Trend Report - the more expensive, the slower.

$10 million and up price range
If you're in this price range you are in control. 11 homes are on the market (see previous post) while only 2 have sold in the past 6 months, or one every 3 months. Since 2 are in contract right now, the trend has been met, and the 11 listings may take well over a year to deplete - an informed Buyer can take advantage of the "DOM" (days on market) and slow pace of the highest end of the luxury market. Many of the For-Sale listings are just above $10 million too, so they may be had for under $10 million.

This "CMA" style report lists each of the Active, In-Contract, and Sold homes priced above $10 million. Notice too that 9 of the 11 for-sale homes have been on the market 6 months or more. So get your negotiation shoes on - I've got mine ready to go!

$2.4 to $3 million
Looking much lower, but not going too low because below this range is a much larger market, we see a much faster market. In the prior 6 months 29 sold (5 per month), but 14 are currently under contract. This reflects a very active September and October, which is often one of the hottest times in the San Francisco market. Despite 2 to 3 times more sales than the prior 6 months, there are still 12 active for-sale listings in this range, but even at 5 per month this is less than 3 months supply (less than 6 months is consider a Seller's market). Here is the CMA style report in this price range (scroll down to pg 2 of the report to see Condos/Coops listed separately). Interestingly, very few of the Active or in-contract homes were priced-reduced, and the Sold properties went for 1.8% OVER the asking prices on average. 15 of the 29 sold listing went over the asking price with this one selling for 45% or $850,000 OVER the asking price, and this one went for 20% over or nearly $500,000 over the List price. 9 did sell for less than the asking price, so it is a mixed market, with some obviously highly motivated buyers going after the cream of the crop. Notice the Condos on page 2 - more price reductions, but still a relatively active market.

$3 to $5 million
25 sold in the last 6 months, 5 are in contract, and 14 are for-sale now. Days on Market (DOM on this report) were quite fast for the Sold's and in-contract, but the activity on the for-sale listings is nearly twice as slow. There should be some buying opportunities here now that we're approaching the late Fall which is when the overall market starts to slow.

$5 million to $10 million
As you can see, the more expensive homes are in slower markets, and this report puts an exclamation point to the trend. Only 8 have sold in the last 6 months, with half going for well below the original asking prices. None are currently under contract, and 10 are for-sale right now. So with less than 1.5 selling per month, 10 puts it into the over-6 month Buyer's market realm.