SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, SEPTEMBER 5, 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 - 31 Sold
• Median Sale Price: $1,600,000
• 28 Sold OVER Asking Price
• 3 Sold UNDER Asking Price
• 0 Sold AT Asking Price
• There are currently 321 Single Family Homes on the market
Condos/Lofts/TICs - 43 Sold
• Median Sale Price: $1,195,000
• 22 Sold OVER Asking Price
• 10 Sold UNDER Asking Price
• 11 Sold AT Asking Price
• There are currently 512 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: The Housing Market Cooled A Bit In July
We're beginning to hear that the housing market is starting to cool down. The National Association of REALTORS® just issued a report suggesting that for the U.S. as a whole there was a slight decline in homes sales and a slower price growth in July in comparison to last year.
Lawrence Yun, NAR chief economist, said, "The reason sales are falling off last year's pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it."
Meanwhile, the real estate website SocketSite.com just reported that the number of single-family homes and condos that traded hands across the greater Bay Area totaled 7,547 in July, slipping 0.3 percent on a year-over-year basis to a 7-year seasonal low.
What's more, in San Francisco, recorded sales totaled 482 in July, down an above-average 18.9 percent from June and 2.0 percent lower on a year-over-year basis for the lowest July sales volume since totaling 444 in July of 2011. At the same time, inventory levels have actually been ticking up in San Francisco.
The median price paid for those 482 homes in San Francisco was $1,300,000 in July, down 5.8 percent from a record $1,380,000 in May but 8.3 percent above its mark at the same time last year.
All of this is based on July numbers. Please note that in today's newsletter we provide charts that present August numbers, just released by the San Francisco Association of REALTORS® on September 1. We will see if some of these cooling trends continued into August. What will be most telling though, is what takes place this September and October, when the real estate market tends to heat up again each year.
Mortgage Update: Consumer Confidence Report
"Although there was a small uptick in late August, consumer sentiment remained at its lowest level since January," Richard Curtin, chief economist for The University of Michigan's survey, said in a statement. "These results stand in sharp contrast to the recent very favorable report on growth in the national economy."
Curtin said consumers have not yet interpreted the current inflation rate "as a significant source of erosion in their living standards or as a cause to reduce their buying plans." Instead, consumers view future income and job stability as the main reasons for their still generally positive views on spending, Curtin added. However, the index has slumped since March when it reached its highest level since 2004 with a reading of 101.4.
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
August figures were just released by the San Francisco Association of REALTORS®. As we do each month, we'll look at the numbers, and see if we can spot any trends.
In August, the median sales price for a single family home was $1,620,000, up 15.0 percent over August of last year. The median sales price for a condo and loft was $1,200,000, up 3.9 percent over last year's August figure.
Single family homes reached an all-time high several months ago, in April, when the median sales price was $1,662,500. Condos and lofts reached an all-time high in May, when the median sales price was $1,253,000.
Median Days on Market - By Property Type
The median days on market for single family homes was 14, just as it was in August of last year. The median days on market for condos and lofts was 19, down 19.5 percent from last year.
Of course, as we've said before, the median figure means that half of all homes will remain on the market for a longer period time, and half will be on the market for a shorter period of time. Price, location, and the condition of the home still have a bearing on days on market.
Keep in mind that these figures are based on a rolling three months to better identify trends. The figures you see here may not match up exactly with what you see elsewhere. Also, while in this report we break out sales by property type, some studies — like the SocketSite.com report in our quick note — combine the figures when presenting their data.
Active Listings - By Property Type
In August, there were 355 active listings for single family homes according to the SFAR, down 9.9 percent from August of last year. During the same period, there were 428 active listings for condos and lofts, down 19.5 percent from last year.
Again, these are rolling three month totals.
Percent of Properties Sold Over List Price - By Property Type
85.4 percent of all San Francisco single family homes sold over list price in August. That's up 6.6 percent over last year. 64.6 percent of condos and lofts sold over list price, and that is up 6.4 percent in comparison to August 2017. While up year-over-year, the percent of properties sold over list price was down a bit from July for both property types.
The Marina and the 1915 Panama- Pacific International Exposition
The Virtual Museum of the City of San Francisco is really a remarkable website, posting a treasure trove of documents, photos, and materials produced at the time that events were taking place throughout San Francisco's history. This enables us to get a sense of what the City's residents were thinking and doing at those exact times.
The Panama–Pacific International Exposition was a world's fair held in San Francisco from February 20 to December 4, 1915. Its stated purpose was to celebrate the completion of the Panama Canal, but it was widely seen in the City as an opportunity to showcase its recovery from the 1906 earthquake. The fair was constructed on a 636 acre site along the northern shore, between the Presidio and Fort Mason, now known as the Marina District.
Here's How a Pamphlet from that Time Describes the World Fair
"The Exposition site combines to an extraordinary degree the qualities of beauty, adaptability and convenience. It is a natural amphitheatre, fronting on the wonderful island-dotted Bay of San Francisco, just inside the famous Golden Gate. Towering, wooded heights flank it at each end, while at its back the hills roll up sharply. All this is in the very heart of the best residential district of San Francisco and within fifteen minutes’ street car ride from the City Hall."
"The view facing north is across the sparkling waters of the Bay — a land-locked harbor which resembled a great mountain lake more than an arm of the sea. It is rimmed around by mountain, with haughty Tamalpais towering over all. Under the turquoise California sky, drenched with sunshine and color, it is a scene at once exquisitely beautiful and solemnly majestic."
"The main exhibit palaces, eleven in number, contain, under a comprehensive and representative classification, examples of the resources and achievements along all lines of human endeavor."
How could you not want to attend this! And doesn't that beautiful description of the bay still resonate even today!
To read more about the Panama-Pacific International Exposition of 1915, please click on, or copy and paste, the link that follows: https://bit.ly/2PwVsiK
To visit The Virtual Museum of the City of San Francisco please click on, or copy and paste, the link that follows: http://www.sfmuseum.org
Home Sales in the Marina Neighborhood
The Marina District, located on the edge of San Francisco Bay, has spectacular views of the Golden Gate Bridge and Alcatraz. Originally an Italian neighborhood, elegant Edwardian homes line the waterfront, and the famous Marina Green is a favorite with joggers dog walkers, and kite enthusiast.
Residents, many of whom are young professionals, also enjoy a bustling commercial district, full to the brim with shops, restaurants, and art galleries. The Palace of Fine Arts, one of only a few surviving structures from the 1915 Exposition, is still situated on its original site in the Marina.
The Sales Figures
In August there were five single family home sales, and 15 condo and loft sales in the Marina neighborhood. These numbers are fairly typical for this area.
The median sales price for a single family home in the Marina neighborhood last month was $2,650,000, up 31.8 percent over last year's August figure. The median sales price for a condo or loft in the Marina neighborhood in August of this year was $1,705,000, up 9.1 percent over last year.