SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, NOVEMBER 7, 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 - 50 Sold
• Median Sale Price: $1,685,000
• 38 Sold OVER Asking Price
• 10 Sold UNDER Asking Price
• 2 Sold AT Asking Price
• There are currently 524 Single Family Homes on the market
Condos/Lofts/TICs - 60 Sold
• Median Sale Price: $1,385,000
• 36 Sold OVER Asking Price
• 10 Sold UNDER Asking Price
• 14 Sold AT Asking Price
• There are currently 853 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: Affordability Improves in the Third Quarter
The California Association of REALTORS® just released a report that says 27 percent of California households could afford to purchase a $588,530 median-priced home in the state in the third quarter of 2018, up from 26 percent in second-quarter 2018, and down from 28 percent a year ago.
You'd need a minimum annual income of $125,540 to qualify for the purchase of this home. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,140, assuming a 20 percent down payment and an interest rate of 4.77 percent.
In the San Francisco Bay Area, affordability improved from a year ago in San Francisco and Marin counties, primarily due to higher wages. Affordability fell in six counties (Alameda, Contra Costa, Napa, San Mateo, Solano, and Sonoma). Affordability held steady in Santa Clara County.
In San Francisco, 15 percent of the City's households could afford to purchase a $1,600,000 median-priced home in the third quarter of 2018, up from 14 percent in second-quarter 2018, and up from 13 percent a year ago.
Mortgage Update: Freddie Mac Says Home Sales Will Improve in 2019
Freddie Mac is forecasting that there will be GDP growth of 3.0 percent in the second quarter of this year, moderating from the strong 4.2 percent growth in the first quarter. The company's October Forecast, prepared by its Economic and Housing Research Group, now extends its predictions into 2020 and they are looking at substantial economic slowing by then.
Nevertheless, according to mortgagenewsdaily.com, the labor market picture continues to be strong with 134,000 new jobs added in September and a 0.2 percent decline in the unemployment rate to a 49 year low of 3.7 percent.
With headwinds from rising rates and home prices Freddie Mac forecasts that total home sales will fall by 0.9 percent from 2017 to 6.07 million this year. Home sales will then regain momentum, rising to 6.18 million next year and up another 1.1 percent to 6.25 million units in 2020.
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 Wells Fargo.
A QUICK GUIDE TO THINGS GOING ON IN THE CITY
This SF Spot Is One of the 'Cheapest' Michelin-starred Restaurants in the World
Al's Place on Valencia Street, a restaurant known for its vegetable-heavy dishes, ranked 9th on a list of the most affordable Michelin-starred restaurants in the world.
According to SFGate.com, Traveloka, a booking platform, looked only at one and two-star restaurants and ranked them by the price of an individual meal, including the cheapest entree a la carte dishes available.
A family-style tasting menu at Al's Place costs $73 per participant and includes appetizers, entrees, and dessert. The wine pairing is an additional $49 per person. That doesn't necessarily sound cheap, but it is possible to order dishes a la carte. Some cost as low as $15 (yellow eye bean stew with bread) and peak at around $20 (stone fruit curry and black lime-cod). Side dishes cost from $3 (poached egg in olive oil) to $19 (red bow trout in tom yum sauce).
Al's Place rose to national prominence in 2015, when Bon Appetit named it the "Best New Restaurant" of the year. Of course, you're going to want make reservations ahead of time at this 46-seat restaurant.
To read the entire SFGate.com feature, please click on, or copy and paste, the link that follows: https://bit.ly/2QnAns2
1499 Valencia Street
Now Open: San Francisco's Holiday Ice Rinks
It's been unseasonably warm in the City the past few days and weeks. Nevertheless, the City’s outdoor ice rinks are now open — proof that it doesn't have to be freezing out to go skating. The rinks have become very much a part of San Francisco’s holiday tradition. We’d just like to remind you there’s also an indoor option (in case it’s raining), and that rink is open every day of the year.
- Holiday Ice Rink at Embarcadero Center Open through Jan. 6, 2019 https://bit.ly/2SLuPcm
- Holiday Ice Rink In Union Square Open through Jan. 21, 2019 https://bit.ly/2SNY3r8
- Yerba Buena Ice Skating and Bowling Center Open year-round https://bit.ly/2F2yTSz
Why not enjoy the ice and the sunny weather together. There may be no better time to lace them up than right now.
CHARTS AND TRENDS
Median Sales Price - By Property Type
October 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 October, the median sales price for a single family home was $1,550,000, up 9.5 percent over October of last year. The median sales price for a condo and loft was $1,234,000, up 5.7 percent over last year's October figure.
Median Days on Market - By Property Type
The median days on market for single family homes was 15, up 7.1 percent over last October's figure. The median days on market for condos and lofts was 18, down 5.3 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.
Please remember 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.
Active Listings - By Property Type
In October, there were 491 active single family home listings according to the SFAR, up 18.9 percent over October of last year. During the same period, there were 629 active condo and loft listings, up 7.3 percent from last year.
In San Francisco, there is more inventory on the market than we've seen in two years.
Percent of Properties Sold Over List Price - By Property Type
81.6 percent of all San Francisco single family homes sold over list price in October. That's down 1.2 in comparison to last year. 62.6 percent of condos and lofts sold over list price, and that is up 2.8 percent over October 2017.
The Invention of Television Transmission and Clarendon Heights
TV's Birthplace, Hidden in Plain Sight
You have probably driven by the building tons of times, and never noticed it. But at 202 Green Street, right off Sansome, our current system of television transmission and reception was invented in September 1927. At this location, the 21-year-old inventor Philo Taylor Farnsworth and several dedicated assistants successfully transmitted the first all-electronic television image, the major breakthrough that brought the practical form of this invention to the world.
Today, screens are everywhere — big screens in our living rooms, and small screens in our pockets and purses. All of this technology owes a debt of gratitude to Farnsworth, named one of the 100 greatest scientists and thinkers of the 20th century by Time Magazine.
Sutro Tower: Red, White, and Really Tall
On the other side of town, Sutro Tower is a 977 ft three-pronged TV and radio antenna tower, rising from a hill between Twin Peaks and Mount Sutro near Clarendon Heights. The tower was the tallest structure in San Francisco from the time of its completion in 1973 until 2017, when it was surpassed by the Salesforce Tower.
Before its construction, television reception in San Francisco was spotty because the many hills of the City blocked the line-of-sight television signal. Sutro Tower is currently used to transmit the signals of eleven television stations and four FM radio stations, and for various other communications services.
Do you think Farnsworth could have envisioned such a tower when he made that first transmission all those years ago? Imagine how dazzled he'd be by today's high definition cell phones!
Home Sales in the Clarendon Heights Neighborhood
Clarendon Heights is a tiny neighborhood with big panoramic views. Perched on hills leading to Twin Peaks, the homes here include all kinds of styles, though these days contemporary and Mid-Century Modern homes garner the most attention. Views in parts of Clarendon Heights can stretch all the way east to the Bay Bridge and beyond.
This is a residential neighborhood. Clarendon Avenue and Twin Peaks Boulevard provide links to city life amenities found in neighboring districts. Tank Hill in the northeastern corner of the Clarendon Heights is a favorite open space destination for residents, and for others from throughout the City as well.
The Sales Figures
In October there were three single family home sales, and no condo and loft sales in the Clarendon Heights neighborhood. These numbers are fairly typical for this area — usually there are one, two, or three single family home sales in the neighborhood, and no condo and loft sales at all. This is why the chart above presents only data for single family homes.
Since there are so few sales at any one time in the neighborhood, the trend line can climb and fall dramatically. Each sale has a greater impact on the trend line than would be the case if there were more sales.
The median sales price for a single family home in the Clarendon Heights neighborhood in October was $2,050,000. Single family homes here tend to sell well over the median price for single family homes in San Francisco as a whole. The last condo and loft sale in the neighborhood took place in June 2016. The sales price for that property was $1,650,000.