San Francisco, California (PRWEB) April 30, 2014
Last year in April San Francisco led the S&P/Case-Shiller Home Price Index nationwide for the highest annual residential real estate price increases. Since then the red-hot San Francisco market has continued its ascent and there is no apparent end in sight.
Kirk Economos, real estate agent with Pacific Union International in San Francisco reported on HomesSF.com, the website he operates with his wife and partner, Peggy Economos, that the San Francisco residential market has been steam-rolling forward now for more than 24 months.
Last year, S&P/Case-Shiller in their April Home Price Index data reported that San Francisco led the nation in the highest annual home price increase of 23.9%. The S&P/Case-Shiller 20-City Composite Home Price Index in that same period was 12.1%.
The annual San Francisco S&P/Case Shiller Home Price Index increase shown in February 2014 data reports an increase of 22.7%. That figure nearly matches last year’s record increase.
Kirk Economos of HomesSF.com reported findings from data obtained from the multiple listing service of the San Francisco Association of Realtors. During the period from March of 2013 through April 15, 2014 the sale prices of all residential properties sold exceeded their listing prices by an average of 11%.
In none of the 13 months was average percent over asking less than 7% and in the first half of April 2014 the average percent over asking was 21%.
Peggy Economos, partner in team HomesSF.com and an agent at Pacific Union International said: “This market certainly has heads spinning. A buyer can make an offer 10% over the asking price and be out-bid by 30%.”
Just how high do prices get bid up in the San Francisco market? In each of the last 13 months the highest percent over asking price has ranged from a low of 37% to high of 69%, with the 13-month average highest percent over at around 48%.
Peggy Economos and Kirk Economos are luxury residential property specialists with Pacific Union International, Christies International Residential Real Estate at their Presidio Offices in San Francisco. They are a wife and husband team that brings together complementary skill sets and decades of experience.
Their website HomesSF.com offers a wider perspective than just the local San Francisco luxury market. It offers information on the San Francisco market as well as news, insight and information on national and global high-end properties and markets.
For buyer and seller representation or real estate information in San Francisco or for a qualified luxury property agent referral in your specific area contact: Peggy and Kirk Economos, http://HomeSF.com , (415) 271-6390.