San Francisco Condo Prices Slip

San FranciscoSan Francisco condominium prices fell last month and home sales lagged as the frenzied market cooled off. New condo prices fell 3 percent and resales slipped by 2 percent as the number of sales declined by nearly 20 percent between August and September, according to the Mark Co., a condo marketing firm. Paragon Real Estate Group also tracked a slight decline in median condo and home prices due to seasonal changes, dropping 4.5 percent to $1.155 million.

Glenn Kelman, CEO of online real estate brokerage Redfin, said he was already seeing homes get fewer offers because many Bay Area residents “pay for houses with stock, so that willingness to bid $300,000 over asking is being limited by the stock market.”

Redfin tracked flat home prices last month, with prices tipping just past $1 million. Condo prices slipped by 10 percent last month, according to Redfin.

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Authored By Cory Weinberg – See the Full Story at BizJournals.com

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