Category archive - Blog

Weekend: Feb 27 – Feb 28, 2021

This weekend has lots of great things to do for free and on the cheap. From the HellaSecret” Outdoor Comedy Show & Cocktail Nights, to the Children’s Gardens with San Francisco Native Plants Webinar to the #StandforAsians Rally & March in San Mateo. The events below will help you fill your calendar with fun!

View even more events here.

Weekend: Feb 20 – Feb 21, 2021

This weekend has lots of great things to do for free and on the cheap. From the Chinese New Year Float On Display, to the Titans of Comedy At Atlas to the Virtual Chinese New Year Parade (San Francisco). The events below will help you fill your calendar with fun!

View even more events here.

Weekend: Feb 13 – Feb 14, 2021

This weekend has lots of great things to do for free and on the cheap. From the “Black Laughs Matter” Virtual Comedy Show, to the SF’s “Impeach Trump Rally” at 555 California to “Makers Market in the Park” w/ 40+ Makers at Santana Row. The events below will help you fill your calendar with fun!

View even more events here.

San Francisco Real Estate as 2021 Begins

Our January report focused mostly on 2020’s annual statistics. This report will put most of its attention on quarterly and monthly indicators, which better illustrate changes occurring as 2020 progressed and 2021 began.

Of Bay Area counties, San Francisco was most negatively affected in the months immediately following the implementation of shelter-in-place. Inventory soared and sales plunged, especially in its condo market. In the second half of the year, buyers rushed back into the market.

Sales volume, very unusually, peaked for the year in December, hitting its highest point in history (for December). Home sales in January were up 67% over January 2020, a tremendous increase. Year-over-year, house median sales prices are up a little, and condo median prices, divided by size of unit, were down about 10%.

The city remains a very complex market, varying by neighborhood, property type and price segment. And vaccines may alter dynamics considerably in 2021.

New listings coming on market jumped up in January, as is the norm. The market seems to be heating up much more quickly than typical at the beginning of the new year.

This next chart illustrates the rapid growth in inventory that occurred after the pandemic struck: The spike was heavily weighted to condo listings, which hit an all-time high. In the last 3 months, inventory began dropping quickly – due to increasing demand, a drop in new listing activity, and a jump in listings being pulled off the market by sellers in December for the holidays.

Month by month, year-over-year comparison of home sales volumes – illustrating the initial pandemic crash in activity followed by the market rebound that saw monthly sales volumes climb far above the levels of the previous year. Blue columns represent monthly sales within the last 12 months, and gray columns, sales in the previous 12 months.

Sales were up 60% and peaked for the year in December (first time ever), and January sales soared 67% above January 2020.

Of the sales reported to MLS, closing in December and January, 43% were houses, 51% condos, 5% TICs and 1% co-ops.

Of the active/coming soon listings in MLS as of early February, 26% were houses, 63% condos, 9% TICs and 2% co-ops.

The chart below: Comparing 2020 to 2019, luxury house sales were up, luxury condo sales were well down, and non-luxury home sales were about flat. However, none of these statistics do justice to the rapid acceleration in market activity occurring in the second half of the year.

Sales price to original list price percentage: Over 100% – as seen in the 4 quarters of 2020 for houses – signifies an average sales price above original list price. Under 100% – as seen in the 2020 condo market – means, on average, sales prices were negotiated below asking price. Overbidding has declined substantially over the past 3 years.

As buyer demand bounced back, the number of price reductions dropped from the historic high reached in early autumn – however, on a year-over-year basis, the number remains higher than is typical for January.

A much larger number than usual of unsold listings were pulled off the market in December. We expect many of these to be re-listed early in the new year, some of them at lower prices than before.

The 2 tables below reflect market statistics and values for Q4 2020 only, by city district (each containing a variety of neighborhoods), first for houses and then for condos. Q4 stats will often be different than those for the full year 2020.

It is not unusual for more expensive markets to have softer supply and demand statistics, though this is not always the case.

City condo markets – especially in districts dominated by high-rises and large projects – often saw much cooler conditions than house markets.

 

Below is the first of 4 tables reviewing full-year 2020 SF home values by neighborhood. The full report along with a home price map is here:  San Francisco Neighborhood Home Prices. And for the entire region: Bay Area 2020 Home Prices.

Two major factors behind the Bay Area housing market recovery were the dramatic drop in interest rates, and the significant rebound in the stock market – especially in the stock prices of some of our local high-tech giants.

The post San Francisco Real Estate as 2021 Begins first appeared on Paragon Specific.

Weekend: Feb 6 – Feb 7, 2021

This weekend has lots of great things to do for free and on the cheap. From the “Self Healing” with Nature Bootcamp at Crissy Field, to the Free Beachfront Organic Rum Tasting (Pacifica) to Free Online Comedy Roast of “The Notebook”. The events below will help you fill your calendar with fun!

View even more events here.

Weekend: Jan 30 – Jan 31, 2021

This weekend has lots of great things to do for free and on the cheap. From the Plug & Play Music Day w/ Community Music Center, to the Sonoma International Film Festival Monthly Virtual Screenings to the Outer Sunset Farmers Market & Mercantile. The events below will help you fill your calendar with fun!

View even more events here.

Weekend: Jan 23 – Jan 24, 2021

This weekend has lots of great things to do for free and on the cheap. From the Outer Sunset Farmers Market & Mercantile, to the “Urban Tree Tour” of Pacific Heights to the Ives Collective Virtual Concert. The events below will help you fill your calendar with fun!

View even more events here.

Weekend: Jan 16 – Jan 17, 2021

This weekend has lots of great things to do for free and on the cheap. From Online Classical Concert: Gershwin and Ravel, to the Outer Sunset Farmers Market & Mercantile to 2021 Oakland Restaurant Week Final Weekend (Ends Jan. 18). The events below will help you fill your calendar with fun!

View even more events here.

San Francisco Real Estate in 2020

Pandemic, shelter in place, mass unemployment, terrible financial hardships for many households and small businesses, new ways of working, office buildings empty, people move, rents plunge, dreadful fires, an anxious presidential election, interest rates to historic lows, stock markets to new highs, billionaires decamp to save on taxes, IPO mania breaks out again, vaccines begin to arrive – and the real estate market in San Francisco saw complicated dynamics in supply and demand, with a strong recovery after an initial crash in activity.

2020: a year of social, political, economic and environmental extremes. Let us give thanks to those who worked so hard and sometimes risked their lives to help others.

The following analyses were designed to be self-explanatory, but please don’t hesitate to contact us with any questions.

The post San Francisco Real Estate in 2020 first appeared on Paragon Specific.