Market Activity Over $1 Million Year-End in San Francisco

Friday, January 6th, 2012 @ 4:30 pm | Buyers, Market Trends, San Francisco Real Estate, Sellers

Home & Condo/Coop Property Sales

December Property sales were 80, down -20.0% from 100 in December of 2010 and -15.8% lower than the 95 sales last month. December 2011 sales were at a mid level compared to December of 2010 and 2009. December YTD sales of 1,020 are running 2.2% ahead of last year’s year-to-date sales of 998.

Home & Condo/Coop Sold Prices

The Median Sales Price in December was $1,348,500, down -7.4% from $1,455,500 in December of 2010 and down -14.9% from $1,585,000 last month. The Average Sales Price in December was $1,916,134, up 5.9% from $1,809,866 in December of 2010 and down -15.2% from $2,258,616 last month. December 2011 ASP was at highest level compared to December of 2010 and 2009.

Home & Condo/Coop Inventory & MSI

The Total Inventory of Properties available for sale as of December was 174, down -43.9% from 310 last month and down -28.4% from 243 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.

Home & Condo/Coop Absorption of Inventory (MSI)

MSI is the number of months it takes to sell the current inventory at  the monthly sales pace.  A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.  The December 2011 MSI of 2.2 months was at its lowest level compared with December of 2010 and 2009.

Home & Condo/Coop Market Time

The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 73, up 21.7% from 60 days last month and equal to 73 days in December of last year. The December 2011 DOM was at its lowest level compared with December of 2010 and 2009.

Home & Condo/Coop Selling Price per Square Foot

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $681 was down -11.7% from $771 last month and down -1.4% from $691 in December of last year.

Home & Condo/Coop Selling Price vs Original Listing Price

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 99.6% was up from 99.0% last month and up from 98.0% in December of last year.

Based on information from San Francisco MLS for the period  through 12/31/2011. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.

 

 

 

End of 2011 San Francisco Market Activity Under $1M

Wednesday, January 4th, 2012 @ 11:25 am | Buyers, Market Trends, San Francisco Real Estate, Sellers

Property Sales for homes and condos

December Property sales were 413, down -4.2% from 431 in December of 2010 and -4.4% lower than the 432 sales last month. December 2011 sales were at their lowest level compared to December of 2010 and 2009. December YTD sales of 5,160 are running 5.5% ahead of last year’s year-to-date sales of 4,891.

Prices  for homes & condos

The Median Sales Price in December was $550,000, up 1.7% from $541,000 in December of 2010 and equal to $550,000 last month. The Average Sales Price in December was $541,583, down -2.8% from $557,001 in December of 2010 and down -3.6% from $561,893 last month. December 2011 ASP was at the lowest level compared to December of 2010 and 2009.

Inventory for homes & condos

 The Total Inventory of Properties available for sale as of December was 950, down -40.6% from 1,600 last month and down -50.3% from 1,912 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.

Housing Absorption (MSI) for homes & condos

MSI is the number of months it takes to sell the current inventory at  the monthly sales pace.  A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2011 MSI of 2.3 months was at its lowest level compared with December of 2010 and 2009.

Market Time for homes & condos

The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 84, up 5.0% from 80 days last month and up 2.4% from 82 days in December of last year. The December 2011 DOM was at its highest level compared with December of 2010 and 2009.

Selling Price per Square Foot for homes & condos

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $423 was down -4.1% from $441 last month and down -4.1% from $441 in December of last year.

Selling Price vs Original Listing Price for homes & condos

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 99.8% was down from 100.3% last month and up from 98.3% in December of last year.

 

 

 

2011 Year End San Francisco Real Estate Summary

Sunday, January 1st, 2012 @ 4:19 pm | Buyers, Homeownership, Market Trends, Real Estate, San Francisco Real Estate

 

San Francisco Real Estate Market saw the usual year end slowdown as buyers and sellers turned their attention to the holidays, family and friends, and last minute shopping.

Yet there were pockets of activity where focused buyers competed for limited inventory, determined to wrap up transactions before 2011 ended.  

As throughout the year, well priced properties continued to sell in the first  30 days on the market evidenced by  mulitple offers with Buyers offering the asking price or more to purchase.  

One interesting observation that occurred towards the end of 2011 was that many properties that had been on the market for a very long time are now sold … which speaks to the diminishing inventory and the pent up demand to buy in the city.  

For the astute Buyer: What hadn’t sold in 2011 and was taken off the market during the Holidays, tends to sell in January and February while still off the market…our so called “hidden market”.  Call me so as not to miss out.

Generation X – young families and adults ages 31 to 45 are likely to lead the home buying recovery as they are in full force with their careers; they see the benefits of homeownership and they need  room to accommodate their growing families.

Baby Boomers comprise of 41% of our prospective Buyers today – buying their “essence of San Francisco” (i.e. second home) and/or downsizing to smaller homes in other neighborhoods within their city.

“It’s hard to see the possibility of losing on a home purchase right now, with these low mortgage rates”, quote from a Dean Baker of Businessweek 10/24/11.

 

 

 

Great Views, Best Weather, & Accessibility plus …

Thursday, February 24th, 2011 @ 1:34 pm | City Living, Neighborhoods, San Francisco Real Estate, Views of San Francisco
Potrero Hill’s Big 4 means higher value
.
One would be hard pressed to find a nicer place to live in San Francisco than the North Slope of Potrero Hill comprising of “San Francisco’s Big 4”.    
.
Big 4’s – Number One:  Potrero Hill’s North Slope has  some of the most dramatic dead on (day & night) views of the downtown Finanical District skyline and the Bay Bridge.

Rhode Island and 20th by Allio from Flickr

.
 Big 4’s – Number Two:  The finest weather in San Francisco is on Potrero Hill  – always sunny and warm year round when the rest of the city is overcast or foggy. 
 
 
  
Big 4’s – Number Three: Potrero Hill has the unsurpassed accessibility to the train, BART, Muni bus line(s) and freeways. 
.
As a major behavorial shift in California takes hold where the vast majority of commuters will live or work near a transit stations and drive less, residential neighborhoods near transportation huds and jobs will stand out as the best valued neighborhoods in the San Francisco  . 
.
.
To the 20th Street Train Station: 4 minutes by bike,  5 minutes by Muni bus, and 12 minutes walking.
To the 16th & Mission BART Station:  10 minutes by bike, 12 minutes by 22 Muni bus – west, and  30 minutes walking.
To San Francisco’s Financial District: 19 minutes by bike, 23 minutes on 10 Muni bus, and less than 1 hour walking.
To UCSF @ Mission Bay:  5 minutes by bike, 13 minutes by 22 Muni bus – east, and 15 minutes walking.
To the 101 Interstate: Quick access North onto the Bay Bridge and South to the East side of the Peninsula to the South Bay.
To 280 Interstate : Quick access South to the Peninsula and the South Bay.
.
.
 
.
Potrero Hill’s North Slope is a low density area high on a hill – made up mainly of single family homes &  low rise condominium & apartment buildings …as compared to the  high rise residential buildings that have sprung up nearby in San Francisco’s South Beach, Yerba Buena, South of Market areas near by.
.
 Big 4’s – Number Four:  Potrero Hill’s North Slope  has a relaxed  small town neighborhood feel with a real sense of community and a neigbhorhood known for its walkscore’s “a walker’s paradise” to  local hangouts where everyone knows your name.
.

Farleys - 18th @ Missouri by cd_1940 from Flickr

The North Slope of Potrero Hill's hangouts

The North Slope of Potrero ‘s “Big’s 4” puts new meaning to “Location, Location, Location” as one of the best places to call home in San Francisco.

North Slope of Potrero Hill called "ph stormbreak by vespadiso at Flickr

 

 

 

Wandering into Sea Cliff

Homes along El Camino Del Mar in Sea Cliff San Francisco

Have you ever wandered around San Francisco and came upona neighborhood that you fell in love with …and you didn’t even knowwhere you were

And the next thing you wondered was, can we afford it?

As I was putting out my last Open House Sign this past Sunday in Sea Cliff, a couple stopped me to ask me just that….”What is this neighborhood called?” and “How much are these homes selling go for?”. I told them to follow me into my Open House to find out more.

They loved the grand homes  style of architecture and they were fasinated by the gently sloping streets that captured the views of the Golden Gate Bridge and the water at every turn. Had they wandered 2 or 3 blocks to the West, they would have been on the Lincoln Park Golf Course and 2 or 3 blocks to the North, they would have found the path down the cliff to China Beach, not to mention the world class path along the water’s edge from Ocean Beach to Crissy Field.

Close enough to the water to hear the waves at night

 

The streets of Sea Cliff climb up the hillside gently to capture the views of the Golden Gate

Anyone wandering into one of my Open Houses will walk out with more knowledge about the real estate market activity for the surrounding neighborhood(s) and San Francisco’s Real Estate trends & other statistics than when they walked in.

As someone said at last week’s Open House, “It is like you set up a real estate course here”.

In our rapidly changing San Francisco market, it is a difficult decision in finding, much less choosing, a real estate agent to assist one in buying and or selling one of their most important and largest investments, their home. Therefore, what better place for them to start their interview process than at an Open House, by interviewing for their future agent.

Every Buyer and Seller wants to understand the real estate market before they buy or sell and while I am at an Open House to show them the value of the home I am selling, I am also there…prepared to show them why it is the best time in history to buy or sell a house and why I may be the best agent to get them where they want to go or be at the best possible price.

For example at last week’s Open House, one of my hand-outs, The 3 Year Trend of Homes SOLD in Sea Cliff and in the Surrounding Neighborhoods over $1.5 Million showed that the real estate market is beginning to show momentum upward with:

    • The Median SOLD Price in December 2010 at $1,865,000, up 2.8% from $1,815,000 in December 2009, yet down -1.6% from $1,898,250 in November 2010.
    • The Average SOLD Price in December 2010 was $2,669,750, up from $1,895,667 in December 2009 and up 12.2% from $2,380,417 in November 2010.

 

    • December 2010 Average SOLD Price was at highest level compared to December of 2009 and 2008.

 

SOLD Prices are fairly stable over $1.5 Million in the past 3 years

I quickly explained that with zero SOLDS reported in January & February 2009 and February 2010 as indicated by the arrows above, there is an explainable dip in the trends for those months.

Let’s meet. Stop by and pick up one of my hand-outs at any of my Open Houses…and let’s start the interview process by asking me. “How’s the market?”.

Just follow my Open House Signs, they are everywhere! Or give me a tweet @AnnScherbert.

Follow the signs

Follow Ann Scherbert’s Open House Signs to understanding the market

 

 

 

San Francisco Real Estate Can Be Seen At 37 Degrees 49 Minutes

San Francisco real estate is located at 37 degrees 49 minutes

On May 8, 2009, Mick Dawson and Chris Martin set off for the Golden Gate Bridge in their 23 foot row boat envisioning San Francisco real estate?6,000 miles away and arriving 189 days later on Friday, November 13th crossing?under the bridge at 37 degrees 49 minutes.

The skipper, Dawson said, “The Golden Gate and the city beyond looked ‘like heaven’ in the bright morning light”, as they arrived. And “heaven” it is, for many of those that have traveled near and far to own a piece of San Francisco real estate here.

Setting onto San Francisco real estate after 189 days at sea rowing in the heart of the Marina, California

Just as Dawson and Chris were envisioning San Francisco for 189 days by further saying,?”if anything means San Francisco, it is that bridge”, there were also those that had been envisioning the same image of the bridge when they bought and/or sold a piece of their “heaven” during those same 189 days.

Of the 2,183 San Francisco homes on the market from May 8, 2009 to November 13, 2009 (189 days), 72 had views of the Golden Gate Bridge:

San Francisco real estate market -72 homes have Golden Gate Bridge views in California from 5-08-09 to 11-13-09

40?Homes have sold from $565.101K to $11.5M

9 Homes have accepted offers with asking prices from $775.K to $9.M.

24 Homes are still on the market for now an average of 66 days, asking from $649K to $15.2M.

Of the 2,544 San Francisco Condos, Coops, Lofts, and T.I.C.s on the market from May 8, 2009 to November 13, 2009, 117 had views of the Golden Gate Bridge.

San Francisco Real Estate Condo/Coop/Loft/TIC market with views at 37 Degrees 49 Minutes since 5-08-09 to 11-13-09

59 have sold from $360K to $7.250M

17 have accepted offers with asking prices from $449.9K to $3.495M.

41 are on?the market an average of 61 days, asking from $419K to $8.5M.

Do you want to know how much a piece of “heaven” with a 37 Degree 49 Minute view is worth?

Ask me by emailing me at ColdwellBanker@AnnScherbert.com

 

 

 

San Francisco Real Estate Views Start With The Windows

The?essence of San Francisco real estate can sometimes be measured by?its?windows, as well as,?the?view through them.???

San Francisco real estate views come in all sizes through all sorts of windows, California

The?1930’s grand dames along the?San Francisco northerly skyline have the most elegant glorious spacious?rooms?with lovely views, yet?the more dramatic?floor to ceiling windows in?buildings built thereafter?capture?more of any view.?

What is your preference in finding the best views?in San Francisco real estate??

I know?how to?get them,?email?me at ColdwellBanker@AnnScherbert.com .

 

 

Recently

  • Market Activity Over $1 Million Year-End in San Francisco
  • End of 2011 San Francisco Market Activity Under $1M
  • 2011 Year End San Francisco Real Estate Summary
  • Snow On Them There Hills?
  • Great Views, Best Weather, & Accessibility plus …
  • Wandering into Sea Cliff
  • San Francisco Real Estate Can Be Seen At 37 Degrees 49 Minutes
  • San Francisco Real Estate Views Start With The Windows
  • Marina Trivia Is Worth Knowing
  • Know Your Free Days at the California Academy of Sciences