It seems the question on everyone’s mind is how the stock market crash of October 2008 has affected activity in the local real estate market, ie: numbers of home sales. We set out to find the answer, and here’s how we did it.
Are buyers and sellers in a stalemate?
First, we limited our search from November 1 through December 16. The reason we chose November 1st is because there is a lag of activity in the market. Many people were in escrow during the crash of early October and ended up closing in late October despite conditions. What we wanted to find out is how many people were willing to move forward with a purchase after the crash rocked everyone’s boat, hence the November 1 start date. The reason we capped the search at December 16 is because today is the 17th and the 16th was our last full business day.
Next, we constrained our numbers to the City of San Francisco only. No outlying areas are included. Property types in these numbers include single family homes, condominiums, tics, lofts, and stock cooperatives.
Lastly, to get a point of comparison, we ran this query for each year during the exact same time-frame, going all the way back to 1995. How did it stack up?
Sales Activity is at a LOW (click to enlarge)
What does this data tell us? Read the rest of this entry ?
