Home Sales/Prices Decline

June 18, 2008

I was reading the Chronicle today and there is an article that says home sales are down this May over 23% and prices are down 21% from May 2007. Even knowing what I know about the San Francicso market, I was alarmed! I read further and found that Marin (which is a more similar market to the northern 1/2 of San Francisco) actually increased in median sale price 5.8%. San Francisco as a whole is reported to be down about 3.7% in volume and 5.4% in price.

Those of you who are currently searching for a home may say, “Hey, it sure seems like I’m getting less and less for my money as the months go by. How can these statistics be right?” The answer is that these statistics are too broad to tell the real story. San Francisco is a very large, desnse market with disparate home types. Unlike most of the Bay Area, we have lots and lots of condos in addition to TICs. We also have neighborhoods that are really really wealthy as well as some that are more moderate. Compared with Marin, which is full of middle to upper middle single family homes, we really run the gamut. Chances are that if you live North of the 280 and don’t own a loft in SoMa, your home’s value has even gone up in the last 12 months. If you are concerned or just interested in checking in on your home’s value, please send me an email or give me a call and I will do a quick market analysis for you.