Archive for the ‘Market Snapshots’ Category
Posted by insidesfre on June 22, 2010
One way to take the temperature of the current San Francisco market is noting the number of expired and withdrawn listings. These are properties that haven’t sold within their listing time period, or which have simply been withdrawn by sellers for the time being. In either case, buyers haven’t responded with acceptable offers.
A total of 183 single-family homes, condos and TICs have been withdrawn or have expired since June 1st. These are fairly high numbers, though last year’s June numbers were seemingly worse. (A total of 290 listings expired or were withdrawn in June 2009.) We’re more than halfway through June 2010, and I’m keeping my fingers crossed that we don’t exceed last year’s June numbers.
In any event, there are 1,760 active listings seeking buyers at present. So some of these withdrawn/expired ones are easing inventory levels a bit. Here’s what SF looks like on paper:
Stay tuned for second quarter market observations in July.
Posted in Market Snapshots | Tagged: withdrawn, expired | Leave a Comment »
Posted by insidesfre on June 10, 2010
The Sunset and Parkside districts have been neck and neck over the past couple months in terms of sold and in contract/pending properties. The Sunset has seen 30 single-family homes sell since May 1st, for an average of $742,097; the Parkside is close behind with 29 homes sold at an average of $739,923. And 30 Sunset homes have gone into contract since the beginning of May, while the Parkside saw 28 homes ratify.
No surprises here. Many single-family home buyers are in this price range. But another thing these two neighborhoods have in common is the available inventory count. There are 49 homes on the market in the Sunset, and 51 in the Parkside. And that’s pointing to some slowing market action (orange=Sunset, black=Parkside):
This market action index above answers the question: “How’s the market?” It’s the result of measuring the current rate of sale against the amount of inventory available. In the case of the Sunset and Parkside areas, there may suddenly be too few buyers for the amount of homes available.
Word to sellers: Make sure you price your homes competitively, and that they show well.
Posted in Market Snapshots, Sunset/Parkside | Tagged: market action index | Leave a Comment »
Posted by insidesfre on May 28, 2010
The Wall Street Journal ran a great article yesterday on the Mission’s popularity among San Francisco tech workers.
Facebook employees apparently congregate in Mission Dolores Park and in all the nearby bars, and shuttle 75 workers from the Mission to Palo Alto headquarters daily. And startups like Small Batch, Posterous and CrowdFlower have set up shop in the neighborhood. Reporters Cari Tuna and Stu Woo also mention the rising prices in the Mission, saying that while median home values in the district and citywide fell about 20% in the latest recession, values in the area have actually risen 4% since April 2009. No small feat.
Indeed, a look at the pricing trend in the 94110 zip code (which encompasses the Mission, Bernal Heights and even a small part of Noe Valley) shows a definite upward trend for condos (but less so for single-family homes):
Are we approaching another tech boom? This is starting to feel like deja vu.
Posted in Market Snapshots, Mission/Potrero | Tagged: mission, tech boom | Leave a Comment »
Posted by insidesfre on May 25, 2010
I’ll cut to the chase: Sellers are catching price reduction fever these days in San Francisco. The chart below shows the price decrease activity for single-family homes and condos across all city zip codes over the past month.
So clearly we have some price corrections to deal with in all our neighborhoods. Of the 627 houses on the market, a whopping 498 of them have had some sort of status change in the MLS over the past month—mostly price reductions. And in some cases, I’m seeing substantial reductions. Over in the Richmond, for example, one 4BR home on 17th Avenue started out at $1,825,000 and is now down to a $1,595,000 list price. And its 3BR neighbor on 6th Avenue hit the market at $1,295,000 and is now listed at $900,000.
The condo market is more vulnerable; of the 779 units listed in the MLS, 653 of them have had status changes over the past month. There are also some dramatic reductions, and the condos have been on the market generally longer than the houses.
Price reductions are an important factor for buyers and sellers, and they can’t be ignored when it comes time to list your house or make an offer on one.
Posted in Home Buyer Tips, Homeowner Tips, Market Snapshots | Tagged: price reduction | Leave a Comment »
Posted by insidesfre on May 24, 2010
I’m often asked how different segments of the San Francisco market are doing, and inquiries about the TIC market are at the top of the list. We’re almost halfway through 2010 (I know), so I thought a market update on our tenancy-in-common activity was in order.
The bottom line: The TIC market is definitely hurting a bit, but it’s not in dire straits by any means. There are, however, two key factors that have contributed to the weakness in the TIC segment. The first is that the condo market has declined, so buyers who may have once only been able to afford a TIC are now looking at the possibility of a condo purchase. And second, if there are less qualified buyers in general these days, there are even less qualified buyers for TICs. The most common TIC loan type—the fractional, or individual loan—carries a high interest rate, has a 25%+ down payment requirement, significant cash reserve requirements, and is only available in adjustable-rate form.
There are 203 TIC interests on the market to date, and they’ve been sitting on the market for an average of 72 days, at an average list price of $646,467. And there are 82 TICs in contract (two are above $1M). A total of 117 TICs have sold since the beginning of the year at an average of $594,637. (So clearly there’s room to come down in price for the current average list price.)
A bulk of the TICs purchased since January sold for under their asking prices—something to consider when you’re making an offer on one. The most prominent example of this pattern was over at 2461 Post (at Baker), a 5BR/3BA TIC unit with two levels listed in May 2009 at $950,000. It sold this past March for for $777,000.
If you’re considering a TIC purchase because you think you’ll get more space or a better neighborhood for your money, you could be right. But consider all the angles, and know that if you’re buying a TIC interest with a fractional loan, it’s likely you’ll be selling a TIC interest with a fractional loan. That means your resale buyer pool will be limited to those who can meet those strict requirements. And the jury is out regarding which lenders will continue granting fractional loans by the time you’re ready to sell. Make sure you work with a very experienced, knowledgeable real estate agent, mortgage broker/lender, and title company. And have an attorney review key documents. It might cost you a few hundred dollars for a legal review, but you can’t imagine the headaches those few hundred dollars may save you in the long run.
Posted in Home Buyer Tips, Market Snapshots, TICs | Tagged: TICs, fractional loans | Leave a Comment »
Posted by insidesfre on May 20, 2010
We take a look today at the median price in the San Francisco condo market, and what you can get for your money at this price point.
The median price for the 247 reported condo sales since April 1st is $689,000. Here are three properties that are listed for exactly that price:
The first is a 1BR/1BA at 25 Hotaling, a new project in the Jackson Square district downtown. I really liked Hotaling; it’s excellent for buyers looking for a pied-a-terre in an area that gets pretty quiet at night.
We move on to 3919 21st Street in Eureka Valley. I toured this property when it was listed back in mid March. It’s about 700 square feet, and is located on a secluded part of 21st Street, at the rear of the lot. There’s no parking, but there is a lot to walk to in the neighborhood (as well as lots of ZipCars nearby):
The owners paid $645,000 in 2006, so the list price is obviously designed to cover selling costs.
And finally, here’s 301 Bryant #D31, a 914-sq foot 1BR/1BA in great South Beach location:
One glitch here is that the unit is tenant occupied, which is something to consider if you’re not looking to purchase investment property. This is a bright corner unit with a spacious bedroom. HOA dues are $442/mo.
Posted in Downtown, Market Snapshots, Noe/Eureka Valley, SoMa/S. Beach/M. Bay | Tagged: Eureka Valley, south beach, jackson square, median price condo | Leave a Comment »
Posted by insidesfre on May 18, 2010
I’ve been enjoying the “median price” series of On the Block blog posts, so I thought I’d create a San Francisco version.
The median price for the 273 single-family homes sold since April 1st is $775,000. And there are 281 houses currently listed for up to that price. Here are three of them, ripe for the picking:
The first is a 2BR/1BA with an unwarranted studio in-law at 2122 47th Avenue. I sold a house in this Outer Parkside neighborhood last year that was two blocks from this property, and I can vouch for the excellent beach and park proximity. The home appears to be in nice condition, and is listed at what I believe is a very reasonable $628,000 price. It’s been on the market for about two weeks.
We move on to 1351 Plymouth,a 2BR/1BA 1920s home in Westwood Park listed at $685,000. There’s a sunroom, living room with fireplace, and a bonus room/bath down. You’re very close to Ocean Avenue and BART/Muni stations, and the house has an 88 Walk Score. There have been two price reductions since the property came on the market at $728,000 in mid March.
I blogged about 271 Nevada when it first came on the market back in February:
The one-bedroom cottage is very appealing, but it’s less than 1,000 square feet, which may explain why there is a limited buyer pool. The sellers came on at $749,000 and haven’t moved to reduce the price. But this is probably because they paid $790,000 in 2007 and may not be able to afford to sell for less than their list price. There’s a lot of that going on these days.
Posted in Bernal/Excelsior, Market Snapshots, Miraloma/West Portal, Sunset/Parkside | Tagged: outer parkside, Bernal Heights, westwood park, median price san francisco | Leave a Comment »
Posted by insidesfre on May 5, 2010
Sales are a little off this year in what’s known as “District 4.” This is the area that encompasses neighborhoods such as Balboa Terrace, St. Francis Wood, Miraloma Park, Forest Hill Extension, Mount Davidson Manor and West Portal (as well as a few others). The areas predominantly fall into the 94127 zip code, so I put together a stat chart showing pricing trends for most of District 4:
The area has been on a bit of a downswing since the beginning of the year. Indeed, of the 52 single-family homes sold in District 4′s neighborhoods with 94127 zip codes, 27 sold for less than asking. There are currently 28 available listings with an average price of $1,381,217 and a days on market average of 66. But the 25 properties in contract have an average list price of $1,063,508. Looks like these current properties might have to move in price to attract buyers.
Buyers, District 4 may be the place to go if you’re looking for more house for your money—and some favorable negotiating.
Posted in Home Buyer Tips, Market Snapshots, Miraloma/West Portal | Tagged: 94127, district 4 | Leave a Comment »
Posted by insidesfre on April 27, 2010
Is it just me, or are there an awful lot of luxury condos on the market right now?
There are currently 143 condos available in the $1M+ price range, according to the San Francisco Association of Realtors (SFAR) MLS. And of these, 66 are in the $1M-$1.3M range. A total of 27 condos are priced from $2M-$7,350,000.
SoMa and South Beach have the bulk of the inventory, with a whopping 50 condos in the $1M+ range. If you’re a seller in this category, it might be time to revisit your pricing and competition. And buyers, work those negotiations; it’s definitely your market in these neighborhoods.
And that most expensive, $7,350,000 condo? The 3BR penthouse at The Infinity.
Posted in Market Snapshots | Tagged: luxury condos | Leave a Comment »
Posted by insidesfre on April 26, 2010
I’ve been asked lately about whether there are more properties on the market, now that Spring has arrived. And the answer is–yes. Here’s a look at our current inventory vs. the inventory in the last quarter—first for houses, then for condos:
Real estate in the city seems to be folllowing in the usual footsteps created by seasonal human behavior. Sellers believe their homes show better in nicer weather, school is winding down and it’s time for a move. Buyers are happier to be outside and stopping in at open houses, and feel they can put time aside over the summer to move.
Indeed, over the past week, a total of 64 houses, 73 condos and 14 TICs came on the market. Agents are reporting higher open house traffic, and the number of ratified transactions is climbing at my offices. The second quarter of this year has got to be better than that of 2009, when only nine single-family homes, 10 condos and one TIC were reported sold. I know. Those were pretty abysmal, though not surprising, numbers. Here’s to a better second quarter in 2010.
Posted in Market Snapshots | Leave a Comment »
