Market Update

by Alexander Clark via sfnewsletter

charts, data, and trends

The negative reports about our market continue to bombard us and are definitely taking their toll on many people and transactions. However, like always, it’s not as bad as it is made out to be. Here is a list of all the properties that went into contract in the last seven days for you to ponder. Whether they close escrow is yet to be determined, but the point is to illustrate the activity is still very much there.

Here are some averages pulled from the list:

Single Family: Total units: 29; DOM: 35; Median: $999,000

Condo: Total units: 42; DOM: 51; Median: $783,000

2-4 Unit: Total units: 6; DOM: 58; Median: $1,540,000

Compared to the exact same week in 2006 of properties SOLD, we see this:

Single Family: Total units: 32; DOM: 38; Median: $845,000

Condo: Total units: 55; DOM: 48; Median: $749,000

2-4 Unit: Total units: 8; DOM: 127; Median: $1,292,500

These numbers are from MLS, but if that isn’t an apples to apples comparison of one week today versus the same week last year, we don’t know what is.

We will digress…the market has been blasted, but it is still not out. Listings are picking up, and phones and emails are still blowing up with buyer requests for properties, and sellers wondering what the best price for their home would be. Time will tell how it plays out. Good thing we come at you every week to set your mind at ease. Somebody has to. And if we get one more email claiming we’re “cheerleading”, we’ll come find you and break your knees (a joke…of course). It’s not cheerleading. It’s telling it how it is. It’s not that bad…presently. Who knows what will happen in the future.

There you go.

One thought on “Market Update

  1. It’s pretty darn unfair to accuse anyone of cheerleading for simply presenting facts. Usually that means they don’t like your facts. How boring would it be if everyone were afraid to present facts for fear of being shouted down?

    [Editor’s note: Exactly! But when it is our tiny voice stating the opposite of the NYTimes, WSJ, Chronicle, LATimes, NYSun, CNNMoney, Forbes, thank God not yet the Enquirer, you can see why people think we’re cheerleading. Add to that the fact that we’re a lot of Realtors, and you see the finger pointing possibilities. Thanks for commenting, and thanks for reading. We’re not afraid.]

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