I am now predicting that the total number of residential real estate sales in San Francisco in 2011 will exceed the total number for 2010! This will be the second year in a row sales will have increased compared to the previous year and it will be the highest number of sales since 2007. I suppose, or hope, this is a continuing trend, and that the Bay Area/California, as usual, will lead the Nation is these trends, laws, and ideas!As of September 30th (end of the third quarter) my analysis from our Monthly Statistical Reports, which we prepare for both San Francisco and Marin Counties, makes it relatively easy to make my year end's prediction! For the nine months Total Number of Sales of residential properties in San Francisco including single families and condos/TIC is 3,695 . Of this total, 52% are condos/TICs (1,935) and 48% are single family homes (1,735). Nationally, there are 8 times as many single family homes selling as condos. So yes, another reason why we are unique in the Bay area and probably all of California. There are only a handful of communities in the entire country where the market share for condos is higher than for single family homes.
San Franciscans are faced with the challenges presented by Short Sales and REO's. 17.5% of our Total Number of Sales fall into this category. Breaking it down, 21.3% of condo sales are Short Sales or REO's but, surprisingly, only 13.3% of single family homes. On the other hand, 30% of sales in Marin county are Short Sales and REOs homes (48% of condos and 24% of single family homes). By way of comparison, REOs and Short Sales made up almost 70% of sales in Sacramento for the first three quarters!
So, all in all, I find that we are in pretty good shape, confidence is rising, as will total sales and prices! We welcome any questions or comments. For a complete list of our reports please go to boldsf.com and click on Statistics!