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Sales spike since March 1st

by sfishome on March 12, 2009

I was about to write a post this morning pointing out a spike in sales, particularly in Noe Valley where virtually nothing was selling for over $1 million, but in the past 10 days 3 homes priced at $1.799 million or above just went into contract.

And for all disrespect I give general media, not only was I beaten to the punch on a similar story line by CBS TV news, their story is full of facts and data. Check out the video here:
http://cbs5.com/video/?id=47401@kpix.dayport.com

On the other hand, something doesn’t add up in the report. It cites TerraDatum as showing “more homes sales in San Francisco than in the previous 6 months”. But they must be referring to any other 2 week period. But even then, per the MLS it appears we’re about average. Hmmm… it’s too late tonight to get to the bottom of this, but let me tell you, I am incredibly busy right now.

The one item I’ll share is a report I ran via the San Francisco MLS, which doesn’t include many of the new-construction sales like those at the Infinity, and found 82 residential properties (homes & condos) that have gone into contract since March 1st.

You’ll see “D/S” which stands for “District/Subdistrict” and then note that “5C” stands for Noe Valley

4338 Cesar Chavez asking $1,799,000, 1470 Noe St asking $1,850,000 and 731 Douglass St asking $2,150,000 all went into contract in the past 10 days. In the prior 6 months only 6 properties priced above $1.7 million Sold, or 1 per month vs. the 3 in only 10 days.

Has the bottom come and gone? I’m not so sure just yet, but it speaks volumes about how many well off buyers there are in San Francisco competing for the very limited Supply no matter how tight the credit markets.

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