Local home sales down 65%

Twin Victorians at 2016 and 2018 Buchanan.

The number of sales in March 2009 increased slightly, from nine to 10 properties. However, we are still well below the number of sales recorded during the same time last year, when 31 properties closed. This is more than a 65 percent decrease in volume.

The change can largely be attributed to buyers’ fears about the state of the economy. With so much uncertainty, there is little sense of urgency in the market and buyers are not coming forward with offers unless the properties are well priced and very much in line with what they are looking for. Housing supply continues to run well ahead of last year, with 172 current listings in the neighborhood, compared to 115 at this point last year.

NEW LISTING: An extensively remodeled 3-bedroom Victorian at 2016 Buchanan was just listed at $2.495 million. Along with its sister property at 2018 Buchanan, it was designed by J.I. Devlin, who also designed St. Ignatius Church. It has a three-car garage and is detached on three sides, allowing for a light-filled home.

John Fitzgerald, Pacific Union Real Estate