Sometimes we beat our heads against the wall to come up with a way, in a paragraph or less, to describe what is going on in this market. We show the highs, and we show the lows. Today, we pull from our previous post about the 41% dip in volume at the $500-700,000 price range, and quote “Gaz” who hit the nail on the head.
As homeowners, volume of houses sold is not very relevant. What matters more are three metrics:
For a determined period of time:
– How many properties where listed within a certain price range ?
– How many properties where sold within that price range ?
– What was the price difference (bid vs. ask) at sale ?
These metrics help assess if inventory is building up and what effect is it having on prices.
From my own research (I’m looking to upgrade homes) into the $800K – $1.2M properties (condos/single family in west and north neighborhoods of SF) from the Sep. 1 period to the Nov. 21 period:
* ~70%+ percent of properties listed have moved into escrow
* There has been downward pressure (-5% to -7%) on asking prices for ~10% of properties in that range/timeframe
* A few properties have sold above asking
* ~10% of properties have been on the market longer than 80 days
Interestingly, we’ve looked at 30+ properties in that category, and we found a grand total of … one that fit all of our requirements !
Why do we pull comments? It’s simple. Not all the people coming to this site (there are a lot) are commenting. Not even close. And not all are reading the comments, but they should.
Thank you “Gaz” for sharing. We appreciate it. Now go ahead and tell everyone you know that your analysis is world famous…well almost. ;-)
–Big Price, Big Wine Cellar, Big Time Stalefish [theFrontSteps]
–What’s going on: $500,000-$700,000 [theFrontSteps]