This weekend Japantown will host one of San Francisco’s most popular events, the Northern California Cherry Blossom Festival. It will run for two weekends, April 14th and 15th, and April 21st and 22nd. Meanwhile, the 2018 San Francisco International Film Festival runs through April 17, and the annual Cesar E. Chavez Day Parade and Festival takes place on Saturday, from 11 AM to 6 PM in the Mission District.
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 4/8/18 – 4/14/18
What Buyers Want This Spring
San Francisco is certainly a different real estate market. This week, the numbers we draw from the MLS for this report suggest that the median sales price for a single family home in San Francisco reached a record $1,800,000! That figure is based on the sale of 48 properties. We will have to wait until May to see final April numbers, but for now at least, prices in the City still seem to climbing — and dramatically so.
Meanwhile, RISMedia just published a report that looks at buyers nationwide. While some of this may not apply to San Francisco, it’s interesting to note that what we are seeing here is happening elsewhere in the country, though at an entirely different level.
With inventory lower-than-low and prices rising, the national market is anything but ordinary this spring according to realtor.com®. Buyers, nonetheless, are opting for traditional. Keep in mind that the median sales price for homes in the country as a whole is around $233,000.
The average buyer is on the hunt for a three-bedroom, two-bathroom home. Why are buyers in the market? Family needs (17 percent) and rent raises (23 percent) are among the drivers motivating millennials, while 55-plus buyers are being prompted by a desire for comfort, privacy, and stability.
The report also mentions a preference for colonial homes by millennials, and a desire for ranch homes by buyers who are 55-plus, and everybody wants a garage. Clearly, some “buyer wants” don’t really apply here. In San Francisco we pay more for homes, and our expectations are different. Views, neighborhoods, urban amenities, and walk-ability simply count more here. And that’s true for every demographic group.