Market Update/Upcoming Listings

June 6, 2008

My experience this week was that the market was pretty hot.  My listing at 2178 15th Street went into contract; a 4 unit property my clients offered on went for 200k over ask with six offers; and another buyer narrowly missed a condo that had been on the market forever – after an agressive price reduction it sold with 3 offers on the table! My analysis is that the market is moving along and existing inventory has been getting snapped up this week, but I think the fact that there are only 2 this week is indicative that summer is about to arrive!  Oh the fog 🙂   

The last two weeks: Single Family sales remain very strong with more than 50% selling over asking price, but there seems to be an increasing amount of negotiation in the condo/TIC market. This is normal for the end of a selling season, because things that have been on the market a while tend to sell for softer prices. See below.

Single Family Homes: 45 closed over asking, 34 closed under asking and 10 closed at asking price.
Condos/TICs: 29 closed over asking, 52 closed under asking and 30 closed at asking price.
2-4 Unit Buildings: 6 closed over asking, 9 closed under asking and 5 closed at asking price.
Upcoming Listings:

$1,349,000 /Marina /BR/BA: 2/2 PKG: 2-car Brief Description: Fabulous full-floor condo in a 2-unit building in a prime Marina location. Beautifully remodeled kitchen and bathrooms. LR w/ wood-burning fireplace, formal dining room, great floor plan for entertaining. Over 1500SF per the condo map. First open Sunday June 15.Pocket Listing:

$1,795,000 / Inner Richmond / Brief Description: 4-unit Edwardian/no parking. Top unit will be vacant as of July 1. Good tenants (m/m) @ market rents. 2X BR/BA: 2/1 Studio: 1/1 legal rear cottage/
 

 

 

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