With all the news on subprime mortgages and the faltering real estate market, here are some interesting stats on San Francisco in the last few months. While they’re a quite a bit softer than one might have expect in 2006, they still look fairly strong. What’s most interesting to me is the sale price versus the final list price. In the go-go days, 115% wouldn’t be uncommon. Seeing 100.3% for condos makes the market that much more approachable. I was talking to the sales agent at the new Ritz building on Market Street, and they had some eight or nine properties still for sale. She mentioned that they were expecting to have offers some 90% of their listed asking price. You would have never seen that two years ago.
Median Home Sale Price:
November 2006: $750,000
November 2007: $820,000
Increase: up 9.3%
Average Sales Price as a Percentage of Final List Price, November 2007:
Sold Houses: 101.8%
Sold Condos: 100.3%