Five months in a row home sales are up. Today, we have learned that existing home sales are up 7.2%. That is the largest increase in over ten years. June was up 3.6%. The market's seem to be liking this news as the markets are holding steady over 9400. Are we heading to 10,000?
All real estate markets are local. What’s happening in the City? In San Francisco supply of inventory is dropping as buyer's swoop up the deals.
Yesterday, I spoke to Shirley Hamilton, formerly of North American Title. Shirley has been doing some independent work and many private closings. "Herb, I am busier than ever and more than half of my closings are all cash deals." Most title companies are seeing an increase in escrows and majorities are closing under asking and not one has been smooth from the lenders. “There's always something,” Charles Richard recently said but as long as everyone is patient, "it will close."
As the economy creeps out of the recession expect rates to increase and buyers should start seriously making the deal. Recently I closed a home in the Lone Mountain section of town however it took 5 counter offers and another 5 addendum's to get the deal done!
Me, nor my buyer's cared how many pieces of paper it took to get into contract, they cared about negotiating the most reasonable deal. They closed with a 30 year fixed rate under 6%.
Every week, I meet people at open houses who are still waiting on the dip. Year to date condominium sales South of Market(SOMA) have sold at 96.4% of list price. The lowest number is condos on over 120 days. They have sold at 94.21% of listed price. Not bad! So go drop 5% off the price and make that offer!
What's happening with single family homes in District 5 (Haight Ashbury south through Eureka Valley, Mission Dolores, Noe to Glen Park)?
Area
5
- 66 Active homes on the market
- 33 Currently In contract
- 170 SF sold year to date 1/1/09 - 9/19/09 97% of list price
- 251 SF Sold 1/08 - 9/19/08 100.1% of list price
Sales volume is down 30% from the same period in 2008 however single family homes have sold an average of 97% of the listed price. Read that sentence again! Sales VOLUME is down.
Okay, so I'm a Realtor and those of you who know me. The glass is always 3/4 full. The data is the data! Happy Friday, go buy a house this weekend.
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