Our Little Corner of the World IS Different

Intuitively, true San Franciscans know this is true.  We're different; we're unique ...

I found an example in one of the social media items they put out from time-to-time that they encourage agents to use.

When I first saw this I said to myself "this doesn't seem to fit our market in San Francisco."  Myself replied: "prove it."

OK, here it is.  Looking at single family home sales in district 2 (the Sunset) since 1/11/2019 there were a total of 174 closed transactions:

The average selling price for the 30 owner occupied properties was $1.476 million (19 DOM).  
The average selling price for the 8 tenant occupied properties was $1.294 million.(38 DOM).
The average selling price for the 136 vacant properties was $1.695 million (20 DOM).

So for this sample, "vacant" is the clear winner with highest average sales price and virtual tie for the shortest days on market.

Comparison of US and International Housing Trends

This is Bill Jansen's Facebook post quoting from an Economist article that says "investing in housing is safe with no housing bubble in site".

https://www.facebook.com/photo.php?fbid=2501786566554898&set=a.312200685513508&type=3&sfns=mo

New Listing Market Watch - Summer Starts

Summer may have begun officially on June 21st but in San Francisco real estate the summer season usually starts just before the 4th of July holiday. The number of new listings declines significantly and the number of price reductions increases temporarily.  This year follows that trend.

During the last two weeks (the last half of June) the number of new listings dropped to 236 compared to 323 in the prior period (the first half of June).  The bulk of the reduction was in condos (128 vs 196 in the previous period).  New listings of single family homes fell to 108 vs 127 in the prior period.

The number of price reductions was almost the same as the prior two weeks (20 vs 16 reductions in single family homes and 32 vs 43 in condos).  This year the significant increase in price reductions happened in the first half of June.

Te number of new listings that went into contract stayed just about the same as the previous period:  20 single family homes vs 21 two weeks earlier and 32 condos vs 34 in the prior period.

The full report is posted on our web site:
www.boldsf.com/Statistics

Hot Weather | Hot Market

Our real estate market is as hot as it has ever been.  Our most recent two week New Listing Report  shows an 11% decline in new inventory coming on the market compared to the same two week period in 2018.  There were 18% fewer single family homes coming on the market during the past two weeks compared to a year ago and condos were down 5%.  Yet June sales through the 17th have been remarkable even by San Francisco standards.  As we reviewed the June sales data a few items stand out.

Average selling prices continue to be at or close to historic highs.  Days-on-market are amazingly short and the premiums paid are shocking.  Here are results for single family homes:

Condo average selling prices continue to set historic highs also.  Their DOM and premiums paid also reflect a very strong demand.

If the market follows recent trends new inventory will decline in number until Labor Day.  Listings are gold in the coming months.  Many buyers will find it a tough market to navigate and win in the face of competition which is sometimes fierce.  And as usual cash remains king.

We also note that total residential sales are down approx. 5% (116 homes) compared to this time in 2018.

New Listing Watch - summer solstice report

For the past two years we've seen an uptick in new listings during this middle week of June, apparently to get properties on the market before the Independence Day holiday.  That's true again this year but mostly for condos.  In the past two weeks there were 196 new condo listings compared to 167 during the previous two-week period.  Single family homes saw only 127 new listings compared to 123 during the previous period.

Compared to a year ago the total number of new listings for the last two weeks was down:  323 vs 361. 

Assuming the usual annual trend continues we should see a significant drop off of new listings until Labor Day.

The percentage of single family homes new listings that went into contract in the same two week period has held fairly steady since mid March -- 16.5%.  For condos it was 17.3% and has been steady since early May.

Price reductions have jumped up compared to the prior period:  16 single family homes saw price reductions vs only 6 in the prior period and 43 condos vs 22 in the prior period.

For the full report, see our web site http://www.boldsf.com/Statistics%20test/Statistics.html