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Fidelity National Financial, Inc. Message Board

  • 63bluxome@sbcglobal.net 63bluxome Mar 16, 2010 3:18 PM Flag

    something to ponder

    A jump in residential real property sales in San Francisco in February
    2010 has led to a significant decline in for-sale inventory levels and
    a
    tight real estate market in the city, according to the latest Market
    Focus report, issued jointly by the Rosen Consulting Group of Berkeley
    and the San Francisco Association of REALTORS??. For the month of
    February, the months of supply inventory now stands at the lowest
    level
    in more than a year.


    The median home sale price for the month, however, declined 2.5
    percent
    to $695,000 for both single-family homes and condominiums after
    increasing 18.4 percent in January. During the month, 113 sales were
    closed, nearly matching sale activity in the same month the previous
    year. But 217 units went into contract, a 65 percent increase over
    last
    year. With only 571 single-family homes on the market at the end of
    February, the jump in pending sale activity reduced the months of
    supply
    inventory to 2.6 in February, compared to 5.3 months of supply for the
    same month last year.


    With longer lag times between contract signing and closing in the
    current environment, the median sales price figure is more likely to
    reflect contracts signed in late 2009.


    Condominium sales continue at a rapid pace, though much of the sale
    activity has come at the cost of reductions in asking price and
    increasingly attractive concessions. Completed sales totaled 137 units
    in February 2010 up from 90 units in February 2009, while pending
    sales
    reached 228 units from 116 units during the same time period last year.


    The jump in sales activity for condominiums brought down the for-sale
    condominium inventory to 848 units from more than 1,000 the same month
    last year. The condominium median sales price was $650,000, an
    increase
    from recent months, but 8.9 percent less than the median sale price in
    February 2009.


    ???The problem for buyers right now is that there is an absence of
    choice
    in the marketplace. It???s a shame because the months of March, April
    and
    May are traditionally strong months for real estate sales. If a
    greater
    variety of properties were available, the likelihood is that they
    would
    find buyers in less time than any other part of the year,??? says John
    Lee, president of the San Francisco of REALTORS??.


    Going forward, the Rosen Consulting Group believes that, despite
    anticipated bumps in the road, the San Francisco housing market has
    turned a corner and should continue to improve through 2010. The
    reasons
    it cites for its positive outlook are rising household net worth,
    improving???though limited???job prospects, and a potential extension
    of
    some government-facilitated home-buying programs.


    ???As companies begin rehiring after severely cutting payrolls through
    2009," the group says, ???the net increase in jobs across the
    metropolitan
    area in 2010, and more so into 2011, should accelerate the housing
    market???s recovery. While the market will surely face hurdles in the
    form
    of continued job cuts, higher mortgage rates, and distressed property
    sales during its path to recovery, 2010 is still expected to be a
    positive year for the San Francisco housing market.???

 
FNF
28.27+0.04(+0.14%)Aug 28 4:00 PMEDT

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