Weekend Events and the Weekly Real Estate Update

Now in its 42nd year, organizers say the Union Street Music Festival is one of San Francisco’s largest annual FREE events!  It will feature over 24 live bands sprinkled throughout the 5 blocks of the festival on both Saturday and Sunday. The 2018 Escape From Alcatraz Triathlon takes place on Sunday. And of course, the second game of the NBA Finals takes place on Sunday as well, starting at 5 PM, with the Warriors leading the Cleveland Cavaliers 1-0 thanks to an overtime win last night.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 5/27/18 – 6/2/18

Homes Are Even More Expensive on the Peninsula

SFGate.com just reported that those who think San Francisco’s home prices are high might be absolutely shocked to learn that San Mateo County is actually substantially more expensive. While the median price for a San Francisco home was $1,665,000 in April, the median price for a home on the Peninsula during the same month was $1.8 million, according to San Mateo County Association of Realtors data in the San Mateo Daily Journal.

There was range of course between Individual cities within the county, with the city of San Mateo coming in a little below the county average with a median price of $1.6 million, while nearby cities such as Belmont and Foster City were at $1.8 and $1.9 million, respectively.

Emily Landes with SFGate.com writes that real estate agents in the area believe this is the strongest market they’ve ever seen, pushed sky-high by an increasing population brought to the area by high-income jobs in tech and biotech. Much as in the rest of the Bay Area, that increasing population combined with a serious lag in new construction has led to a perfect storm of low inventory and high demand that can make buying a home in the county challenging.

It’s a familiar story, but it’s interesting to learn that other cities in the Bay Area are facing even greater challenges than we are seeing in San Francisco.