If you’re looking to sell your house, you may just be in luck. According to the San Francisco Association of Realtors – a pretty darn good source for information about the local market – the median price of single-family homes in the city continued to get stronger in March.
Since the beginning of the year, median sales prices have jumped 25.7 percent to hit $765,000. Don’t get overly excited, though, since the year-over-year median price has gone down 3 percent. Why’s that? Most say it’s because of the expiration of federal home purchase tax credits last June, plus difficulty in securing financing.
The Association noted the same pattern when it comes to completed sales of single-family homes. While they’ve increased by 17.5 percent since the beginning of the year, they’re down 3 percent year-over-year. Rumor has it that the recent sales surge is due to seasonal factors. There’s one real bright spot in the city – and ironically, it’s the foggy Sunset, where sales have increased 28.1 percent year-over-year. With the highest concentration of single-family homes in the city, the Sunset often draws foreign buyers who pay all cash for properties.
Here’s some good news from April’s report: Supply inventory of single-family homes stood at 2.3 months in March, down from 2.8 months of supply in March 2010. After hitting 4.1 months of supply in August 2010, this figure has been on a steady decrease, falling 44.3 percent. That means less competition for those putting their houses on the market.
A specific breakdown of supply inventory: Supply for single-family homes priced at less than $700,000 were down by a month from 3.4 in March 2010 to 2.4 this month. Mid-priced homes between $700,000 and $1.2 million (yes, those are mid-priced homes – this is San Francisco) saw supply remain steady year-over-year at 2.2 months. Homes priced at more than $1.2 million also saw a supply decrease, falling to 2.5 months this march from 3 months a year ago.
If you’re a condo owner, pay attention because this is good news for you: Condo sales during March jumped up 13.1 percent year-over-year, a surge attributed to buyer incentives. This was particularly prevalent in Pacific Heights, the Marina and Cow Hollow. Moreover, pending sales skyrocketed by 69.1 percent during March as compared to 12 months earlier, with supply inventory down to 2.8 months from 4.1 months.
If you’re interested in catching the market’s rising tide, call me. I can help you navigate through these waters, whether they’re choppy or smooth.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call or email at 415-577-0809 or email at [email protected] www.ceceblase.com