SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, NOVEMBER 15, 2017
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 - 62 Sold
• Median Sale Price: $1,560,000
• 52 Sold OVER Asking Price
• 8 Sold UNDER Asking Price
• 2 Sold AT Asking Price
• There are currently 414 Single Family Homes on the market
Condos/Lofts/TICs - 72 Sold
• Median Sale Price: $1,350,000
• 50 Sold OVER Asking Price
• 17 Sold UNDER Asking Price
• 5 Sold AT Asking Price
• There are currently 753 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: It's Price Reduction Season
Very expensive San Francisco homes tend to sell in greater numbers in October, according to a recent SFGate.com real estate report. Homes with a value of more than $3 million made up 17 percent of all sales in October, compared to 10 percent of annual sales.
At the same time, price reductions soar in October and November as sellers with time constraints try to make their homes more desirable and get in a quick sale before they lose buyers to holiday travels.
For example, according to the report, last year there were over 200 price reductions in October and about 140 more in November per the MLS. By comparison, in March, when buying picks up again after a winter lull, there are typically around 50 price reductions reported.
Mortgage Update: Interest Rates Rise as Stock Prices Climb
Record-high stock prices came at the expense of bonds last week moving interest rates higher. This week we’ll receive readings on PPI & CPI which will give a broad overview of the U.S. economic landscape heading into the holiday season. The uncertainty of competing tax plans in D.C. continues to dominate daily trading.
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
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
Median Sales Price - By Property Type
The San Francisco Association of Realtors released figures for October earlier this month, and so we thought we'd compare October's activity against other months, and against October in previous years.
The red vertical lines in these next four charts indicate where October 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.
Sales prices for both single family homes and condos and lofts were up in October in comparison to September.
The median sales price for single family homes in October was $1,588,000, up 13.4 percent over October 2016. The median sales price for condos and lofts was $1,180,000, up 2.6 percent over October of last year.
New Listings - By Property Type
New listings tend to surge in September, and then begin to trail off as we approach the holidays. What happened this year in October is consistent with what has happened in previous years.
October had 221 new listings for single family homes and 254 new listings for condos and lofts. In comparison to October 2016, that's down 0.5 percent and 6.3 percent respectively.
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 — are still incredibly low for San Francisco.
The median days on market number for single family homes in October was 14, down 12.5 percent from last year during the same month. The median days on market number for single family homes has been 14 for three consecutive months.
The median days on market number for condos and lofts in October was 19, down 13.6 percent from October 2016, and down from 26 days in September.
Percent of Properties Sold Over List Price - By Property Type
In recent years, homes more often than not have sold over the list price in San Francisco. In October, 83.1 percent of single family homes, and 65.2 percent of condos and lofts sold over the list price. That's up 5.3 percent and 23.2 over last October's figures.
Keep in mind there is a bit of lag time at work here. It's likely that some of these transactions were initiated in September before closing in October. Historically, the percent of properties sold over list price tends to decline in November, December, and January — though last year there was a fairly substantial spike in the condos and lofts number in November.
We may have already seen that spike for condos and lofts this year in October, but we'll keep an eye on November 2017 figures when they become available and see where it lands.
Neighborhood Spotlight: Buena Vista/Ashbury Heights:
This week we look at the Buena Vista/Ashbury Heights neighborhood. The two micro-neighborhoods are combined into one by the San Francisco Association of Realtors. The sheer number of micro-neighborhoods in the City necessitates this kind of treatment in order to keep reports and district maps more manageable.
Situated high above Haight Ashbury and the Castro, Buena Vista and Ashbury Heights offer great views and lots of classic San Francisco style. The houses that line the steep streets in these upscale micro-neighborhoods are a mix of the traditional Edwardian and Victorian single family homes. In recent years, contemporary designs have replaced some of these earlier styles, but these new homes tend to complement rather than intrude upon what already exists.
Buena Vista Park, built in 1867, is San Francisco's oldest park and features several trails, paths, and tennis courts. It's been reported that trail-side drainage areas were built up with marble recycled from unclaimed headstones when the city removed most of the cemeteries within its limits in the early 20th century. If you look closely, you can still see some of the inscriptions.
In October the median sales price for homes in Buena Vista/Ashbury Heights was $2,900,000. There were no single family home sales in October of last year, but in general this year's figure is down about 9.5 percent in comparison to the median sales price for the neighborhood last fall. There were six single family homes sold in the neighborhood this past October.
During the same month, the median sales price for condos and lofts in Buena Vista/Ashbury Heights was $1,180,000, down 7.2 percent from October of last year. There were five condos and lofts sales this year, in comparison to four sales last October.