San Francisco Home Sales Data - April 2008
- 5.05.2008
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Do you realize that it’s MAY??? I mean, a third of 2008 is now but a memory. Winter is over (though I couldn’t really tell by today’s weather) and Spring isn’t far from being over too.
Other things that typically happen this time of year is that San Francisco Real Estate Sales pick up - and this year is no less typical (in this regard at least) that others. With that being said - I went ahead and ran the sales from the MLS as I do every month and found some interesting stuff.
Notables from April 2008 sales figures:
- Median sales price rose across the board from last month.
- The selling price vs. listing price percentage increased in single family homes and TIC’s, but dropped in condos.
- Days on market decreased across the board.
- In terms of sales volume, single family home and condos increased drastically over last month, but we had just 2 more TIC sales than we did in March.
Last month I had a theory about TIC buyers. And I’m starting to think I was right. I’m also noticing better deals on condos due to less competition. In fact, I was just able to help my client negotiate an offer on a condo for $50K under the asking price. We did provide the sellers with other concessions such as a short escrow and free rent back, but we got the price we wanted - so I think everyone is happy. The point is, there are good values out there right now - and if you’re hunting for a home right now, you might find a good deal. And sellers, don’t be afraid to sell now - but do be prepared to be realistic about the sales price.
So here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.
Check back monthly to get the latest facts and figures - and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!” 
Here’s a quick snapshot of the market from April 1, 2008 through April 30, 2008:
Single Family Homes
- 193 Homes Sold
- Median Sale Price was $935,000
- Minimum Sale Price was $350,000
- Maximum Sale Price was $5,625,000
- Median Selling Price was 104% of asking price
- Median Days on Market was 30
- Median Selling Price for homes that sold within 30 days was 105% of asking price
Condominiums, Lofts & Co-ops
- 184 Homes Sold
- Median Sale Price was $815,000
- Minimum Sale Price was $335,000
- Maximum Sale Price was $4,625,000
- Median Selling Price was 98% of asking price
- Median Days on Market was 35
- Median Selling Price for homes that sold within 30 days was 104% of asking price
TIC’s
- 40 Homes Sold
- Median Sale Price was $664,000
- Minimum Sale Price was $263,500
- Maximum Sale Price was $1,799,000
- Median Selling Price was 102% of asking price
- Median Days on Market was 45
- Median Selling Price for homes that sold within 30 days was 102% of asking price
Cheating with Redfin
- 5.05.2008
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While in general we believe that more information is better, we recently learned how the information on our website can be used for indecorous purposes. The winner of DC Metrocentric’s most recent PriceChecker competition used Redfin to look up the price of a DC condo, rather than make a guess. DC Metrocentric is a blog about housing and development in and around Washington, DC. We’re fans of their PriceChecker series in which they profile a property and ask readers to guess the price. After a few days, they reveal the listing price and a winner based on the closest guess. The property profiles are great, especially if the property has an animal skin rug.
The winner of the latest PriceChecker found the list price on Redfin. In the comments, Roy, the winner, admits he used Redfin to get the price. Fransie wants Roy’s “PriceChecker Crown revoked.” Clearly the commenters are having fun with this. While we’re glad that Roy uses Redfin and was able to find the property, we hope this doesn’t lead to the downfall of the PriceChecker series. What do you think? Cheating or smart research?
Photo credit: Tulse on Flickr.
Toronto Real Estate Board reports:
- 5.05.2008
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Sales moderate in April but prices up
April statistics show that 8,762 houses sold in the Greater Toronto Area. “The market continues to experience a supply and demand situation and to-date it remains a sellers market,” said TREB President Maureen O’Neill. The GTA market was down 7 per cent from last April’s record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
Prices continued to appreciate last month, to a GTA average of $398,687, up five per cent from last April’s $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region’s average price of $367,196 increased five per cent from a year ago.
“For more than a decade, real estate has served as the economy’s engine,” said Ms. O’Neill. “It’s encouraging to see that consumers are continuing to put their faith in real estate as an excellent longterm investment.”
Breaking down the total, 3,398 sales were reported in TREB’s 28 West districts and averaged $372,575; 1,531 sales were reported in the 14 Central districts and averaged $539,133; 1,768 sales were reported in the 23 North districts and averaged $429,262; and 2,065 sales were reported in TREB’s 21 East districts and averaged $311,350.
NEIGHBOURHOOD CORNER
Markham
There have been 1,172 sales in Markham (N01, N10, N11) during the first four months of 2008, with an average price of $453,630. The price is up eight per cent from the $417,818 recorded during the same period in 2007.
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Non-Disclosure, misrepresentation and other real estate misadventures
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