SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, JULY 11, 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.
Single Family Homes - 52 Sold
• Median Sale Price: $1,670,000
• 44 Sold OVER Asking Price
• 5 Sold UNDER Asking Price
• 3 Sold AT Asking Price
• There are currently 355 Single Family Homes on the market
Condos/Lofts/TICs - 64 Sold
• Median Sale Price: $1,150,000
• 41 Sold OVER Asking Price
• 10 Sold UNDER Asking Price
• 13 Sold AT Asking Price
• There are currently 623 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: A California and Bay Area Real Estate Market Report
We will soon be releasing our 2018 Second Quarter Report, but in the meantime we thought we would share information provided by the California Association of Realtors, based on May 2018 real estate sales. A continued shortage of homes for sale pushed California’s median home sales price to a new record for the first time since the previous housing boom, with the Bay Area recording double-digit percent annual growth for the 11th straight month.
According to the report, the median sales price for a single-family home in the state was $600,860 in May, up 9.2 percent year-over-year for the highest annual rate of appreciation in four years. California’s median price surpassed its previous peak of $594,530, recorded 11 years ago.
“As we predicted last month, California’s statewide median home price broke the previous pre-recession peak set in May 2007 and hit another high as tight supply conditions continued to pour fuel on the price appreciation fire,” CAR Senior Vice President and Chief Economist Leslie Appleton-Young said in a statement accompanying the report. “With inventory starting to show signs of improvement, however, home price appreciation could decelerate in the second half of the year, especially since further rate increases are expected to hamper homebuyers’ affordability and limit how much they are willing to pay for their new home.”
The median sales price for a single-family home in the nine-county Bay Area climbed to $1,088,000, up by 16.4 percent from May 2017, marking the second straight month the region hit a new peak. More specifically, all five of the state’s million-dollar counties are in the Bay Area: San Francisco ($1,620,000). San Mateo ($1,600,000), Marin ($1,415,000), Santa Clara ($1,400,000), and Alameda ($1,025,000).
Mortgage Update: Labor Market Conditions Continue to Improve
The latest jobs report released by the Bureau of Labor Statistics showed that approximately 600,000 individuals rejoined the U.S. labor market last month. The jobs report suggests that the gradual improvement of labor market conditions continues.
All in all, the jobs report brings news of a labor market finally substantially recovered from the Great Recession and supports the Federal Reserve’s intention to continue to raise interest 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 https://tinyurl.com/Tim-Wood-Home-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 https://www.tinyurl.com/Tim-Wood-Home-Loans.
CHARTS AND TRENDS
Median Sales Price - By Property Type
The San Francisco Association of Realtors released figures for June earlier this month, and so today we're comparing June's activity against other months, and against June in previous years.
The red vertical lines in these four charts indicate where June 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 June was $1,620,000, up 10.9 percent over June 2017. The median sales price for condos and lofts was $1,200,000, down a bit from May, but still up 9.1 percent over June of last year.
New Listings - By Property Type
There were 199 new listings in June for single family homes, and 224 new listings for condos and lofts. In comparison to June 2017, that's down 16.4 percent for single family homes, and down 14.2 percent for condos and lofts.
The number of new listings in June declined from the number of new listings in May of this year. Low inventory continues to be a problem.
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 — continue to be incredibly low for San Francisco.
The number for median days on market for single family homes in June was 13, down 7.1 percent from June of last year. The number for median days on market in June for condos and lofts was 18, up from May, but down 21.7 percent from June 2017.
Percent of Properties Sold Over List Price - By Property Type
In June, 89.0 percent of single family homes sold over the list price. That's 11.3 percent higher than the figure for June 2017. At the same time last month, 68.4 percent of condos and lofts sold over the list price. That's 13.2 percent higher than the figure for the same month last year. Clearly, demand remains strong!
Excelsior and the Origins of Neighborhood Names
We've always thought that "Excelsior" was a pretty cool name for a neighborhood, but where did it come from? According to sf.curbed.com, here's its origin:
"The Excelsior Homestead dates to at least 1869 in surviving San Francisco records. Where that got its name in the first place is less clear, although the word itself is Latin and means (roughly) 'ever upward.'" We certainly like the sound of that.
The website published a wonderful guide that describes how neighborhoods got their names. Here are a few other origin stories:
Alamo Square: Alamo Square Park began as a mere watering hole on a horse trail, marked by a standout poplar tree. San Francisco Mayor James Van Ness created both the park and its name in 1857, according to the San Francisco Parks Alliance. “Alamo” means “poplar” in Spanish.
The Haight: Banker Henry Haight came to San Francisco in 1850 and later served as governor. He is credited with founding the University of California.
Lake Merced: Another product of Spanish exploration and colonization, they dubbed the namesake lake “The Lake of Our Lady of Mercy” in either 1774 or 1775. (Accounts vary.)
The sf.curbed.com guide is comprehensive, and yet easy and fun to read. To see the webpage and its entire list of neighborhoods, please click on, or copy and paste, the link that follows: https://bit.ly/2NDGxU1
Home Sales in the Excelsior Neighborhood
There's a hard-working, close-knit family vibe to this neighborhood. First-time buyers, who have been priced out of other neighborhoods, choose this unpretentious, multicultural community where the shops are predominantly locally owned and the flavors and colors of many different cultures fill the streets.
In June there were 29 single family home sales, and zero condo and loft sales in the Excelsior neighborhood. The median sales price for single family homes was $1,040,000, up 10.8 percent over June of last year.
There are actually very few condo and lofts available for sale in the Excelsior neighborhood — at best one or two any given month. The last condo sale took place in October of 2016, with a median sales price at that time of $695,000. In contrast, there are typically 20 to 30 single family homes for sale in the same neighborhood during any given month.