This month's MARKET TRENDS takes a look at the Condo market: April has come to a close and by all accounts the market continued to be a hot "Seller's" market. Low inventory combined with high buyer demand resulted in continued appreciation throughout San Francisco. Comparing April 2004 to April 2005, 1 to 3 bedroom Condos in District's 1 thru 9 (90% of the city) the market saw the following: Clearly the above indicates an even hotter 2005 April vs. what was an extremely hot April 2004. What's the cause? Low interest rates continue to fuel buyer demand, but they had fewer condos to choose from, so the laws of supply and demand won the day again, and favored those Seller's that did put their homes on the market.
> 16.4% fewer Sold condos (less inventory)
> Average "asking" price rose 6.7% to $791,082
> "Selling" price rose even higher at 11.1% over 2004 to $866,560
> In April 2004 buyers over bid properties by 4.4%. In 2005 even lower inventory caused a 9.5% average sales prices vs. asking.
> The average condo SqFt size dropped a bit, and this meant an 18.6% increase in per SqFt selling prices.
> Average days these condos were on market dropped from 29 to 27 days.
April Condo stats
C.A.R. & N.A.R report
The lastest Market updates from Local & National sources: National Association of Realtors reports on Pending Home sales California Association of Realtors reports on March Housing Starts Federal Funds rate raised again N.A.R. predicts slower 2005 compared to 2004
