real Estate Agent
San Francisco Real Estate Agent
Hotsheet Statistics for the Past 2-Weeks: SF Houses, Condos & TICs (compared to the previous 2-week period)< ?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />
The last 2 weeks had the highest number of listings going contingent or pending since September 2008 indicating a significant pick up in the number of listings accepting offers.
Set forth are side by side comparisons of Single Family Residence, Condominium, and 2-4 Unit Dwelling sales activity for March 2008 and March 2009
Rates on conforming loans up to $417k and super-conforming loans up to $625k are down about .25% since the big Fed announcement last Wednesday—they were down further but have since retraced. Increases of super-conforming loan limits to $729k have still not been announced by Fannie and Freddie—it’s expected very soon. Rates on Jumbos from $729k to $3.5m are steady.
Last week, the Fed said they’d increase their mortgage bond buying program from $500 billion by June to $1.25 trillion by December. This will help keep rates low because mortgage rates drop when bond prices rise on buying rallies. But consumers shouldn’t assume rates will drop significantly from current levels. Here’s why:
Read more
The market continues to improve for Buyers as inventory increases. For some reason, perhaps just an anomaly, REO sales activity dropped dramatically from the previous 2-week period.
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.
The following PDFs contain properties that are in pre-foreclosure, recently foreclosed, REO (bank-owned) and up for auction:
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.
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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