Weekly Sales Report

Taking a look at the numbers for the week, we can see that spring is upon us. It is buying season, and the good old San Francisco numbers are starting to reappear.

Seventy percent of all properties that accepted offers last week received multiple offers. I remember a number very close to that in 2005 and 2006 when buyers were writing an average of six offers before getting one accepted. Luckily for the buyers the competition is not quite as fierce as it was then, but the fact remains that interest is strong, and buyers are out there. Part of what is surprising about these numbers is which properties received multiple offers. One is a home in Bayview, a home in the Portola district which received six offers, and a condominium in the Diamond Heights neighborhood. It's not just Noe Valley anymore, folks!

To back the statistics up with our own story, here is an update on our listing at 886-886A Capp St. We were on the market for two weeks and looked at offers that second Wednesday. We had been marketing it both as a two unit building, and as two separate Tenancy in Common interests. It seemed to be equally divided in terms of the interest on the building versus on each unit separately. The offer date arrived which is always a bit nerve wracking. In this case, the sellers are already in contract for a replacement property, and not receiving a good offer would have put a lot of stress on them.

We did receive offers...four to be exact. Three were on the whole building, and one was on the upper unit. The sellers accepted the first offer which was a strong one, and above the asking price. The second and third offers were countered with the option of being in back up position, but neither accepted. A back up offer is important, particularly in this market with so much uncertainty in the financial world.

We will be open again this Saturday, March 22nd from 1-4pm. Come by if you haven't seen it. If you have seen it and are still interested, you may be able to get into back up position.

For closed sales this past week, a majority of the properties sold over the asking price, but on the average they only went over very slightly. You buyers out there still have an opportunity to get into the market before prices really start to go up again. Many people are waiting to see what the interest rates will look like once the new conforming limits settle in. There are only guesses out there at this time. Pricing will fluctuate as Fannie Mae and Freddie Mac actually start buying loans. Then lenders will see the ability to sell on the secondary market and adjust accordingly.