Don’t miss our Easter Bunny hosted egg hunt for kids (with mimosas for the adults) at 1:00pm sharp on April 16 at 220 San Jose Avenue!
220 San Jose is an amazing Italianate mansion on the tree-lined, quiet block of San Jose (@ 24th) with an amazing backyard that the EB himself will showcase to perfection.
You are invited to enjoy this celebration of spring whether you are looking for a home or not. I would love to see you.
Prepared to the 9s and ready for 21st Century buyers, 220 San Jose is an elegant home that boasts 4/5 bedrooms and 4 full baths on a oversized lot. The walk out garden is huge and stunningly landscaped.
Photos and 3D tour will be on all channels Friday 4/14. MansionInTheMission.com
Looking at San Francisco’s March sales data, we continue to see median sales prices and percent of list price received that are slightly lower than 2016’s. Inventory remains exceptionally low and it continues to be a sellers market.
The San Francisco economy remains very robust, but more mixed, as evidenced by a cooling in the commercial real estate leasing market, where rents dipped in 2016 and the sub-leasing market was very strong with a number of companies reducing their footprint. Also, in the tech sector, industry job reductions increased by 21% in 2016. Tech is driving the real estate market in San Francisco, so that’s the bell-weather industry to watch.
On the following charts we see that the San Francisco single family home market dipped negligibly in median sales price, down 0.2% year-on-year to $1,350,000. The number of sales rose 3.9% but the number of new listings dropped sharply for the second month in a row, 18.7% fewer than last March. This resulted in a 33% drop in inventory compared to last year, just 1.6 months of supply.
As buyers got slightly more conservative, they lowered their bids on single family homes a little compared to last year, coming in at 108.8% versus 2016’s 111.2%. Condo buyers dropped their overbids slightly as well, 102.3% of list price versus 103.3% last March.
Like the single family homes sector, the condo market also was hit with a sharp decline in new listings, down 25.8% compared to last year. Sales were up by 8.2%, so the combination of two low months of new listings combined with more sales left inventory down 18.5% from last March, at only 2.2 months of supply,. Condo median sales prices are up 4.1% year-on-year to $1,140,000.
The San Francisco luxury real estate market (defined as single family homes priced at $2,500,000 and above, and condominiums priced at $2,000,000 and above) remains a sellers market, although the supply of luxury condominiums has increased almost to the point of being considered a balanced market between buyers and sellers.
That said, the real story with condominiums is that there are almost 12 months of inventory in District 9. Of the 79 luxury condominiums currently on the market, 41 of them are in District 9. District 8 has a balanced market, with 19 active listings. The other districts have limited inventory and remain a sellers market.
Not surprisingly, then, sales prices remained strong in the luxury homes market, with the median sold price at 107% of list price. Not so for condominiums, where it fell to 96% of list price.
As in the non-luxury market, new listings were down sharply for both luxury homes and luxury condominiums, with homes down 49% compared to February 2016 and condominiums down 17%. The number of sales were unchanged for homes and down 13% for condominiums.
San Francisco, situated in Northern California, is a hub of business, commerce, and culture. While the major metro area sprawls on for miles on end, San Francisco proper is a tiny city by land size – just under 49 square miles. Despite its compactness, there’s a lot of greatness packed into this pint-sized, forward-thinking city. Though it was originally settled around the same time America won its independence, it wasn’t until 1849, at the height of the gold rush, that San Francisco saw its first spurt of rapid growth. The influx of new residents seeking fortune in the California hills catapulted the city of San Francisco forward. These new crowds attracted enterprising businessmen, who started banks (Wells Fargo), dry goods businesses (Levi’s), and even chocolate factories (Ghirardelli). Though the gold rush was eventually abandoned, what it left behind was a burgeoning city full of enterprise, hope, and progressive thinking. Today, San Francisco, the 14th largest city in the country, is a thriving urban area with just over 840,000 residents.
In a report recently released by U.S. New & World Report, San Fran was just ranked as the 16th best place to live in the U.S. in 2017. On Frisco’s official scorecard, it was given high marks in the categories of “desirability” and “job market”, but received a lower score in the categories of “quality of life” and “value”. So, what is it really like to live here? Our friends at Great Guys Moving Company have put together the following infographic with some of the nitty gritty facts about life in the City by the Bay. If you’re considering moving here, these are some of the things you need to know before you pack up that moving truck and head west. For instance, the data jives with the U.S. News report; San Francisco’s high-tech job market is booming. The unemployment rate is nearly 33% lower than it is across the rest of the country (3.5% versus 5.2%), and on average, paychecks are much bigger! On the flip side, San Francisco isn’t much of a “value” city, meaning it costs a lot to live here. Almost everything, except for wine (thanks Napa!), is more expensive here than it is elsewhere. And as the 2nd most population-dense city in the country after NYC, San Francisco has sky high real estate prices. The competitive real estate market is certainly impetus for working with an experienced San Francisco realtor.
As with any city, living in San Francisco does have its downsides, but overall, it’s an energizing city full of interesting people and packed with cultural landmarks. After all, where else can you ride a cable car just for the fun of it, soak up the views of the Golden Gate on a crisp, clear morning, or stroll through the largest Chinatown outside of Asia? Spend one week here, and you’ll see why it’s such a magical place to live. When you’re ready to move here, let the Living 415 team help you find the perfect place to call home! Whether you’re looking for an Italianate mansion in Noe Valley or a chic condo in Union Square, there’s sure to be a great place waiting for you.read more →
KW Cares is a centerpiece of the Keller Williams International culture. This was the most amazing event to attend. As someone who has watched the center of San Francisco return from blight over the last 30 years, hearing about Mama Shu’s determined effort to revitalize her block was intensely inspirational. I’m so proud and happy my company could help her complete a piece of her mission. – Jennifer
At the conclusion of Family Reunion, Keller Williams associates gather together to celebrate the spirit, service and acts of kindness that bond us together. This year’s event continued the 18-year tradition with the theme “touching hearts.”
After a moving performance by the Las Vegas Mass Choir, Vice Chairman of the Board Mo Anderson welcomed attendees and emphasized the “unyielding efforts, unshakeable spirit and united action” of Keller Williams associates.
“You are a part of the beautiful things too. You bless our hearts, because of the wonderful acts of kindness that you do every single day.”
After a prayer of all faiths, Anderson and her assistant executive, Kellie Clark, welcomed Khloe Thompson to the stage to share her story.
Heart of a Child
Khloe Thompson is not your average 9-year-old. She is an ambitious elementary student who started her own charity, Khloe Kares, in which she hands out handmade bags filled with toiletries to homeless women near her California home.
With the January inauguration of the new administration came a number of changes that have injected uncertainty into some important aspects of business which may have a ripple effect into the San Francisco real estate market.
The first change is the executive order to ban non-U.S. citizens entering the U.S. from certain countries. This caused an immediate employee travel ban by a several prominent San Francisco and Bay Area employers for employees potentially affected by the ban. Second came the announcement that the administration plans to double the qualifying salary threshold from $65,000 to $130,000 for an H-1B visa, making it much harder for employers to fill positions with foreign talent, a not insignificant source of employees in the high tech sector. Both of these injected uncertainty and potential business disruption into the Bay Area business community and both have received broad coverage in the business and general news, with some high-profile CEO’s speaking out against them because of fears of damage to their businesses.
On a stabilizing note, mortgage rates eased off just slightly (about 1/8 percent) in January. However, most lenders expect them to rise somewhat throughout the year, to around 5%.
The charts on the following pages graphically depict the same message we’ve seen for the past few years: San Francisco remains a strong single family home sellers market, with incredibly low inventory at 1.3 months, down 10% from January 2016. Median sales prices are up 7.1% year-on-year for single family homes. The median sales price of single family homes also continues to be bid up above list price, coming in at 105.9% for January.