Sales up 14% in San Francisco.

(Nick Gromicko, CMI) #1

San Francisco Bay Area home sales grew 14.2% from last year in February with the region recording 5,702 sales, up from 4,991 a year ago, DataQuick said. The San Diego-based real estate research firm said sales are up over year-prior levels for the eighth straight month, suggesting a tepid recovery could be under way. Prices in San Francisco hit their peak of $665,000 in June 2007 before plummeting to $290,000 in March 2009 after the nation fell into a prolonged recession. Much like the Southern California market, distressed home sales accounted for half of the Bay Area's resale market in February. Foreclosure sales alone made up 27.4% of all resales in the market, while short sales represented 23.1%. The average monthly mortgage payment in the Bay Area hit $1,225 in February, down from $1,233 in January and $1,440 a year earlier.

(Rick Elliott) #2

Seems California Realtor Associations are looking to regulate home inspections on a more local level. Without clear guide lines from the state, in Marin County it appears realtors are suggesting inspections are not predictable enough and may be thwarting efforts or even derailing sales...? Their attempt at regulation on a local level is of concern to everyone. Some of the issues may be addressed by the NACHI pre-inspection (move in ready) where in the home seller can take controle of the situation and not allow any contingencies related to additional inspections.

Let me know you thoughts as to how else we can address what appears to be a growing movement...