SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, JANUARY 17, 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.

« Click here to see this week's map
 
Single Family Homes - 13 Sold
• Median Sale Price: $1,600,000
• 8 Sold OVER Asking Price
• 3 Sold UNDER Asking Price
• 2 Sold AT Asking Price
• There are currently 165 Single Family Homes on the market

Condos/Lofts/TICs - 21 Sold
• Median Sale Price: $1,350,000
• 8 Sold OVER Asking Price
• 9 Sold UNDER Asking Price
• 4 Sold AT Asking Price
• There are currently 368 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®

REPORTS AND UPDATES
 
Quick Note: What San Francisco Kitchens Will Look Like in 2018



A new study released by the home design website houzz.com reveals that homeowners are obsessed with clutter-free countertops (75 percent), ingenious storage options (66 percent) and easy recycling (49 percent).

Real estate news portal Inman.com said the study also shows that sixty-three percent of homeowners feel adequate storage is the most important feature in a kitchen, followed by the need for space to easily work, play and live (38 percent), entertain (32 percent) and clean (32 percent).

Meanwhile, pull-out waste or recycling baskets, cookie sheet/tray organizers, revolving corner trays, deep drawer organizers, and pull-out or swing-out trays and shelves are the features of choice.

Homeowners want to free their surfaces from clutter for a sleek and tidy kitchen. Finally, according to the study, the preferred surface for countertops is now engineered quartz.

Mortgage Update: Inflation Expectations and Interest Rates in Coming Year



Holiday sales jumped 5.5 percent compared with last year, marking the largest jump seen since the end of the Great Recession. Underlying U.S. consumer prices recorded their largest increase in 11 months in December amid strong gains in the cost of rental accommodation and health care, bolstering expectations that inflation will gain momentum this year.
As a result, we can expect the Federal Reserve to continue to raise rates several times in 2018.

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

Conforming Loan Rates
30 Year Fixed    3.875%    « calculate mortgage at this rate
7/1 Year ARM    3.375%    « calculate mortgage at this rate

Jumbo Loan Rates
30 Year Fixed    3.750%    « calculate mortgage at this rate
7/1 Year ARM    3.250%    « calculate mortgage at this rate

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
 
SF Condos and Lofts: Median Sales Price



This week we're going to look at condos and lofts of various sizes, and see how they sell in the San Francisco market. It's important to note that there are very few condos and lofts in the 3000 square feet or more category, and so the data points for these larger homes tend to fluctuate dramatically from one month to the next. That's just a function of having a smaller sample size.

Prices for condos and lofts that are less than 1,999 square feet display a fairly steady increase over the years. There are more condos sold within this range, and so pricing is subject to less fluctuation.

In December, the median sales price for condos and lofts in the 999 square feet or less category was $862,500, up 9.2 percent over the previous year. For 1,000 to 1,999 square feet condos and lofts, the median sales price was $1,314,900, up 4.6 percent over the previous year. For 2,000 to 2,999 square feet condos and lofts, the median sales price was $2,287,500, up 12.7 percent over the previous year. For condos and lofts measuring 3,000 feet or more, the median sales price was $2,862,500, and that was down 22.6 percent from the previous year's figure. Taken as a whole, the median sales price for all San Francisco condos and lofts was $1,185,000, up 9.9 percent over December 2016.

SF Condos and Lofts: Median Days on Market



In December, the median days on market for condos and lofts in the 999 square feet or less category was 22 days, down 35.3 percent from the previous year. For 1,000 to 1,999 square feet condos and lofts, the median days on market was 24 days, down 22.6 percent from the previous year. For 2,000 to 2,999 square feet condos and lofts, the median days on market was 23 days, down 39.5 percent from the previous year. For condos and lofts measuring 3,000 feet or more, the median days on market was 42 days, and that was up 200 percent over the previous year's figure. Taken as a whole, the median days on market for all San Francisco condos and lofts was 23 days, down 25.8 percent from December 2016.

SF Condos and Lofts: Percent of Properties Sold Over List Price



Condos and lofts in the lower end price range tend to sell over list price more often that condos and lofts in the higher price range.

In December, the median percent for condos and lofts selling over list price in the 999 square feet or less category was 65.1 percent, up 36.2 percent over the previous year. For 1,000 to 1,999 square feet condos and lofts, the median percent was 60.4 percent, up 0.3 percent from the previous year. For 2,000 to 2,999 square feet condos and lofts, the median percent was 53.6 percent, up 37.8 percent over the previous year. For condos and lofts measuring 3,000 feet or more, the median percent was 50.0 percent, and that was up 199.4 percent over the previous year's figure — keep in mind, this category's very small sample size accounts for the dramatic increase. Taken as a whole, the median percent for all San Francisco condos and lofts selling over list price was 60.9 percent, up 13.2 percent over December 2016.

SF Condos and Lofts: Sold Listings



Condos and lofts that are less than 1,999 square feet account for most of the sales in San Francisco, and homes in the 1,000 to 1,999 square feet category represent the greatest number of sales — in December nearly two to one over condos and lofts 999 square feet or less.

For condos and lofts in the 999 square feet or less category there were 209 sales in December. For 1,000 to 1,999 square feet condos and lofts, there were 376 sales. For 2,000 to 2,999 square feet condos and lofts, there were 56 sales. For condos and lofts measuring 3,000 feet or more, there were just four sales — a small number that will inevitably result in some wild gyrations in the trend lines we are presenting. Overall, there were 742 condo and loft sales in San Francisco in December.

Neighborhood Spotlight: Parkside



This week we spotlight Parkside. Located in the southern part of the Avenues, south of Quintara and north of Sloat Boulevard, Parkside is purported to have more parks per capita than any other neighborhood in San Francisco.

Parkside as a neighborhood started in July 1905 when a syndicate led by William Crocker announced they had quietly bought land from the estate of Adolph Sutro and others to create a new million-dollar development. The "park" of Parkside was not Golden Gate Park, but rather the stand of trees and plants around Laguna Puerca — now called Pine Lake, west of Sigmund Stern Grove.

Parkside was developed mostly in the 1940s, when single-family stucco-style homes were built. The neighborhood is primarily residential, with the exception of the Taraval Street corridor, which is lined with shops, dining spots, and grocers.

In December the median sales price for singe family homes in Parkside was $1,300,000, up 4.0 percent over the previous year. In comparison, the median sales price for single family homes in San Francisco in general was $1,500,000, up 9.9 percent over 2016. In December, 14 single family homes were sold in Parkside, with just one condo or loft sold during the same period. There are actually very few condo and loft sales in the neighborhood. In September for example, 32 single family homes — and no condos or lofts — were sold in Parkside.