For you to realize your desire to downsize two things can happen now. One, a buyer can be found that your house is right for and a deal struck or you need to wait for more buyers to enter the market then expose the property to it's best advantage and see what happens.
If you want to explore the first option I'd be happy to meet with you.
The stats I quoted you are only for the city of San Francisco, Districts 1 - 10. If you do the math you'll see hte numbers are the same on the sold properties. However, for purposes of this discussion I did not include expired and withdrawn listings in my numbers. Whenever we put an offer in for someone we take into account all statuses in formulating offer strategy.
The bottom line is that most of these properties are not selling. If you are interested in looking at something in this range, take your time as there is a lot out there and most of these are going to sell for less than ask. You should also take into account how mnay years you plan to be there and have a good exit strategy if is not a long time.
My count shows 14 single family homes above $2 million have sold in the City of San Francisco thus far in 2009. That's 14 out of 290 total, or 4.8% of all total single family home activity. Interestingly, the same timeframe in 2008 registered 51 sales above $2 million out of 396 total sales (or 12.87%). It looks like activity in the $2 million+ range is definitely down in 2009.
If you happen to own a condo, tic, loft, or stock cooperative, the stats are a little different. So far only 9 sales of these property types have taken place in 2009 above the $2 million mark. That's 9 of 244 total condo/tic/loft/co-op sales, or 3.7% of the total. The same timeframe last year registered 18 sales out of 459 total, or 3.92%.
In either scenario, volume is down. The difference in my stats and Lance's is that I constrained my results to the City of San Francisco only. Lance's incorporates more areas. Both are telling of what is going on out there right now with regard to the $2M+ market.
If I can provide any further stats, analysis, or regular updates, feel free to contact me anytime. I also have a section on my blog purely dedicated to market stats for SF. You can check it out here if you wish:
I also know of at least one private sale that was not put on the MLS.
TRI Coldwell Banker, SF's #1 Office
Since Realtors created multiple listing services we have tracked sales and have years of data at our fingertips. It is an essential tool for us and a service that any of us would be willing to provide in the hope that you chose us to represent you in the sale of the empty nest and the purchase of your new downsized digs.
Since you didn't specify, there are 16 single family homes, 8 condos, and 1 loft that have sold since January 1, 2009.
There are currently 129 Active listings for single family homes, and 45 in a combination of condos, lofts, TICs, and stock cooperatives. If you would like details we're happy to send them along if you send us an email address. I don't know of any place you can get these on your own but we can also send these to you on an ongoing basis.
Lance King/Managing Broker