SF Sales Volumes Dip Dramatically

I know I’m supposed to be all rah-rah when it comes to the San Francisco real estate market, but the sales numbers for the time period of November 1-20th demonstrate the impact the economic downturn has had on our market.

Just in terms of units sold, there were only 76 single-family homes sold vs. 121 in the same time period of 2007. On the condo front, 47 properties changed hands this month, compared to 119 sales in 2007. And TIC sales really dropped, with four TICs selling this month vs. 29 in 2009.

Yes, there are sales pending, and a bunch of properties have gone into escrow this past week. But really, the only buyers out there now are the ones who have been looking and are qualified to buy. I am working with a few such individuals, and am out to get them the best deals possible. It’s nice to be in the driver’s seat with buyers, for the first time in a while.

2 responses to “SF Sales Volumes Dip Dramatically”

  1. 7by7sfrancisco says:

    I am a real estate investor, and a good portion of the funds I was going to use for my next multi-unit building just got wiped out in the stock market. It’s interesting to see that a lot of other people are avoiding buying right now, too. What do you see happening in 2009? Any predictions?

  2. insidesfre says:

    I have a few clients in the same position as you. It is truly a good time to take a break, enjoy the holidays, and then see where we are in January/February. The clients with which I’m working currently have been looking for a couple months, and are preapproved to buy a home. Their income, credit, and down payment situations have not changed, and interest rates are still low. I think we will open 2009 with a sluggish period, but things will pick up in the Spring. Until then, keep yourself financially solvent so you can make your next investment when you’re ready.

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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