Three charts showing the massive year over year change in the San Francisco 2 BR Condo market. This is Terradatum data using SFAR MLS info.
Shocking truth #1
The number of listed Condos is down 18% year over year while sales are up 74%
Shocking truth #2
San Francisco 2BR Condo supply went from 9 months to 4 months year over year.
Shocking truth #3
The number of 2 Bedroom Condos that Expired dropped in half year over year
And now for the caveats:
Of course the numbers are better. It could only get better from last year's armageddon. December Sales represent October and November contracts - the words "bailout" and "financial crisis" became the watch words of the day starting in late September 2008. Real Estate practically came to a standstill in San Francisco at that time.
With so few buying, demand built up. Buying only started slowly again with an uptick from March thru June and took off from August through December with November the peak for 2009 2 Bedroom Condos.
Now what? 2010 will no doubt be an interesting year. Right now demand feels strong, interest rates are still at record lows, and inventory still feels in short supply. In other words, expect similar charts for the next 3 to 6 months.
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