Updated reports have been posted on our web site:
San Francisco
New Listing Market Watch
Compared to the previous two week period:
- Big drop in new condo/TIC listings 161 vs 232
- Big increase in condo/TIC price reductions
Compared to the same two week period a year ago:
- Smaller number of price reductions of single-family homes
- Somewhat smaller number of price reductions of condos/TICs
- Total new listings down 17% compared to the prior two week period but just about equal to the same period last year.
Fundamentals
- Inventory is virtually the same both for single family homes and condos/TICs compared to two weeks ago
- Sales for the month so far (we have one day to go) shows single family homes near what they were for October last year but condo sales are only 74% of what they were a year ago.
Market Analysis
- Big jump in avg sales price for 2/1 single family homes $1260 vs $1080 in September
- No similar increase in avg sales price for 3/2 single family homes.
- Both configurations are selling 12-14% over asking.
- Overall the number of sales of all single family homes was up 34% compared to September and slightly ahead of the same month a year ago.
- Number of sales of condos jumped 16% from 159 in September to 185 in October. Average sales price of all condo sales dropped 7% from $1367 to $1267
- Big jump in the number of 1/1 condos sold in October: 50 vs 29 and a corresponding rise in average selling price: $789 vs $670 and a drop in average days on market from 72 to 54. Premium was at 98%, down 1% compared to September.
- Avg selling price of 2/1 condos was up 12% and for the first time in a while the premiums was over asking by 3%.
Marin
Fundamentals
- 4/4 single family homes averaging sales prices well below asking.
- Most premiums above average are in the smaller homes 2/1, 2/2, 3/2
