Good news in San Francisco's real estate market

January 19, 12:42 PMHousing ExaminerDena Kouremetis

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In his weekly Goldman Report, Pacific Union/GMAC's CEO Avram Goldman sent some good news to his San Francisco Bay Area agent community, where home price medians are among the highest in the nation.

The MSI (months supply of inventory) is down significantly in four counties and up in only two compared to December of 2007.  There is no county that is higher than 7.2 months.  An average market is considered 6 months MSI. 

Goldman cites pending sales nearly identical to last year, a sign that a the lack of decline is a good sign. Average sales prices of open escrows increased substantially over December’s average in the firsst two weeks of January, going from $745K to $989K indicating  more upper end sales -- a positive trend as well.

Open houses are seeing increased activity, according to Goldman. One $1.495 milion home in S.F. East Bay had 100 groups taking a look,  another $4.725 listing in S.F.  famoous Seacliff neighborhood entertained 45 groups through its doors and out in the foggy row-housed "Avenues", a listing at $610K entertained 82 groups of potential buyers and lookers.

Goldman reports that comments from the open houses reflect buyers in the mood to buy, but he caveats that they are still cautious and looking for value.