Category archive - Market News

Appreciation & Depreciation of San Francisco Homes

Appreciation & Depreciation of San Francisco Homes since 1995

 

Below, median sales prices are calculated for 2-bedroom condos, 3-bedroom houses and 2-bedroom TICs in a number of SF neighborhoods over a variety of periods beginning with 1995 — when the last, great Sellers’ market began -– and ending with the six months following the financial market meltdown in September 2008. (Its effect began to show up in mid-October sales.) Median price is a relatively crude statistical generality – especially in SF with its huge variety in property type, size, condition, curb appeal and architectural style – but it can be useful in assessing macro trends in the market. However, remember: for a specific home, only a specific market analysis is truly pertinent.


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SF Chronicle Article: Home Price Decline Starting to Slow

Home price decline starting to slow

James Temple,Carolyn Said, Chronicle Staff Writers

Friday, April 17, 2009

 

(04-16) 10:53 PDT SAN FRANCISCO — Bay Area home prices are still falling, but the pace slowed significantly in March, extending a trend that is beginning to foster real hope that the market is approaching the bottom.

 

The median sales price across the nine-county region stood at $295,000 for existing single-family homes last month, a 46.3 percent drop from a year ago but off just 0.5 percent from February, MDA DataQuick of San Diego reported Thursday.

 

That month-to-month price change has been narrowing recently. The median declined 2.4 percent in February compared to the previous month and 7.9 percent in January. The biggest recent drop was 11.1 percent in September. Year-over-year price declines have floated around 47 percent for the past five months.

 

“It’s very meaningful because it means that we’re finding the floor for median home prices,” said Esmael Adibi, director of the Anderson Center for Economic Research at Chapman University in Orange. “I believe now that with the continuation in the strength of home sales and improvement in affordability, we will be very near the bottom in the next few months.”

 

For the first time in more than a year, the California Association of Realtors in February reported small month-over-month price increases in Alameda, San Francisco and San Mateo.

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SF Market Statistics

Hotsheet Statistics for the Past 2-Weeks: San Francisco Houses, Condos & TICs

(compared to the previous 2-week period)

New Listings:           315 – slightly up from 306
Back-on-Market:       64 – slightly down from 67
Price Reductions:     207 – substantially down from 273
Went Contingent:     171 – down from 185
Contingent REO:      7 – down from 11
Went Pending:         164 – up from 151
Sold:                       104 – down from 133
Sold REO:               9 – down from 20  
Expired/Withdrawn:  131 – substantially down from 199


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Fast Facts for the San Francisco Real Estate Market

Set forth are side by side comparisons of Single Family Residence, Condominium, and 2-4 Unit Dwelling sales activity for March 2008 and March 2009

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How Paragon Ranks In the Bay Area

The SF Business Times’ new ranking of the Largest Residential Real Estate Firms in the Bay Area has just come out, based upon 2008 gross sales.

 

Paragon is #10 in gross sales, and for brokerages with at least 100 agents, Paragon is #1 for the highest average sales per agent.

 

 

C.A.R. Launches Mortgage Protection Program

To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers. 

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RATE UPDATE!

Rates on conforming loans up to $417k and super-conforming loans up to $625k are down about .25% since the big Fed announcement last Wednesday—they were down further but have since retraced. Increases of super-conforming loan limits to $729k have still not been announced by Fannie and Freddie—it’s expected very soon. Rates on Jumbos from $729k to $3.5m are steady.

Last week, the Fed said they’d increase their mortgage bond buying program from $500 billion by June to $1.25 trillion by December. This will help keep rates low because mortgage rates drop when bond prices rise on buying rallies. But consumers shouldn’t assume rates will drop significantly from current levels. Here’s why:
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Hotsheet Statistics for the Past 2-Weeks: SF Houses, Condos & TICs

The market continues to improve for Buyers as inventory increases. For some reason, perhaps just an anomaly, REO sales activity dropped dramatically from the previous 2-week period.

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MLS Statistics for the last two weeks, 2/20/09 – 3/06/09

Comparing the past 2 weeks with the 2-week period, 1/30 – 2/13/09:

The number of new listings coming on the market declined by 20%

The number accepting offers (going contingent sale) increased by 35%

Closed sales went up 75%

Properties coming back on market (i.e. deals falling through) fell by 8%

The number of price reductions—already at very high rates—increased by 18%

Expired and withdrawn listings are relatively stable

26% of house sales were bank-owned properties (REO); 10% of condo sales were REOs


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