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Provided by:
Alexander Clark
Zephyr Real Estate
License# 01339386
2523 California
San Francisco, CA 94123
sfnewsletter.com
phone:415-254-5351
fax:415-277-3914
alexclark@gmail.com
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The market knowledge I bring to you on sfnewsletter comes from representing buyers and sellers in San Francisco real estate transactions. I also know about many off market single family homes and condos throughout the city that are for sale, but not listed on MLS.
If you, or anyone you know, are considering purchasing or selling a home/condo/multi-unit in San Francisco, please do not hesitate to contact me.
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Introduction
Hello and welcome! Where the hell have I been? I've been busy representing buyers and sellers in San Francisco real estate, and also very busy getting PocketListings.net off the ground. Not only is it great to see it rolling, but I'm learning a helluva lot more about our market by seeing the number of pocket listings popping up every day, and buyers out there looking for property. You really should check it out. At the very least, follow the real time property/buyer listing feed on Twitter @PocketListings. It's pretty cool if I do say so myself.
Market Update
Sometimes the data crunchers and economists (pdf file) can say it better than me (albeit in many more words):
SAN FRANCISCO, CA, August 16, 2010 - Recent stock market declines and worries about the possibility of a double-dip recession affecting the housing market has caused some home buyers to delay purchasing homes in San Francisco, according to the latest Market Focus report published jointly by the Rosen Consulting Group (RCG) and the San Francisco Association of REALTORS®. The evidence can be found in the number of completed home sales for July which showed a year-over-year decline of 18 percent.
According to John Lee, president of the Association, "Concerns about the effect of the economy on home sales have been compounded by the slowdown in sales typically seen during the vacation months of June, July and August and the unusually cool weather we have been having in the Bay Area which may be discouraging buyers from looking for housing."
Despite the slowdown in recent sales, RCG believes that the accelerating pace of job growth, combined with a continued decline in interest rates fueled by the Federal Reserve’s purchase of treasury bonds, as well as tight housing inventory levels, should propel the San Francisco housing market forward in coming quarters.
But improvements to the housing market are becoming increasingly dependent on job creation, according to RCG. Anticipated increases in payrolls through the remainder of the year should help drive year-over-year home price appreciation and tighter market conditions into year-end 2010 it believes. And, although the market will be forced to take a few steps back during the fragile economic recovery, the overall underlying trend, RCG says, should remain positive.
Median Price Trend Remains Positive
Despite the decline in year-over-year completed home sale activity, the median single-family home sale price increased by 0.6% from July 2009 to $785,000 in July 2010. Of the 192 closed sales in July 2010, homes priced less than $700,000 accounted for 42% of completed sales, up from only 18% of all sales in July 2007, the peak of the last housing market cycle.
"While the sale of higher-priced homes has gained traction in recent months," says Lee, "moderately priced homes continue to make up a considerable portion of sale activity in San Francisco, especially in comparison to historical levels."
The number of single-family homes on the market increased in July 2010 and now stands at 685 active listings. As a result, based on the current monthly contract sale rate, the months of supply inventory rose slightly to 3.0 months from 2.7 months in July 2009. The heightened inventory level can be partially attributed to the rise in new home listings, which rose by 16% during this same period.
The median sale price for condominiums rose to $662,500 in July 2010, a 10.2% increase from July 2009. Despite a drop-off in completed sales, pending condominium sales increased by nearly 15% during the past year. Condominiums priced less than $500,000 accounted for 43% of all units under contract, which is a considerable increase from July 2007, when units in the same price segment accounted for only 16% of all contract sales.
Condominium inventory retreated by 1.8% in July 2010 from the previous year, with 1,063 condominium units on the market. At the current monthly pending sale rate, the months of supply inventory eased to 4.9 months in July 2010 from 5.7 months in July 2009.
For condominiums priced less than $500,000, the months of supply inventory rose slightly to 2.8 months from 2.5 months at the same time last year, while months of supply inventory for condos priced between $500,000 and $900,000 declined to 4.5 months from 5.1 months.
The slowdown in the sale of luxury condominiums priced greater than $900,000 resulted in an increase of the months of supply inventory to 6.3 months from 4.9 months last year.
...Wow...so that's why some properties are still getting multiple offers, loans are hard as hell to get, and some properties are sitting stale and getting pulled off the market. Now I see. ;-)
-Market Focus Report, Rosen Consulting Group
Glen Park's Finest New Listing
I have a fab (did I really just use that word?) new listing I expect all of you to come visit me at, and at least one of you to write an offer on. This is top floor Glen Park splendor at 45 Van Buren Street
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Although it is a condo, it feels much more like a single family home. There is tons of natural light; hardwood floors; bright, open, remodeled kitchen with bar seating; fireplace; deeded parking (and tons of easy...yes easy street parking); decks; yard; garden; hot tub; and views baby views! You need to check it out, especially if you're priced out of Noe Valley.
It's a short walk to the "Village", and did you know Glen Park is one of the hippest and "new hot" places to call home...Noe Valley is so yesterday! Dammit if I didn't already have a home I'd move right in. See you there on Sunday from 2-4pm.
A Snippet Of What Else Is "Out There"
Charming View San Francisco Retreat located on the Greenwich steps!? Yup...it's available for you...
It's really hard for me not to be excited about my new venture, but every single one of you reading this sfnewsletter clearly has an interest in real estate, so I'd expect you'd want to bookmark the site. These are just a tiny example of the quality of pocket listings showing up on the site...and there are buyers looking for just these types of things.
Perhaps you have your sights on something a bit more...um...Noe? We have that too:
Extensively renovated Noe Valley Condo, 3 bed, 2.5 bath, and priced around $1,099,000.
San Francisco not your thing? That's okay, we have Mill Valley too!
We also have Malibu, and Miami Beach. Yes, it's a real estate revolution sweeping the nation and we're leading the way, and you all have a lot to gain from knowing what else is "out there".
Thoughts
Well that was fun...I just wrote this entire newsletter twice. It didn't save the first time...correction...I didn't save it. Doh!
Happy Aloha Friday!
The sfnewsletter team
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