Latest Condo Report of San Francisco Chronicle

The news stories published in San Francisco Chronicle under the Real Estate feature are very useful for viewers, to update their information of what is happening in the 9-County SF Bay Area. In this context, their latest Condo Report analyses the facts and figures of residential property sector – particularly condominiums. Here are some of the points under discussion in that analysis:

It is reported that San Francisco has been enjoying a healthy market as far as condominiums are concerned during the past few years. The median prices of condos went up to $800,000 earlier. Consequent to the housing bubble in the whole country including San Francisco, inevitably there was slump in condo sales, with the result the median price of condos were down below $700,000. The inventory of unsold condos was huge and it took nearly 50 to 70 days at times to sell them off.

The report points out that during the first 3 months of this year, condo sales have picked up, thereby giving an indication to market analysts to see it as a sign of market recovery. The report quotes The Frontsteps real estate blog, wherein the SF Association of Realtors report was re-published and an excerpt quoted as:

“In a welcomed development…..The condominium market also gained ground during March with the median sales price rising to $670,000, a 4.9 percent increase from the March 2009. Stimulated by the availability of FHA financing, tax credits, and attractive pricing/concessions in comparison to recent periods, completed condominium sales reached 206 units in March, a 76 percent increase from the previous year.”

The Condo Report criticizes that people “look at information interpreted by a Realtor Association with some skepticism” but says the data alone are easy enough to confirm. It refers to the Mark Company’s real estate report pertaining to quarter-1 of 2010 which shows –

"A total of 183 new construction condominiums closed in San Francisco during the first quarter, an 11% increase compared to one year ago. This leaves 800 new construction condos on the market, a 43% decrease from last year. The average price per square foot was $793, compared to $680 one year ago."

After a thorough analysis, the Condo Report concludes with a positive note that "sellers have become more realistic in their price expectations."

Posted by Amitesh Kumar on Jul 12 2010. Filed under Economy, Housing. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry