New Listing Watch -- jump in new listings

As happens every year at this time (post New Years holidays), new listings in the past two weeks jumped up significantly compared to the previous period (313 vs 234) and compared to a year ago (313 vs 274) -- 14% and 35% respectively.

The percentage of new listings going into contract in the same two week period was 10.5% of single family homes and 15.1% of condos.

There were only 4 price reductions of single family homes and 4 reductions of condos.

The full report is available at our web site:  www.boldsf.com/Statistics

Cost vs Value of home improvement projects

Remodeling magazine is out with its 2019 Cost vs. Value Report, an annual list of the home improvement projects with the most and least return on investment (ROI).  There is date for national averages, regional averages, and local (eg. San Francisco) average costs for 22 different projects.

In San Francisco, the magazine says the top three projects in terms of ROI are:

• Manufactured stone veneer
• Garage door replacement
• Grand entrance (fiberglass)

All of those projects show a positive ROI.

The bottom three projects in terms of ROI are:

• Roofing replacement (metal)
• Backyard patio
• Master suite addition

Those three projects each has an ROI of less than 75%.

As they say, "your experience may vary".

Annual Sales Comparison

Contrary to statistics being reported by the National Association of Realtors, the number of residential sales in San Francisco in 2018 increased slightly compared to the previous year:

The increase was 1.8%.  In 2017 the increase was 2.2%.  Prior to that we had three years of a decline in the number of sales year-over-year.

Looking at the comparison of first half to second half of the year, most of the increase in 2018 compared to 2017 was in the first 8 months. 

For the past three years the number of sales in the 2nd half of the year has been declining slightly.

As is typically the case, the number of residential sales in San Francisco always hits its peak in May/June and then again in October.  Not surprisingly, the fewest number of sales happen in January/February and then again in September.  Keep in mind that most sales are recorded on average about 30 days after a property goes into contract.  That's most obvious when we show the lowest number of sales in January because most buyers have other activities occupying their time and attention in December.

New Listing Watch -- last of the year

We've reached that point -- the last day of the calendar year and historically the lowest point of activity in the residential real estate market.

New listings in the last two weeks reached a low for the year of just 32 (14 single family homes and 18 condos).  A year ago the total was 48 with condos comprising most of the difference.

But to put those numbers in perspective, during the same two week period there were 103 listings withdrawn from the MLS (36 single family homes and 67 condos).  Bear in mind that most listings with a recent "withdrawn" status are still available for sale and we expect to see most of them come back to the market with an "active" status in January -- if the seller and listing agent wait thirty days the "new" listing will show a "0" days on market.

The number of new listings in the last two weeks that went into contract during the same period were 8 single family homes and 9 condos, roughly 50% of the new listings which suggests even in the peak holiday season there were still buyers out there ready/anxious to make an offer.

There were very few price reductions -- just 1 single family home and 3 condos which is almost identical to a year ago (1 and 6 respectively). 

If the last five years are any guide, our next report on January 14 will see a strong uptick in new listings.  (Past performance is no guarantee of future results, but we've seen this same cycle repeat over and over during all kinds of markets.

New Listing Watch -- hold on folks, we're almost at the bottom

Continuing true to form the number of new listings over the past two weeks is at its lowest for the year except for our next report December 31.  There were just 51 new single family home listings compared to 74 in the prior period and compared to 37 at the same time last year.

Similarly there were 41 new condo listings compared to 73 in the prior period.  However, last year at this time there were 61.

The number of new listings going into contract in the same two week period rose for both single family homes and condos compared to the prior period.  There were 14 single family homes vs 8 in the prior period and 12 a year ago.  There wee 6 condos vs 2 in the prior period and 15 a year ago.

The number of price reductions fell compared to the prior period and compared to the same period last year for both single family homes and condos.  There were 15 price reductions for single family homes vs 18 in the prior period and compared to just 1 in the same period last year.  For condos there were 19 price reductions compared to 33 in the prior period and 10 last year.