Southern/Central Marin County Real Estate Report April 2018

In spite of very rainy, wet weather, Marin single family home buyers were buying in March. Median sold prices rose for both homes and condominiums, with homes rising just slightly from $1,461,000 to $1,468,000 and condominiums jumping from $668,000 to $729,000.Single Family Homes: The three-month rolling average median sales price of $1,468,000 is up 9.7% over last year’s.Year-to-date, new listings are down 14% while sales are up 6.9%.March’s inventory of 1.9 months is 14% lower than in 2017.The median percent of list price received was 100% in March.Condominium/Townhomes: The three-month rolling average median sales price of $729,000 is up 14% over last year’s.Year-to-date, new listings are down 18% while sales were down 32%.March’s inventory of 2.2 months is 57% higher than in 2017.The median percent of list price received was 100% in March.

Napa Valley Real Estate Report April 2018

It might have been March’s very rainy, wet weather that caused Napa’s home and condominium buyers and sellers to temper their activity. It might have been stock market volatility. New home and condominium listings were both down, as were home sales. Condominium sales eked out a very small increase. Sold prices for March were down from February.Single Family Homes: The three-month rolling average median sales price of $692,667 is up 5.3% over last year’s.Year-to-date, new listings are down 15% while sales are down 7.6%.March’s inventory of 2.2 months is 37% higher than in 2017.The median percent of list price received was 95% in March.Condominium/Townhomes: The three-month rolling average median sales price of $436,667 is up 2.8% over last year’s.Year-to-date, new listings are down 25% while sales are up 10%.March’s inventory of 1.5 months is 21% lower than in 2017.The median percent of list price received was 99% in March.

4171 24th Street | SF

Designed and built by BMW Properties developers in conjunction with the architectural team of SIA Consulting, 4171 24th Street is an inspired offering for the forward-thinking urbaneer.These five unique residences showcase inviting interiors equipped with smart technology and punctuated by serene open-air spaces, where walkability in the heart of Noe Valley makes home a springboard for active lifestyles.Deliberately crafted, these two- and three-bedroom homes feature sophisticated materials and superlative quality. Wide plank white oak floors, engineered quartz countertops, porcelain tile and gleaming custom cabinetry provide a timeless backdrop for contemporary living.Nest thermostat, iPad enabled Sonos home audio and video intercom, Thermador appliances and gas cooktop, Grohe and Blanco fixtures, and in-unit washer/dryer lend themselves to the comforts of home.Additionally, each residence is afforded secure storage and bicycle parking.The perfect complement to this boutique development’s well-appointed living spaces, its uber walkable location places Instagram-worthy artisanal shops, trendy eateries and seasonal markets at your doorstep.
  • Wide plank white oak flooring
  • Custom cabinetry by Gaos
  • Thermador kitchen appliance suite
  • Grohe and Blanco fixtures
  • Artistic Tile porcelain tiles
  • Nest thermostat
  • Sonos home audio
  • iPad central control system
  • Entry video intercom system
 See more at: Noe24SF.com

Showings

Suzanne Gregg415.816.9133 [email protected]Mike Basham 415.794.0999 [email protected]

San Francisco Real Estate Market Update: March 2018

As of the end of February, there were fewer total home, condo and loft sales in the first two months of 2018 than in any of the previous ten years. And while it’s impossible to say exactly what is causing the low number of sales, it is possible that buyer fatigue following six straight years of rising prices, interest rates jumps, and stock market volatility may all be contributing.At the same time, the median sold price per square foot for a single family home broke the $1000 threshold for the first time in San Francisco. That is up almost 150% since it bottomed out at $408 in January, 2012. And, enough buyers are still buying that prices are still rising. February’s median home price crossed $1,700,000, another first.Single Family Homes: The three-month rolling average median sales price of $1,501,667 is up 17% over last year’s.Year-to-date, new listings are down 7.4% while sales are down 9.7%.February’s inventory of 1.4 months is 26% lower than in 2017.80% of homes sold over their list price and the median percent of list price received was 113% in February.Condo/Loft/TIC’s: The three-month rolling average median sales price of $1,096,667 is up 3.13% over last year’s.Year-to-date, new listings are down 14% while sales were up 9.2%.February’s inventory of 1.9 months is 30% lower than in 2017.59% of homes sold over their list price and the median percent of list price received was 103% in February.

Southern/Central Marin County Real Estate Report March 2018

As of the end of February, there were fewer total home, condo and townhome sales in Southern & Central Marin in the first two months of 2018 than in the previous two years. And while it’s impossible to say exactly what is causing the low number of sales, it is possible that buyer fatigue following six straight years of rising prices, interest rates jumps, and stock market volatility may all be contributing.Single Family Homes: The three-month rolling average median sales price of $1,477,667 is up 16% over last year.Year-to-date, new listings are down 11% while sales are up 4.3%.February’s inventory of 3.1 months is 11% higher than in 2017.The median percent of list price received was 100% in February, the same as last February.Condo/Townhomes: The three-month rolling average median sales price of $660,000 is up 1.0% over last year’s.Year-to-date, new listings are down 12% while sales are up 2.7%.February’s inventory of 2.1 months is 23% lower than in 2017.The median percent of list price received was 100% in February, compared to 102% last year.

Napa Valley Real Estate Report March 2018

Inventory continues to be extremely low and the first two months of 2018 have seen the fewest new listings for single family homes come on the market than any of the previous ten years. Sales, on the other hand, have been higher than in the past three years. This combination led to the lowest inventory level in four years for single family homes in February.At the same time, the median sold price hit an all-time high, both on an absolute basis, $720,000, and as a three-month rolling average, $695,667.Single Family Homes: The three-month rolling average median sales price of $695,667 is up 9.6% over last year’s.Year-to-date, new listings are down 24% compared to 2017 while sales are down 18%.February’s inventory of 2.0 months is 37% lower than in 2017.The median percent of list price received was 96% in February compared to 94% in 2017.Condo/Townhomes: The three-month rolling average median sales price of $446,667 is up 2.6% over last year’s.Year-to-date, new listings are down 25% while sales were up 18%.February’s inventory of 2.2 months is 22% higher than in 2017.The median percent of list price received was 99% in February compared to 100% in 2017.

Annual Report on the San Francisco County Housing Market

There is an ongoing and undeniable national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Consumers are still purchasing for the first time and relocating to other, presumably more ideal homes.Having the financial ability to make a move clearly seems feasible to many eager buyers amidst a healthy economy, whether life events such as marriage, children, employment change or desirable downsizing is the reason for moving.There are further positive signs on the horizon, as builder confidence has improved and construction job gains are measurably higher. It will still take more effort than a lone year can provide for building activity to reach a needed level for inventory balance, but a step in the right direction is welcome.More sellers should feel ready and willing to list in 2018. Economic indicators such as unemployment rates and consumer confidence are in an improved state, and sellers currently hold the keys in the buyer-seller relationship. This does not mean that sellers can set their price and watch the offers roll in. On the contrary, buyers will be poised to test prevailing price points, particularly in markets where home price increases are outpacing wage growth and in light of the fact that mortgage rates are expected to increase further in 2018.Sales: Pending sales increased 3.2 percent, landing at 5,164 to close out the year. Sold listings were up 2.6 percent to finish 2017 at 5,150.Listings: Year-over-year, the number of homes for sale was lower by 19.9 percent. There were 540 active listings at the end of 2017. New listings decreased by 4.3 percent to finish the year at 6,139. Home supply was once again lower than desired in 2017.Prices: Home prices were up compared to last year. The overall median sales price increased 4.6 percent to $1,250,000 for the year. Prices are expected to continue to rise at a slow rate in 2018. Single-Family home prices were up 7.0 percent compared to last year, and Condo/TIC/Coop home prices were up 6.0 percent.List Price Received: Sellers received, on average, 109.4 percent of their original list price at sale, a year-over-year increase of 1.6 percent. As sales prices are expected to increase further in 2018, this could bring original list price received at sale up as well.The historic tax reforms due to make their mark in 2018 will have varying effects across the nation. High-priced coastal markets may feel the changes stronger than the middle of the country. And some potential buyers may see the changes as providing less of an investment benefit for homeowners.Some observers warn that there might be enough lack of incentives to stifle homeownership, which is already near 50-year lows. Policymakers claim that the reforms will help boost economic activity and profitability. Whichever direction we ultimately turn, the next year appears to offer a dalliance with balance intended to intrigue both sides of the transaction toward a common middle ground.For those who have their minds made up to buy a home in 2018, it will likely be a competitive ride. The trend has widely been toward fewer days on market and fewer months of supply, indicating strong demand despite higher prices and low inventory. This could prove tricky for first-time home buyers, especially for those who are impacted by student loan debt, content to rent or among the more than 15 percent of adult children still living at home. In a landscape rife with new variables, residential real estate is certainly poised to offer an interesting and active year ahead.

San Francisco Real Estate Market Update: February 2018

Many separate but connected events occurring in the global, national and local economy may have an impact on the San Francisco real estate market this year, the extent to which is unknown. These include a jump in the inflation rate, increased stock market volatility, the bond market sell-off, the weak dollar and talk of a fourth rate increase this year by the Federal Reserve Board.Home buyers are laser focused on mortgage interest rates, as well as how financially secure they feel with their investment portfolios. A gyrating stock market can not only reduce buyers’ ability to deliver on their downpayments but also deter their eagerness to make offers, let alone bid aggressively on them. As mortgage rates rise, and perhaps even more this year than anticipated, it hurt buyers in terms of the amount they can qualify for and sellers in terms of the downward pressure it puts on home values.All that said, San Francisco still has a booming job market and buyer demand that well out-strips supply. It’s hard to imagine a truly shifted market place, yet these two sides may come a bit more into balance this year.Single Family Homes: The three-month rolling average median sales price of $1,350,000 is up 10.5% over last year’s.In the past 12 months, new listings were down 5.9% while sales were up 0.94%.January’s inventory of 1.1 months is 35% lower than in 2017.70% of homes sold over their list price and the median percent of list price received was 108% in January.Condo/Loft/TIC’s: The three-month rolling average median sales price of $1,050,000 is up 11.3% over last year’s.In the past 12 months, new listings were down 7.5% while sales were up 2.4%.January’s inventory of 1.6 months is 33% lower than in 2017.39% of homes sold over their list price and the median percent of list price received was 100% in January.

Southern/Central Marin County Real Estate Report February 2018

Many separate but connected events occurring in the global, national and local economy may have an impact on the Marin real estate market this year, the extent to which is unknown. These include a jump in the inflation rate, increased stock market volatility, the bond market sell-off, the weak dollar and talk of a fourth rate increase this year by the Federal Reserve Board.Home buyers are laser focused on mortgage interest rates, as well as how financially secure they feel with their investment portfolios. A gyrating stock market can not only reduce buyers’ ability to deliver on their downpayments but also deter their eagerness to make offers, let alone bid aggressively on them. As mortgage rates rise, and perhaps even more this year than anticipated, it hurts buyers in terms of the amount they can qualify for and sellers in terms of the downward pressure it puts on home values.All that said, Marin is the beneficiary of San Francisco’s booming job market and buyer demand that well out-strips supply in San Francisco and the surrounding counties. It’s hard to imagine a truly shifted market place, yet the buyer and seller sides may come a bit more into balance this year.Single Family Homes: The three-month rolling average median sales price of $1,525,000 is up 19.9% over last year’s.In the past 12 months, new listings were down 5.5% while sales were up 5.8%.January’s inventory of 1.9 months is 27.8% lower than in 2017.The median percent of list price received was 90% in January.Condo/Townhome’s: The three-month rolling average median sales price of $655,000 is up % over last year’s.In the past 12 months, new listings were down 3.3% while sales were up 7.3%.January’s inventory of 2.4 months is 14.3% higher than in 2017.The median percent of list price received was 91% in January.