Dolla Dolla Billz Changing the San Francisco Real Estate Game

So sales of homes in San Francisco are well, moving like hotcakes, at least relative to the last year or two. 

Socketsite reported that “recorded home sales volume in San Francisco was up 50.6% on a year-over-year basis last month“ and that “median sales price in March was $675,000, up 11.0% compared to March ’09 ($608,000) and up 7.6% compared to the month prior.”

Not enough evidence for you that we may have seen the bottom of the market? 

Well, how’s the evidence that multiple offers are on the rise again?  Out of the last 8 offers I’ve written for clients, 7 properties received multiple offers. 

But what’s MORE interesting, at least in my opinion, is that we seem to be seeing a major resurgence of the all cash offer! 

Yup.  In the last few weeks, the words “all cash offer” are a phrase I’m hearing on a daily basis.  Lenders are talking about it.  Escrow officers are talking about it.  And without a doubt, real estate agents are talking about it. 

But what does this all MEAN? 

Someone asked me the other day, “Why the hell would enyone ever tie up so much money in San Francisco real estate?”  Well, I’m going to go out on a limb here, but it might mean that the folks that are smart enough (or lucky enough) to amass a giant pile of cold hard cash seem to think that dumping all of their dough into real estate RIGHT NOW is a smart investment decision. 

Prices don’t seem to be going any lower and with sales spiking upwards and prices creeping upwards, it might be safe to deduce that the bottom of the SF housing market has come and gone.

I’d love to hear from some of you cash buyers, or even agents with cash buyers whether my theories are sorta correct or completely far fetched.  You can drop a note in the comments, or if you want to keep yourself anonymous, email me.

March 2010 San Francisco Housing Sales Data is Here!

Yet again, Luba’s San Francisco Real Estate Blog brings you latest San Francisco Real Estate market report here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen). Heres’s a little glimpse of the report:

Property Sales up Sharply in March

Sales of single-family, re-sale homes were up 87.5% from February. Year-over-year, home sales were up 66.7%. This is the ninth month in a row home sales have been higher than the year before.

The median price for homes gained 13.5% from February, and was up 14,5% year-over-year.

Sales of lofts/condos also increased sharply last month, rising 51.1% from February, and up 82.1% year-over-year.

The median price for lofts/condos rose 3.1% from February, and was up 3.2% year-over-year.

The increase in sales was welcome and put home sales up 39.9% year-to-date. For lofts/condos, sales are up 73.8%.

With the new state tax credit and the federal tax credit still in effect until the end of April, we expect sales for the Spring selling season to be strong.

Read on for full details.

30 Days of Sold San Francisco Properties

Want to know know what sold in San Francisco in the last 30 days? Sign up for The City Update(TM) – San Francisco’s Friendliest Newsletter. You’ll get the details, and then some, in your inbox (almost) every Friday.

If you just want the round numbers, you can check them out below.

Sold Listings 03/08/10 – 04/08/10

San Francisco Real Estate Sales Data – January – March 2010

In case you haven’t noticed, I’ve been a little behind on my blog posts as of late.  I’m a San Francisco Realtor first, and a blogger second.  So priority has been taking care of my buyers and sellers.  But there’s a teensy calm in the storm (the kind where the forecast is still calling for rain, but you peek outside and see a rainbow knowing that by the time you take off your galoshes, the rain will be back!) 

So since I’ve been behind in getting you the data you so desperately crave, here’s three months of it all at once.  Hopefully, it’ll be enough to make ammends.  And if not, I promise I’ll be around more often for you all.   

So here’s this wuarter’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from January 1 through March 30, 2010:

JANUARY

Single Family Homes

• 119 Homes Sold
• Median Sale Price was $718,000
• Minimum Sale Price was $150,000
• Maximum Sale Price was $6,500,000
• Median Selling Price was 103% of asking price
• Median Days on Market was 61
• Median Selling Price for homes that sold within 30 days was 103.5% of asking price

Condominiums, Lofts & Co-ops

• 93 Homes Sold
• Median Sale Price was $620,000
• Minimum Sale Price was $208,700
• Maximum Sale Price was $1,750,000
• Median Selling Price was 99% of asking price
• Median Days on Market was 72
• Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

• 22 Homes Sold
• Median Sale Price was $584,000
• Minimum Sale Price was $330,000
• Maximum Sale Price was $895,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 108
• Median Selling Price for homes that sold within 30 days was 100% of asking price

FEBRUARY

Single Family Homes

• 120 Homes Sold
• Median Sale Price was $701,250
• Minimum Sale Price was $200,000
• Maximum Sale Price was $3,362,500
• Median Selling Price was 101% of asking price
• Median Days on Market was 33
• Median Selling Price for homes that sold within 30 days was 104% of asking price

Condominiums, Lofts & Co-ops

• 120 Homes Sold
• Median Sale Price was $660,000
• Minimum Sale Price was $115,000
• Maximum Sale Price was $4,100,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 54
• Median Selling Price for homes that sold within 30 days was 100% of asking price

TIC’s

• 23 Homes Sold
• Median Sale Price was $549,000
• Minimum Sale Price was $250,000
• Maximum Sale Price was $870,000
• Median Selling Price was 102% of asking price
• Median Days on Market was 104
• Median Selling Price for homes that sold within 30 days was 97% of asking price

MARCH

Single Family Homes

• 210 Homes Sold
• Median Sale Price was $790,000
• Minimum Sale Price was $130,000
• Maximum Sale Price was $13,500,000
• Median Selling Price was 100% of asking price
• Median Days on Market was 31
• Median Selling Price for homes that sold within 30 days was 103% of asking price

Condominiums, Lofts & Co-ops

• 182 Homes Sold
• Median Sale Price was $683,500
• Minimum Sale Price was $235,000
• Maximum Sale Price was $2,450,000
• Median Selling Price was 101% of asking price
• Median Days on Market was 40
• Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

• 22 Homes Sold
• Median Sale Price was $560,000
• Minimum Sale Price was $370,000
• Maximum Sale Price was $980,000
• Median Selling Price was 99% of asking price
• Median Days on Market was 53
• Median Selling Price for homes that sold within 30 days was 101% of asking price

2009 San Francisco Sales Data

I run this report every month, but this time, I thought I’d let you look at the WHOLE year ALL at once!

So here’s 2009’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.  (And also remember that very few sales from new developments ever end up on the MLS.) 

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from January 1, 2009 through December 31, 2009:

Single Family Homes

• 2160 Homes Sold
• Median Sale Price was $748,000
• Minimum Sale Price was $115,000
• Maximum Sale Price was $14,000,000
• Median Selling Price was 99.5% of asking price
• Median Days on Market was 42
• Median Selling Price for homes that sold within 30 days was 102.5% of asking price

Condominiums, Lofts & Co-ops

• 1726 Homes Sold
• Median Sale Price was $670,000
• Minimum Sale Price was $115,000
• Maximum Sale Price was $7,250,000
• Median Selling Price was 96.5% of asking price
• Median Days on Market was 61
• Median Selling Price for homes that sold within 30 days was 98.5% of asking price

TIC’s

• 406 Homes Sold
• Median Sale Price was $540,000
• Minimum Sale Price was $225,000
• Maximum Sale Price was $2,396,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 70
• Median Selling Price for homes that sold within 30 days was 99.5% of asking price

San Francisco Real Estate Sales Data – December 2009

As I do every month, I ran the latest San Francisco real estate sales figures from the month of December for you.  Obviously, I’m a little late, since it’s almost February, but as they say, better late than never, right?  

This month, single family sales volume increased.  Median price dipped and days on market increased (not a surprise with lenders dragging their feet at every corner.)  Condos increased in volume by a smidge and median price increased by a smidge too.  and days on market increased (same as single family homes.)  And TIC sales almost doubled from the month before -a BIG surprise since TIC interest rates aren’t usually very desirable and these days, rates on condos and single family homes ARE awesome.  Without some sort of incentive from a seller, TIC’s just aren’t on everyone’s “to buy” list these days. 

So here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from Deccember 1, 2009 through December 31, 2009:

Single Family Homes

• 200 Homes Sold
• Median Sale Price was $757,609
• Minimum Sale Price was $169,000
• Maximum Sale Price was $14,000,000
• Median Selling Price was 99% of asking price
• Median Days on Market was 53
• Median Selling Price for homes that sold within 30 days was 104% of asking price

Condominiums, Lofts & Co-ops

• 181 Homes Sold
• Median Sale Price was $680,000
• Minimum Sale Price was $212,900
• Maximum Sale Price was $3,375,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 70
• Median Selling Price for homes that sold within 30 days was 98.4% of asking price

TIC’s

• 55 Homes Sold
• Median Sale Price was $587,000
• Minimum Sale Price was $340,000
• Maximum Sale Price was $1,635,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 72
• Median Selling Price for homes that sold within 30 days was 101.5% of asking price

30 Days of Sold San Francisco Real Estate

Want to know know what sold in San Francisco in the last 30 days? Sign up for The City Update(TM) – San Francisco’s Friendliest Newsletter. You’ll get the details, and then some, in your inbox (almost) every Friday.

If you just want the round numbers, you can check them out below.

Sold Listings 12/25/09 – 1/28/10

Two Tales of One (Real Estate) Market

I called the bottom of the San Francisco real estate market last year.  It felt like things were flattening out.  And in some by some reports, prices were even increasing in SF! 

Since the holidays, I’ve been busy as a bee trying to keep up with buyer and seller demands, and you may have even noticed that blog posts, and my “weekly” newsletter, The City Update(TM), have been rather sporadic. 

So MY take on the market is that it’s picking up, volume is increasing, prices have stabilized and most agents I know are in a pretty good mood.

But still, there’s no consensus on whether or not we’re REALLY seeing the bottom of real estate prices in San Francisco, or the rest of the country for that matter. 

Some people (like the folks at Freddie Mac) are saying the market is at or near the bottom, while other folks (like the Center for Economic Policy and Reseach) are saying prices are STILL too high and need to fall.

My thoughts?  With interest rates at all time lows, if you’re looking to own a home in San Francisco for the long term, it’s a great time to buy if you do a traditional thirty year fixed mortgage.  But if you’re looking at a housing here to try to make a quick buck, then back off and invest in something else. 

Same thing goes if you’re selling.  If you need to sell, and your situation dictates you do it now, you will find a buyer.  They’re out there.  (With the caveat that if you just bought a few years ago, don’t expect to make any money on the deal. )   

And if you need help figuring out  what side of the fence your buying or selling situation falls on, give me a call at 415-307-1392 or email me at luba@zephyrsf.com.  I’ll call it how I see it – though fair warning, you may not always get the response that you want. 

You’re Smart if you Buy a Home in San Francisco

As I’m browsing the blogosphere, I caught a glimpse of yet another article saying something positive about San Francisco real estate. 

Realtor Magazine quoted Forbes Magazine as saying SF is one of the 10 smartest places to buy a home NOW!

Why?

Well, according to them:

For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Click here for the rest of the “smart” cities for purchasing real estate. 

Oh, and give me a holler when you’re ready to make that SF home purchase. 

Real Estate Interest Rates from your San Francisco Mortgage Broker

Tim Higbee, from Guarantee Mortgage gives us the latest mortgage rates for the week ending Friday, January 22, 2010.

Please note that rates vary greatly based on credit scores and loan to value.

To get YOUR rate quote, give Tim a holler, his contact info is below:

Tim Higbee
Sr. Mortgage Consultant
CA DRE LIC #01346292

415-648-1202 (direct)