San Francisco Real Estate Summer Doldrums Ending, Lake Merced Homes More Popular, Surfing Ocean Beach Still Off Limits To Most
Below is an excerpt from the San Francisco Market Focus Report published by the San Francisco Association of Realtors.
Despite Seasonal Summer Slowdown, SF Housing Market Continues to Show Strength as Pending Sales Rise
With many buyers, sellers, and agents away on vacation at this time of the year, the San Francisco housing market is experiencing normal patterns of slowing down, resulting in lower inventory and less activity throughout the city.
Regardless, there have been pockets of movement and market conditions are expected to pick up in late August and throughout September as many people return from their holiday. In addition, it is likely that more distressed properties will come onto the market as banks sort out and finalize their paperwork.
Year-over-year, the number of single-family home sales under contract in July rose by 29.6 percent citywide. Since the start of 2011, it has soared by 73 percent throughout the city. For properties priced below $700,000, the months of supply inventory dropped by 54.6 percent to a reading of 1.8 months. For properties priced between $700,000 and $1.2 million, the months of supply inventory fell by 22.6 percent to 2.5 months.
One area of the city which has seen a spike in home sales activity is the southwest neighborhoods of Lake Merced. Since July 2010, the number of pending sales has increased from 13 to 27 properties and the number of completed transactions has jumped by 28.6 percent to a total of 18 units sold. The landscape of Lake Merced offers an abundance of recreational activities for outdoors enthusiasts, from hiking, jogging, and biking to fishing and golfing. [Surfing is not recommended.] Real estate here ranges from upscale properties in the Pine Lake Park neighborhood to more mid-priced homes in Merced Heights…Read More.
Market Focus Report August 2011 [San Francisco Association of Realtors]