Looking ahead, expect home sales and median prices to seesaw as market conditions and buyer perceptions change in the months ahead
San Francisco, CA (PRWEB) December 02, 2011
San Francisco home sales and prices softened slightly in the third quarter of 2011 compared with the previous quarter and same period one year ago as potential entry-level and mid-level homebuyers awaited better economic news and everyone adjusted to the notion that a “flat” real estate market characterized by modest ups and downs may be “the new normal,” says San Francisco real estate company Better Homes and Gardens Mason-McDuffie Real Estate
Across the City of San Francisco, 593 existing, single-family detached homes changed hands during the third quarter of 2011, down from 665 homes sold in the second quarter and up slightly from 577 homes sold a year ago according to an analysis of MLS data by the research division of Better Homes and Gardens Mason-McDuffie Real Estate. San Francisco’s real estate median sales price, meanwhile, declined to $833,372, down 5 percent from the second quarter and 8 percent lower than one year ago. Short sale and REO transactions accounted for as many as one-third of existing home sales for the quarter.
According to Mark Kelaidis, Regional Manager of Better Homes and Gardens Mason-McDuffie Real Estate, “Looking ahead, expect home sales and median prices to seesaw as market conditions and buyer perceptions change in the months ahead.” Yet to be determined is the impact of the recent reduction in Fannie Mae, Freddie Mac and FHA loan limits from a maximum of $729,750 to $625,500. Beginning October 1, loans that fall above this lower “conforming” amount will require the buyer to obtain a jumbo loan, which may be subject to a slightly higher interest rate and pricing.
For more information about San Francisco, Berkeley, or Sonoma Valley real estate, call Better Homes and Gardens Mason-McDuffie Real Estate at (925) 924-4617 or visit them online at http://www.bhghome.com. Better Homes and Gardens Mason-McDuffie is located at 2200 Union St. San Francisco, CA 94123.
About Better Homes and Gardens Mason-McDuffie Real Estate
Their heritage began with the founding of Mason-McDuffie Real Estate in 1887. In 2009, the company was named the 19th largest real estate services firm in the nation and number one San Francisco's East Bay. The company provides comprehensive solutions to home buyers and sellers and handled more than 7,300 transactions in 2010, generating $2.9 billion in sales. Better Homes and Gardens Mason-McDuffie Real Estate is independently owned and operated and includes joint ventures with partners JF Finnegan Realtors, Highland Partners in Piedmont and Montclair, Wine Country Group in the North Bay, and Tri-Valley Realty in Pleasanton-Hopyard and Ruby Hill. The organization is comprised of more than 1,800 real estate agents in 37 offices.