Wednesday, March 13, 2013

Monthly Sales Statistics

We've just posted our monthly sales reports for February (in PDF format) and there are some telling numbers.

(BTW, the new look is to complement our new office on Nob Hill at 1715 Polk Street).

Basically, inventory (properties being actively marketed on the MLS) is down substantially compared to a year ago although, as is typical for this time of year, there has been some increase between February 1 and March 1.

Average sales prices have increased 20-25% compared to a year ago.

These reports are based on data from our MLS.  We survey five specific configurations of single family homes and condos in an effort to compare, as much as possible, similar properties.  Together, these five configurations account for 43% of single family homes that sold in 2012 and 60% of condos based on 2012 sales.  Our reports also include information on all 2-, 3-, and 4-unit residential properties.

The last page of the report shows historical pricing for these types of properties back to 1996.  In each of our survey categories the average annual sales price has gone up (year over year) two years in a row.

Off Market Sales

Admittedly this is anecdotal and without the usual hard statistics we report, but there seems to be a significant increase in "off market" sales recently.  Just in our immediate neighborhood on Potrero Hill there have been two such sales this month:

700 Carolina ...

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...received two pre-emptive offers and a final sales price reported at $1,265,000 ($15,000 over the "asking price").  A 4 bedroom, 2 bath home of approx. 1,600 sq. ft. for a price of $790/sq.ft.

1425 20th St. ...
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...received four offers and sold for $1,055,000 ($105,000 over the "asking price").  According to records, it's an 1,100 sq. ft. 2 bedroom, 1 bath home which works out to almost $960/sq. ft.

We've also received at least 6 e-mails from agents in the last week with properties for sale that are not shown on the MLS.

All of this underscores the lack of inventory available and a continued strong demand by buyers.