Wednesday, November 28, 2007

Weekly Sales Report

Along with the regular weekly statistics, we would like to elaborate a bit on the information given in The Final Stretch. The President of San Francisco/Peninsula Coldwell Banker spoke this morning in our office meeting. He gave more statistics regarding what is actually happening in the market as opposed to what we are hearing in the media. As mentioned in The Final Stretch, San Francisco as a whole has shown appreciation over the past year. This morning, we looked at each neighborhood's numbers.

As an example, the average price of home in the Central Sunset has gone up 2%. The inventory in that same neighborhood has gone down 31% since last year.

In Bernal Heights, the average price has gone up 6.5% since last year, and the inventory has gone down 10%. Again, people are being scared into inaction based on "falling prices" but the statistics show us otherwise.

It is true that the numbers are not in the positive range in all neighborhoods. The south eastern part of the city specifically has been hit the hardest. Having said that, the Mission Terrace neighborhood has gone down but only by .7%. The Westlake District in Daly City has gone down as well, but only by .5%. Less than one percent seems to be holding steady in the bigger picture.

Another statistic we learned this morning and are very proud to pass along is that Coldwell Banker holds 20.5% of the market share in the Bay Area which is more than double that of our closest competitor. Our office, the Lakeside office, is the leading office in the city.

What does this mean to you? For buyers, it means that each week when we meet with the other hundred agents in the office, we hear about many listings before they hit the market. For a seller, one of those listings pitched in the meeting could be yours.

In terms of this week's activity, we are again looking at a huge majority of single offers; over 90%. What I thought was interesting about the sold properties was that everything sold within $15,000 of the asking price. It looks like sellers are starting to put their properties on at a price they are willing to accept. There was only one exception this week which sold at just under 5% over the asking price.

What is the profile of a property that sells for over the asking price in this market?. This is a top floor condominium in a beautiful Victorian two unit building located at 71 Douglass in Corona Heights. It is a spacious and bright three bedroom, 1.5 bath with great outdoor space. As no property is perfect, this did not come with a parking space, and if it had, it would have sold for closer to a million and possibly over. It was listed at $879,000 and sold for $925,000 after just 22 days on the market. You can still happen!

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