SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, JULY 19, 2017
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.
Single Family Homes - 33 Sold
• Median Sale Price: $1,500,000
• 25 Sold OVER Asking Price
• 7 Sold UNDER Asking Price
• 1 Sold AT Asking Price
• There are currently 396 Single Family Homes on the market
Condos/Lofts/TICs - 33 Sold
• Median Sale Price: $1,350,000
• 25 Sold OVER Asking Price
• 6 Sold UNDER Asking Price
• 2 Sold AT Asking Price
• There are currently 654 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: 2nd Quarter SF Real Estate Report Just Released
Hill & Co. just released its 2nd Quarter 2017 San Francisco Real Estate Report. If you haven't already seen it, you might want to take a look.
Stories and features include:
• A Lead Story Reporting that SF Home Values Reach All-Time Highs in Second Quarter
• A Status Update on the Demand for Luxury Real Estate
• An Article on Property Values Vs. Home Values
• A Chart with Second Quarter Home Sales by Neighborhood
• Listings from Around the World
To read the four-page report click on, or copy and paste, the link that follows:
Mortgage Update: Rates May Edge Higher, But Remain Relatively Low
Mortgage rates have edged higher in the past week though they still remain historically attractive. The string of weak economic data continues with the July Empire Manufacturing Index falling from June and substantially below expectations. There are no Bond auctions scheduled for this week and the rest of the week's economic calendar is light. However it is a big week for corporate earnings reports, which could dictate the direction of Stock and Bond prices and mortgage rates.
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: Each Data Point Is One Month of Activity
The first four charts we present today are for the same time period. Each illustrates the rise in the median sales price for San Francisco homes. Yet each looks very different, and presents very different data points. What's going on?
The charts are calculated using different formulas and that's why the numbers are different. In the chart above, each data point represents one month of activity. The figures here are accurate, but the chart's volatile looking lines might confuse rather than inform.
Median Sales Price: Each Data Point Is Three Months of Activity
Trends are easier to see when a rolling figure is used. In the chart above, each data point represents three months worth of activity, rather than a single month. The lines are more rounded, and illustrate trends more readily than lines found in a chart where each data point represents a single month of activity.
The San Francisco Association of Realtors recommends using more time for trend analysis and small sample sizes. The rolling three months of activity is the metric we prefer and typically use when presenting our figures.
It means that median figures for the previous two months have been added to the third month's median figure, and that sum total has been divided by three to establish the data point for the third month.
Median Sales Price: Each Data Point Is Six Months of Activity
In the chart above, each data point represents six months of activity. The lines are smoother still.
When you see a number of reports on any one real estate market from various sources, you might find different figures presented. What we've described here explains just one of the reasons why that might be the case, even when they are looking at the exact same sold properties.
Median Sales Price: Each Data Point Is 12 Months of Activity
This last chart presents data points based on 12 months of activity. Obviously these are much less volatile looking lines because the short bursts of monthly movements have been almost completely eliminated.
Neighborhood Spotlight: Bayview:
This week we spotlight Bayview in our report. Matt Fuller, who is the president of the San Francisco Association of Realtors, recently called the Bayview “the last frontier in San Francisco real estate.” Resident Shamann Walton, the current president of the San Francisco Board of Education, added in the same CBS broadcast report, “It’s definitely hard to overstate the change, especially up and down the 3rd Street corridor.”
Bayview is located in the southeastern corner of San Francisco. Once home to the San Francisco Navy Shipyard, the neighborhood has attracted a good deal of attention recently, with ambitious redevelopment to include residential, commercial, and recreational areas.
Home prices are lower here in comparison to the rest of the City, but as with other once economically depressed neighborhoods, values are climbing.
in June, the median cost per square foot for all property types in San Francisco was $992. In Bayview the median cost per square foot was $608. The high for the neighborhood came one month earlier, when the cost was $624 per square foot. In June, 25 single family homes and six condos were sold. That ratio of homes sold to condos sold seems pretty consistent from one month to the next over the years — though as more condo developments are completed in the neighborhood, that ratio is likely to change.