SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, FEBRUARY 14, 2018
WEEKLY SALES MAP
See what sold during the week using this interactive map. It will show you where the home was located, the listing price, the sold price and how many days it was on the market.
« Click here to see this week's map
Single Family Homes - 12 Sold
• Median Sale Price: $1,375,000
• 9 Sold OVER Asking Price
• 2 Sold UNDER Asking Price
• 1 Sold AT Asking Price
• There are currently 243 Single Family Homes on the market
Condos/Lofts/TICs - 30 Sold
• Median Sale Price: $1,350,000
• 16 Sold OVER Asking Price
• 10 Sold UNDER Asking Price
• 4 Sold AT Asking Price
• There are currently 527 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: SF Is Once Again the Nation's Hottest Real Estate Market
In January, according to a realtor.com report, San Francisco took back the crown from San Jose, becoming once again the hottest real estate market in the country. San Jose came in second, followed by Vallejo. As usual, California dominated the survey, claiming 13 out of the top 20 spots.
In this study, the San Francisco market includes Oakland and Hayward. Rankings are based on the number of realtor.com listing views in each major metropolitan market (including satellite cities), plus the number of days homes spend on the market before being snapped up by buyers.
The other California cities ranking among the hottest markets in the nation are San Diego (No. 6), Santa Rosa (No. 7), Sacramento (No. 8), Stockton (No. 10), Modesto (No. 11), Fresno (No. 13), Los Angeles (No. 14), Chico (No. 16), Oxnard (No. 17), and Santa Cruz (No. 18).
Mortgage Update: Strong Wage Growth, Strong Possibility of a Rate Hike
The labor market is near full employment, with the jobless rate at a 17-year low of 4.1 percent. Strong wage growth supports expectations the Federal Reserve will raise interest rates in March.
This information is provided by Tim Wood at Terra Mortgage Banking/Opes Advisors, a mortgage bank. Tim can be reached at 415.464.1374, by email TWood@TerraMB.com or through his website http://www.tinyurl.com/Tim-Wood-Loans.
INTEREST RATES THIS WEEK
Rates change daily and vary by product. They are provided here to give you a general sense of current average California rates. Your rate will vary and depends on credit and other factors. Rates are not published on weekends. Source: This information is provided by Tim Wood (NMLS #319539) at Terra Mortgage Banking/Opes Advisors, a mortgage bank. Tim can be reached at 415.464.1374, by email TWood@TerraMB.com or through his website http://www.tinyurl.com/Tim-Wood-Loans.
CHARTS AND TRENDS
Median Sales Price - By Property Type
The San Francisco Association of Realtors released figures for January earlier this month, and so today we're comparing January's activity against other months, and against January in previous years.
The red vertical lines in these four charts indicate where January falls each year. In these charts, each data point represents one month of activity. This will enable us to better compare one month against another, though the trend lines will climb and fall more sharply than we would see when using the rolling three-month data points that we tend to use more often.
The median sales price for single family homes in January was $1,330,000, up 6.4 percent over January 2017. The median sales price for condos and lofts was $1,050,000, up 1.9 percent over January of last year.
New Listings - By Property Type
New listings tend to surge in January after the holiday lull. What happened this January is consistent with what has happened in previous years. We would expect even more new listings to come on the market in February, and so far, that's exactly what we are seeing.
There were 145 new listings in January for single family homes, and 236 new listings for condos and lofts. In comparison to January 2017, that's down 18.1 percent for single family homes, and down 17.8 percent for condos and lofts. While we certainly saw a nice bounce in the number of new listings in January, the low inventory of homes for sale continues to be a challenge.
Median Days on Market - By Property Type
Data points for median days on market — the number of days a home is on the market before it sells, with half above this data point and half below it — are still incredibly low for San Francisco. That's partly why in January the City was ranked the hottest real estate market in the nation by realtor.com.
The median days on market number for single family homes in January was 19, down 17.4 percent from last year during the same month. The median days on market number for condos and lofts in January was 30, down 38.8 percent from January 2017.
Percent of Properties Sold Over List Price - By Property Type
In recent years, homes more often than not have sold over the list price in San Francisco. In January, 71.0 percent of single family homes, and 37.0 percent of condos and lofts sold over the list price. That's 14 percent better than last January's figure for single family homes, but down 0.8 percent for condos and lofts in comparison to last year.
For condos and lofts, January always seems to post the lowest percent over list price for the year. We would expect that figure to pop back up in February as it has in previous years.
Neighborhood Spotlight: Russian Hill
This week we look at Russian Hill, through the eyes of one of its most famous residents. With a nod to the Winter Olympics, the other day sf.curbed.com posted its 2016 interview with Olympic figure skating gold medalist, and Russian Hill resident, Brian Boitano.
How long have you lived in your neighborhood?
Over 21 years at my home in Russian Hill. Before that, I lived nearby in the Marina. Overall, I’ve been in San Francisco for 31 years.
Do you need a car to get around?
No, not in this part of San Francisco. But I am pretty old-school in that I like having a car. Even in this day of Uber and Lyft, I prefer to drive where I can, but you don’t need a car to get around Russian Hill. It’s fantastic that you can walk anywhere. It’s one of the main reasons why I like living here.
What do people not know about your neighborhood?
Some people might not know that you can walk almost anywhere from here. There are also flat parts, like the stretch of Polk Street, which make it great for pedestrians.
Describe your neighborhood in one sentence:
Beautiful weather and a lot of wonderful amenities.
I really like taking Hunter down to Moscone Park at the corner of Laguna and Chestnut. There is also a great park near the Alice Marble Tennis Courts. Great views, very peaceful.
Your favorite neighborhood joint?
Almost too many to name, but I like Loving Cup, the frozen yogurt place. They even have a “Brian Boitano” on the menu — vanilla yogurt, toasted coconut, and blueberry.
Best-kept secret in your hood?
The Candy Store at Vallejo and Polk, next to a cobbler and antique store. They have all of this amazing old-school candy. The owner travels the world looking for cool candies, gummies, chocolates, and more. Just tons of jars everywhere. It’s wonderful.
Another good secret spot: You know the famous chase scene in Bullitt with Steve McQueen? That part of the chase when they get to Russian Hill where they go up Chestnut and pass Leavenworth? That spot is the best spot for catching the Blue Angels when they come to town.
It’s pretty diverse, more than you would think.
Who wouldn’t be happy here?
No one. If you’re unhappy here, you are unhappy everywhere. I can’t imagine someone being unhappy in Russian Hill.
To see the entire interview, please click on, or copy and paste, the link that follows: http://bit.ly/2BYNZq9
In January the median sales price for single family homes in Russian Hill was $3,300,000, down 52.9 percent over the previous year. That month, only three single family homes were sold in Russian Hill, and as we've said so often, when the sample size is small like this, you are going to see wild gyrations up and down on the trend line. It just means that one or two perhaps larger homes sold for considerably more one year in comparison to the next. There were eight condo sales in Russian Hill in January, with a median sales price of $1,452,000 — up 13.1 percent over the previous year.
In a typical month in this neighborhood, you'll see one to three single family home sales, and double digit condo and loft sales.