Archive for the ‘About San Francisco’ Category
Market Charts: 75% of ‘House’ Sales in May Accepted Offers within 3-4 Weeks on the Market
July 5th, 2010 by Katy Dinner
House (SFD) Sales by Days on Market.
In May, approximately 75% of house listings that sold accepted offers within 3-4 weeks of going on market.
Approximately 15% of house listings that sold accepted offers between 30 – 90 days of going on market.
Only 10% of sold house listings accepted offers with days on market over 90, even though they made up 32% of the listings for sale.
Market Charts: More ‘Houses’ with Accepted Contracts than Condos
July 4th, 2010 by Katy Dinner
Percentage of Listings with Accepted Contracts (month by month charts): house vs. condos: house percentage, averaging 25% of listings, which is higher than condo percentage, averaging 19% of listings.
SFD % of Listings Under Contract
Condo % of Listings Under Contract:
Market Charts: Considering a Price Reduction? Whether You Do or Don’t Matters
July 3rd, 2010 by Katy Dinner
Houses that sell without a price reduction (75% of sales in May) averaged 101% of LP over the past 12 months and about 35 Days on Market since spring began. Houses that sell after 1 or more price reductions (25% of sales in May) averaged 88% of original LP over the past 12 months and about 110 Days on Market since spring began.
Condos that sell without a price reduction (71% of sales in May) averaged 98% of LP over the past 12 months and about 46 Days on Market since spring began. Condos that sell after 1 or more price reductions (29% of sales in May) averaged 88% of original LP over the past 12 months and about 125 Days on Market since spring began.
Market Charts: Condos Accepting Offers Shows More Weakness Than ‘Houses’
July 2nd, 2010 by Katy Dinner
Condos Accepting Offers (week by week chart): condo market has weakened more than the house market.
Market Charts: Number of ‘Houses’ Accepting Offers Holding Up Well
July 1st, 2010 by Katy Dinner
Houses Accepting Offers (week by week chart): this market is holding up pretty well, climbing back to the average level of a strong spring season. (The last week of April was a blip caused by the expiring Federal tax credit.)
Market Charts: % of Listings Going into Contract Decreasing
June 29th, 2010 by Katy Dinner
Percent of Listings Under Contract: about the lowest it’s been since February. Increasing inventory + decreasing demand = more choice for buyers; a more competitive environment for sellers.
Californians optimistic about economy – from the Press-Enterprise
June 29th, 2010 by Katy Dinner
From the Press-Enterprise
by Tiffany Ray
CALIFORNIA: Consumer confidence index shows a slight increase, according to a quarterly survey.
Californians are feeling better about the economy than they were a few months ago, but they continue to hold back on big-ticket spending, according to a recent survey by Chapman University.
Increasing optimism here comes despite stagnating consumer sentiments nationally, a similar report showed.
Chapman’s quarterly survey of consumer confidence registered a California consumer confidence index at 82.7 for May, up from 81.1 in February. It’s the third consecutive increase since August 2009, when the consumer confidence level was 69.2.
Still, an index score of 100 means there is an equal percentage of consumers who are optimistic about the economy to consumers who are pessimistic about it, so a score below 100 indicates that most consumers are still skittish about the economy.
Nationally, consumer confidence was stagnant between February and May, according studies by the University of Michigan. Nationally, consumer sentiments were improved in May over last summer, but the Chapman survey indicates improvement has been more dramatic in California.
Chapman economist Esmael Adibi said recent data suggest…for more of this article, click here
Market Charts: Sold Listings vs Expired/Withdrawn Listings
June 28th, 2010 by Katy Dinner
Sold Listings vs. Expired/Withdrawn Listings: over the past 4 weeks, for every 3 solds, there have been 2 listings expired or withdrawn. So, plenty of listings are still not selling, typically due to being perceived as not a good enough deal by buyers. Buyers are cherry-picking the better deals and leaving the rest.
Road to recovery: Local housing market showing signs of strength
June 28th, 2010 by Katy Dinner
From the California Association of Realtors
Both the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the NATIONAL ASSOCIATION OF REALTORS® (NAR) released monthly housing reports this week. However, each report told a different story about the housing market. Nationally, home sales declined but in California home sales rose 14.1 percent in May compared with April and 1.2 percent compared with April 2009.
- The median price of existing single-family homes in California in May was $324,430, a 23.2 percent increase compared with a median price of $263,440 in May 2009, C.A.R. reported. The May 2010 median price increased 5.9 percent compared with April’s $306,230 median price.
- While home prices are rising month-over-month and year-over-year, affordability continues to remain at near-record highs. In the first quarter of 2010, 66 percent of first-time home buyers in California could afford to purchase an entry-level home in the state, according to C.A.R.’s First-time Buyer Housing Affordability Index.
- Many first-time home buyers in California timed the opening and closing of escrow to capitalize on both the federal and state tax credits, helping propel home sales in May. Although sales rose in May, the number of home buyers signing sales contracts declined nearly 17 percent compared with April, which C.A.R. Chief Economist Leslie Appleton-Young attributed to the ending of the federal tax credit. “Although there may be a lessening of demand compared with the first half of this year, the number of escrows opened on a year-to-date basis is about the same as last year, and sales for all of 2010 will be on a par or slightly below last year,” said Appleton-Young.
- Despite the number of foreclosures listed for sale, the inventory of homes for sale still is below the long-run average of 7-months, according to C.A.R. In May, C.A.R.’s Unsold Inventory Index for existing, single-family detached homes was 4.6 months, unchanged from the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
