Statistical Tables | Mortgage Rates Outlook | Preparing to Sell Your Home? The 5 Best Projects to do Now

Prices Drifting Lower

Although prices of both single-family, re-sale homes and condos/lofts were higher year-over-year in September, the median prices of both have been drifting down, month-over-month, since the new record highs reached in May.

The median price for homes gained 9.9% over last September. That's the seventh month in a row the median price for homes has been higher than the year before. The median price was down 3.1% from the month before. That’s the fourth month in a row the median price has been lower than the month before.

The average price for homes was up 3.9% from August.

The median price for condos gained 8.8% from last September, but was down 5.6% from August.

The average price for condos was up 2.4% over last September, but down 3.1% from August.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 112.8% for homes and 104.4% for condos.

The ratio has been over 100% for homes since December 2012 and for condos since February 2012.

September Sales Statistics

Trends at a Glance
(Single-family Homes)
  Sep 17 Aug 17 Sep 16
Home Sales: 166 203 178
Median Price:  $1,337,500  $1,380,000  $1,216,875
Average Price:  $1,633,856  $1,572,820  $1,487,123
SP/LP: 112.8% 111.7% 108.5%
Days on Market: 28 27 41
(Lofts/Townhomes/TIC)
  Sep 17 Aug 17 Sep 16
Condo Sales: 170 199 233
Median Price:  $1,109,500  $1,175,000  $1,020,000
Average Price:  $1,236,729  $1,276,458  $1,207,213
SP/LP: 104.4% 105.3% 103.3%
Days on Market: 43 39 40
Sales momentum…
for homes fell 0.9 of a point to +8.1. Sales momentum for condos/lofts fell 4.3 points to –5.8.

Pricing momentum…
for single-family homes rose 0.4 of a point to +2.8. Pricing momentum for condos/lofts gained 0.8 of a point to +0.8.

Our momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.

This is an extraordinarily tough market for buyers. It's important to be calm and realistic. If you don't know what to do or where to begin, give me a call and let's discuss your situation and your options.

The graph below shows the median and average prices plus unit sales for homes.

The following chart shows the median price difference compared to the year before.

 

The graph below shows the median and average prices plus unit sales for condos/lofts.

The following chart shows the median price compared to the average price. The average price will always be more than the median price. The greater the difference, the more higher priced homes are being sold.

The real estate market is very hard to generalize. It is a market made up of many micro markets, especially in San Francisco. For complete information on a particular neighborhood or property, or for an evaluation of your home's worth, call me.

If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.

Monthly Statistics

Complete monthly sales statistics for San Francisco are below. Monthly graphs are available for each district in the city by clicking the links to the left.

September Sales Statistics
(Single-family Homes)
  Prices Unit     Yearly Change Monthly Change
  Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco  $1,337,500  $1,633,856 166 28 112.8% 9.9% 9.9% -6.7% -3.1% 3.9% -18.2%
D1: Northwest  $2,412,500  $2,774,850 8 9 111.0% 32.6% 36.4% -38.5% 37.9% 43.5% -11.1%
D2: Central West  $1,396,500  $1,496,701 38 23 122.8% 11.7% 21.3% 40.7% 5.6% 9.8% 0.0%
D3: Southwest  $1,115,000  $1,222,500 16 19 120.0% 32.7% 46.9% 0.0% 1.4% 3.8% -5.9%
D4: Twin Peaks  $1,400,000  $1,544,970 21 12 119.2% -2.7% -0.8% -25.0% -12.5% -7.3% -36.4%
D5: Central  $1,802,500  $2,075,500 16 28 108.2% -17.1% -9.2% -30.4% -16.2% -15.5% -40.7%
D6: Central North  $2,950,000  $2,950,000 1 28 100.0% 21.6% 17.2% -83.3% 70.0% 19.8% -66.7%
D7: North  $3,500,000  $5,915,000 5 85 97.8% 13.2% 74.2% -28.6% -11.3% 43.9% 25.0%
D8: Northeast  $3,535,000  $3,261,667 3 50 0.0% -63.7% -66.5% 200.0% n/a n/a n/a
D9: Central East  $1,475,000  $1,588,081 16 36 114.2% 2.3% 8.3% -36.0% -4.2% 2.4% -30.4%
D10: Southeast  $   875,000  $   937,610 41 35 113.2% 5.5% 9.8% -6.8% -7.9% -6.7% -14.6%

 

September Sales Statistics
(Condos/TICs/Co-ops/Lofts)
  Prices Unit     Yearly Change Monthly Change
  Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco  $1,109,500  $1,236,729 170 43 104.4% 8.8% 2.4% -27.0% -5.6% -3.1% -14.6%
D1: Northwest  $1,400,000  $1,263,333 3 15 103.9% 16.7% -18.8% -66.7% 5.7% -6.4% -50.0%
D2: Central West  $   857,500  $   843,750 4 44 114.5% -13.4% -14.8% 100.0% -39.2% -40.2% 300.0%
D3: Southwest  $           -    $           -   0 0 0.0% n/a n/a n/a n/a n/a n/a
D4: Twin Peaks  $   875,000  $   994,000 5 15 108.9% 28.7% 46.2% 400.0% 9.4% 6.3% 66.7%
D5: Central  $1,435,000  $1,335,647 17 35 110.1% 19.2% -1.9% -59.5% 13.7% 0.3% -46.9%
D6: Central North  $1,362,500  $1,262,114 22 31 108.8% 43.3% 32.9% -12.0% 26.7% 3.3% 15.8%
D7: North  $1,360,000  $1,873,162 14 27 106.2% -9.3% -13.8% -57.6% -20.7% 7.5% -36.4%
D8: Northeast  $1,122,500  $1,291,332 30 68 0.0% 24.9% 26.1% -34.8% -3.9% 1.1% 15.4%
D9: Central East  $1,065,000  $1,131,762 69 41 103.2% 9.2% 5.5% -14.8% -6.2% -7.9% -6.8%
D10: Southeast  $   625,600  $   633,533 3 121 97.5% 0.9% 8.8% -40.0% 9.8% 3.5% -50.0%

Mortgage Rates Outlook

 

Small Dip For Mortgage Rates At Summer's Close

September 1, 2017 -- Closing a summer that saw very little interest-rate drama, mortgage rates eased a little again this week, with the average conforming 30-year fixed rate attaining new 2017 lows. Another missile launch by North Korea, uncertain economic repercussions of the hurricane Harvey massive flooding event and a continuing lack of inflation saw investors edge a little toward safe-haven bonds, even as inflation premiums bled out of them a bit.

Despite a growing U.S. economy and economic improvement around the world, the continuing lack of rising price pressures calls into question the likelihood of another lift in the federal funds rate this year. It has been supposed that the Fed will announce the start of the process of trimming its balance sheet at its next meeting in just a couple of weeks, and that still seems on track, but if inflation doesn't start to reverse a recent trend the Fed will have a difficult time justifying the need for another rate increase.

Construction spending declined in July, falling by 0.6 percent. As has often been the case this year a rise in spending on residential construction projects has been overwhelmed by declines in commercial/industrial and public-works outlays. Spending for residential projects rose by 0.8 percent for the month, double the June pace, but non-residential outlays dropped by 1.9 percent, and public project spending fell by 1.4 percent. Seven months into 2017 and there has been only one month in the black for non-residential spending; retailers continue to struggle in the internet age, and there remains plenty of existing and unused capacity in the industrial sector yet as well. Public works spending has declined in 4 of 7 months so there's not much going on in the roads, bridges, schools and libraries component, either.

Mortgage rates continue to find more reasons to stay low with a slight downward bias than to turn up, and that seems likely to be the case again next week. We may not see any change in pattern until after next week at least, and probably not until after the next Fed meeting on September 19-20.

Preparing to Sell Your Home? The 5 Best Projects to do Now

 

By: Jennifer Nelson

Planning on selling your home soon? Take an objective look around your home from a buyer’s perspective. What would stop you from making an offer? What do you need to do to put your home’s best face forward?

Here are some projects to jump on now in order for your home to be in tip-top shape for a sale:

#1 Update Your Curb Appeal

· Make sure the bushes are all trimmed.

· Re-mulch or replace stone walkways and paths

· Remove any dead plants and trees, and aerate your lawn so it will be lush.

· Pressure wash the driveway, the front walk, and the exterior of your home.

· If need be, have the exterior of the house painted.

· At the very least, apply a fresh coat of paint on the front door.

#2 Get a Home Inspection

The NATIONAL ASSOCIATION OF REALTORS® says 77% of homebuyers have an inspection done before completing a home purchase. To avoid nasty surprises once you’re in the process of selling your home, have your own inspection done, and make any repairs before you list the home.

You should know that if the inspection does discover any flaws, even if you fix them, you will have to disclose them. But that’s still a much better strategy than letting the buyer find flaws, which gives them bargaining leverage.

#3 Replace Flooring and Paint Walls

Determine if your carpets need replacing or just a deep, professional cleaning. If they need to go, consider if hardwood or another flooring material might be more appealing to buyers.

You’ll also want to inspect interior rooms for dirty or scuffed walls that need a fresh coat of paint. Paint the whole wall, don’t just do touch-up repair work, because it never looks as good. Also, if you have eccentric or loud wall colors, now is the perfect time to update to a more neutral palette. Stagers recommend beiges, light grays, and off-whites.

#4 Tackle the Basement, Attic, and Garage

Often overlooked, these storage meccas can become a catch-all for junk. Get down and dirty in these hot spots and organize them from top to bottom. Install shelving, pegboards for tools, and hanging brackets for bicycles and other large sporting equipment. Your goal is to pitch the junk, sell what you no longer need, and categorize the rest.

“Donate or recycle clothes and bedding you don’t use anymore in order to free up storage space in your closets, basement, and garage,” says Amy Bly, a home stager at Great Impressions Home Staging in Montville, N.J. These areas should look roomy, well-organized, and clean.

#5 Consult a Stager

Buyers need to picture themselves living in the house, and they may have trouble doing that if all your personal effects are on display. In order to accomplish that, a professional stager can create a plan for you.

Bly spends about two hours walking through a property assessing curb appeal, interior flow, closets, bookcases, media cabinets, flooring, and more.

“I give homeowners a multi-page, room-by-room form they can use to take notes on my recommendations,” says Bly. She typically recommends things like neutralizing out-of-date decor, removing old furnishings and carpeting, and updating light fixtures. She also suggests the type of shower curtains, towels, bedding, and pillows to display for an upscale look.

Getting a jump on these fall projects will give you a leg up on selling in the spring. Today’s buyers are savvier than ever before, so when you’re ready, have a friend or relative drop by for a tour and point out anything you may have overlooked.

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