Archive for May 2010 | Monthly archive page

Street Closures: Obama visiting San Francisco

May 25 – May 26, 2010 (Tuesday and Wednesday) Street Closures: President Obama Visiting S.F.
On Tuesday May 25th and Wednesday May 26th President Obama will be visiting San Francisco. The following streets will be affected due to high security precautions.

1) Fourth St. between Market and Mission beginning on Tuesday afternoon Approx. 2:00 PM continuing to 12:00 PM on Wednesday. *Special Note: A lane will be set up on Fourth St. for vehicles to enter/exit public parking facilities.

2) Mission St. between Third and Fourth will also be closed, including buses in both directions.

3) Lastly, approx. 20 minutes prior to Pres. Obama’s arrival/departure, Fourth St. between Market and Mission will be entirely vacated, including Jessie and Stevenson.

Quick Market Update Charts

These charts are by week by week through May 16 over the past 6 months.

All units (SFD, Condo, TIC, 2-4) going Under Contract. Unsurprisingly, there was a peak in the last week of April as people rushed to qualify for the Federal Tax Credit.


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All Units for Sale: Inventory continues to creep up little by little.


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New Listings coming on Market:


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Luxury Homes going Under Contract (SFD & Condo, $1.5m and above): this market segment was unaffected by the Federal Tax Credit. Market activity here jumped in the second week of May.


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Luxury Homes for Sale: inventory of luxury homes is creeping up as well.


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368880

1223 43rd Avenue


Represented Buyer
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367972

1295 29th Avenue


Represented Seller
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San Francisco Home Market Continues to Strengthen

May 2010 Market Charts Analysis

Statistics are typically broad-brush generalities and are subject to fluctuations due to a variety of reasons. Median prices in particular may be affected by other market factors besides changes in value. All information contained herein is derived from sources deemed reliable, but may contain errors and omissions, and is not warranted. Sales not reported to MLS are not included in these analyses.

Paragon Real Estate Group
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SF Homes Accepting Offers
The number of homes accepting offers in April 2010 continued to climb: 46% higher than one year ago; 33% higher than 2 years ago. It was the highest monthly total in years.

Paragon Real Estate Group
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April Snapshot
An overview of new listings, accepted offers, closed sales, price reductions, listings expired or withdrawn (without selling), and listings that came back on market (expired/ withdrawn listings that were re-listed, and accepted offers that fell through). The number of closed sales mostly reflects accepted-offer activity in February and March, which is the main reason for the discrepancy between the quantity of accepted offers and closed sales in April — the other reason being deals that fall through after offer acceptance. (Deals typically fail due to either financing or inspection issues.) Price reduction and back-on-market data are approximations. A single property can be included in more than one category within the same month.

Paragon Real Estate Group
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Sales Price to Final List Price
The house market continues to be the hottest segment with 45% of all sales closing at over the final list price. For the other property types more sales occurred at under asking than over or equal to the final list price. The vast majority of homes selling over asking price accept offers within the first week or two of going on market.

Paragon Real Estate Group
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SF Home Sales by Property Type
More houses sell than condos (not including new-development condo sales unreported to MLS). The TIC market has been hit very hard by changes in financing conditions.

Paragon Real Estate Group
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Sales by Realtor District
The two districts with the most home sales are District 5 (Noe/ Castro/ Haight), and District 9 (South Beach/ SOMA/ Mission/ Potrero/ Bernal). The third most active is District 10 (Bayview/ Portola/ Excelsior), where most of the bank-owned house sales have been occurring. Median home prices range from $450,000 in District 10; to $655,000 in District 9; $750,000 in District 2 (Sunset/ Parkside); $875,000 in District 5; and $1,440,500 in District 7 (Pacific Heights/ Marina).

Paragon Real Estate Group
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Homes Sales by Price Range
The market segment with the largest number of sales YTD was the $501,000 – $750,000 range. Of the 454 homes sold in this segment, 43 were bank-owned (REO) sales, about 9.5%. In the second largest market segment, homes $500,000 and under, 94 sales or 32% were bank-owned. As prices climbed, the number of sales decreased. The luxury home segment comprised about 10% of unit sales.

Paragon Real Estate Group
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SF Median HOUSE Price
In April, the median house (SFD) price in San Francisco was $788,000, about 15% below April 2008. Monthly fluctuations in median price are unreliable as indicators of changes in value — one must look for consistent longer term trends. Sales prices are 30 – 60 days behind the market, since that is the typical period between offer acceptance and close of escrow.

Paragon Real Estate Group
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SF Median CONDO Price
The median SF condo sales price in April 2010, at $698,000, was about 15% below the median in May 2008.

Paragon Real Estate Group
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Sold vs. Expired/Withdrawn
The green bars delineate sales; the purple bars show expired and withdrawn listings. A fair number of listings continue to expire even as demand has markedly increased. Typically, listings expire or are withdrawn due to being perceived as overpriced.

Paragon Real Estate Group
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Months-Supply-of-Inventory
MSI is a measure of how long it would take to sell the current inventory of homes for sale at existing rates of sale. The lower the MSI, the stronger is the market demand. In April 2010, the MSI for all home sales declined to a low 2.9 months, the lowest MSI for over 2 years. For houses and condos, the MSI is an even lower 2.5 months; for TICs and 2-4 unit buildings, the MSI is at 5.2 months and 5.9 months respectively. These last 2 property types make up a relatively small percentage of the overall SF home market.

Paragon Real Estate Group
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Average Days-on-Market (DOM)
DOM measures the time between a listing going on market and it accepting an offer: the fewer the days, the hotter the market. The average days-on-market for all SF home sales in April, at 47 days, was the lowest in over 2 years. For specific property types, the DOM reflects the heat of each market segment: for houses, it was 39 days; for condos, 49 days; for TICs, 68 days; and for 2-4 unit buildings, it was 69 days. Of course, these figures are for homes that actually accepted offers, not the listings that didn’t sell. The DOM for all for-sale properties was 117 days in April.

Paragon Real Estate Group
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Percentage of Listings with Accepted Offers
In April, the percentage of SF home listings which had accepted offers hit its highest level in over 2 years. For houses and condos, the rate is even higher, at just over 26%; for TICs and 2-4 unit buildings, the percentages are at 14% and 13% respectively.

Paragon Real Estate Group
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Mortgage Rates
Despite predictions that interest rates would rise after the Fed discontinued its bond-buying program on March 30, mortgage rates have remained near historic lows below 5%. The financial crisis in Europe may be playing a role in this. Most pundits still believe rates will rise as the year passes. The chart below, from Bankrate.com, shows 30-year rates over the past 3 years.

Paragon Real Estate Group
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Highest Sales per Agent in the Bay Area
According to the May 7, 2010 edition of the San Francisco Business Times, in 2009, Paragon agents had the highest average dollar volume sales of any of the largest residential brokerages in the Bay Area. Paragon agents have held this position for the last 3 years.

The Artisan Group Luxury Listings

The Artisan Group is a strategic alliance of locally-owned, high image real estate companies who have joined forces to create a greater level of service for our clients. We offer individualized local service through an expanded network of professional, meticulously managed real estate brokerages. Our dedication to building relationships in the local and extended communities is a time-proven asset to our clients. Through our alliances, we are able to provide top-quality service in an expanded market area.

No matter where you decide to buy or sell, we connect you with an agent from a company that offers you the personalized service you expect. The Artisan Group agents know the neighborhoods, schools, shopping, zoning, and commuting conditions that are relevant to buying a home in any community of the greater San Francisco Bay Area and Lake Tahoe region.

Here are a few of the Luxury Listings with the Artisan Group:


Paragon Real Estate // San Francisco


336 17th Avenue, San Francisco (Central Richmond)
$1,749,000
http://www.paragon-re.com/ParagonListingDetail.aspx?ID=2911


2777 Pine Street, San Francisco (Lower Pacific Heights)
$1,850,000
http://www.paragon-re.com/ParagonListingDetail.aspx?ID=2924


Empire Realty Associates // Diablo & Tri-Valley Areas


3150 Reed Avenue, Livermore, CA 94550
$2,195,000
www.3150ReedAvenue.com


515 Bourne Lane, Danville
$1,689,000
www.515BourneLn.com


Grubb Co. // Piedmont, Berkeley, Oakland, Kensington


878 Arlington Avenue, Berkeley
$1,850,000
http://www.grubbco.idxre.com/idx/detail.cfm?cid=42&pid=40464002&bid=1&fe=1&return=1&bvlc=1


Artisan Group Luxury Listings

San Francisco Farmers Markets, 2010

Sixteen farmers markets are going on around the city, and most are running now!


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Active REO listings & Quick Hotsheet Review

Per hotsheet statistics since April 16th: 587 new listings, 102 back on market, 310 price reductions, 321 went contingent, 326 went pending and 159 expired/withdrawn.

And here are the active REO listings for all districts except 3 & 10:


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