Your Real Estate Market Snapshot for August 2016 from SFAR

Posted by Charlene Delaney

August 2016

Closed sales began to cool for much of the country last month, and One-Year Change in conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.

New Listings were down 26.5 percent for single family homes and 21.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 6.3 percent for single family homes and 1.7 percent for Condo/TIC/Coop properties.snip20160921_1

The Median Sales Price was up 2.6 percent to $1,257,500 for single family homes and 1.4 percent to $1,060,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 10.0 percent for single family units but was up 21.1 percent for Condo/TIC/Coop units.

As inventory continues to drop, the contradictions of today’s market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.

For full report click here: sfar_marketfocus_2016-aug

New San Francisco Hospital Increases Net Worth of Real Estate

Posted by Charlene Delaney

A long time in the making, the new California Pacific Medical Center hospital on the corner of Van Ness Avenue between Post and Geary Streets is due to be completed by 2019. It will be state of the art, and a really innovative concept in that all hospital rooms will be private. It will be a showplace, and the area is already bustling with surrounding offices renting to doctors and other related businesses.

For property owners in the area, the impact on value will be good.  Doctors, nurses, and all other employees will find it attractive to live in walking distance to their work.  Whether it be the rental or sales of properties nearby, values should continue to be strong.

Welcome, CPMC!

Click here for full article: cpmc-article

Keller Williams continues to shake up the real estate world

Posted by Charlene Delaney

Keller Williams continues to shake up the real estate world, and I do mean world! Give me a call and let me tell you about traveling to foreign countries to recruit new KW offices! Even China is open.
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Keller Williams has far exceeded even my highest goals when I opened the SF market center in April, 2000.  How far do your goals reach?  Our training program to help agents increase their business are being copied by our competitors, but we still do it better!  Let me know if you would consider rejoining KW.  I would love to talk to you about it!
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Your Real Estate Market Snapshot for July 2016 from SFAR

Posted by Charlene Delaney

Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While incSnip20160901_1reasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.

New Listings were down 23.0 percent for single family homes and 26.5 percent for Condo/TIC/Coop properties. Pending Sales decreased 20.1 percent for single family homes but increased 0.4 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 6.4 percent to $1,362,500 for single family homes and 1.0 percent to $1,044,000 for Condo/TIC/Coop properties. Months Supply of Inventory remained flat for single family units but was up 26.3 percent
for Condo/TIC/Coop units.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.

Click here for full report: SFAR_MarketFocus_2016-July