Weekend Events and the Weekly Real Estate Update

SF.FunCheap.com has published a great online guide to San Francisco’s best Bastille Day celebrations taking place Saturday. Enjoy all things French — food, music, wine , beer, and more at a variety of venues. Meanwhile the SF Anime & Cosplay Festival is happening from 11 AM to 4 PM in Japantown Peace Plaza. And on Sunday you can watch the World Cup Final, France vs. Croatia, on a big outdoor screen with thousands of others at Civic Center Plaza. It promises to be a spirited and fun event!

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/8/18 – 7/14/18

A California and Bay Area Real Estate Market Report

We will soon be releasing our 2018 Second Quarter Report, but in the meantime we thought we would share information provided by the California Association of Realtors, based on May 2018 real estate sales. A continued shortage of homes for sale pushed California’s median home sales price to a new record for the first time since the previous housing boom, with the Bay Area recording double-digit percent annual growth for the 11th straight month.

According to the report, the median sales price for a single-family home in the state was $600,860 in May, up 9.2 percent year-over-year for the highest annual rate of appreciation in four years. California’s median price surpassed its previous peak of $594,530, recorded 11 years ago.

“As we predicted last month, California’s statewide median home price broke the previous pre-recession peak set in May 2007 and hit another high as tight supply conditions continued to pour fuel on the price appreciation fire,” CAR Senior Vice President and Chief Economist Leslie Appleton-Young said in a statement accompanying the report. “With inventory starting to show signs of improvement, however, home price appreciation could decelerate in the second half of the year, especially since further rate increases are expected to hamper homebuyers’ affordability and limit how much they are willing to pay for their new home.”

The median sales price for a single-family home in the nine-county Bay Area climbed to $1,088,000, up by 16.4 percent from May 2017, marking the second straight month the region hit a new peak. More specifically, all five of the state’s million-dollar counties are in the Bay Area: San Francisco ($1,620,000). San Mateo ($1,600,000), Marin ($1,415,000), Santa Clara ($1,400,000), and Alameda ($1,025,000).


Weekend Events and the Weekly Real Estate Update

Looks like we’re in for some sunny and warm weather over the next few days — the perfect conditions for the San Francisco Open AVP Beach Volleyball Tournament taking place now through Sunday, July 8 on Pier 30/32, the Embarcadro. Admission is free. If you’d rather stay indoors, and you’re a holder of a Bank of America or Meryl Lynch credit or debit card, you can take advantage of free admission to the de Young, Legion of Honor, and Contemporary Jewish Museum. It’s the first full weekend of July, and so it’s a Bank of America Free Museum Weekend. Click here for details.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/1/18 – 7/7/18

The Rise of the Older, Single Female Home Buyer

Since 1981, single women over 55 have been the fastest-growing demographic of home buyers when compared with a multitude of other categories, according to a recent Wall Street Journal report, citing an analysis of U.S. Census Bureau data by Ralph McLaughlin, founder and chief economist at Veritas Urbis Economics in Alameda, Calif.

Married couples are by far the largest group of home buyers, and single women the next largest group. But last year, single, older women made up 8.2% of all home buyers, roughly double the percentage of 20 years ago, Mr. McLaughlin says. These women also buy homes at nearly twice the rate as their male counterparts.

There have long been many more older single women than men, reflecting the fact that men remarry at a higher rate after a divorce, as well as the fact that men generally die at younger ages. But the dramatic increase in home purchasing by older women speaks to something else.

Many women in this place in life want to own a home of their own, says Jessica Lautz, director of demographics and behavioral insight for the National Association of Realtors. Ms. Lautz also notes that longer average lifespans — and people working until later in life — are giving older buyers across the country the confidence to take on a 15- or 30-year mortgage.

The fact that this trend is taking place is not surprising, but it is certainly worth noting.

Weekend Events and the Weekly Real Estate Update

The 34rd Annual Fillmore Jazz Festival takes place this Saturday and Sunday. It’s free, outdoors, and the largest of its kind on the West Coast — from 10:00 AM to 6:00 PM both days. Also, on Saturday and Sunday, you can watch the World Cup on big screens while enjoying the brunch of your choice at SoMa StrEat Food Park. Finally, this Sunday is the first Sunday of the month, so admission to the Asian Art Museum is free. This is one of the largest Asian museums in the Western world, with a collection of over 18,000 artworks spanning 6,000 years of history. Free First Sunday Admission is for the main galleries — it usually costs $15 for this general admission.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/24/18 – 6/30/18

What Makes the Bay Area Marketplace Different

Hill & Co. Sales Manager Jill Gumina was quoted in the San Francisco Chronicle recently, this time responding to the question “What makes the Bay Area marketplace different from other local markets?”

Here’s what she had to say:

“Our unique ability to embrace change of all manner and style, search for better solutions, improve the quality of our lives and those around us and the diversity of lifestyles make the Bay Area an exceedingly desirable place to live.”

“Creating companies and work places that develop new medical, environmental, technological, educational and socioeconomic transformations draws and attracts the brightest people in the world to our communities.”

“Couple those attributes with some of the best weather on the planet, beautiful and vibrant coastal and inland cities and towns and the attraction is irresistible.”

“A strong labor market that includes skills and jobs of all levels and dimensions fuels that desire and drives up the need for additional housing.”

“Property values and construction costs are at all-time highs with contractors searching worldwide for qualified workers. Huge demand and low housing supplies continue to sustain our robust and vigorous housing market, unlike anywhere else in the country.”

Weekend Events and the Weekly Real Estate Update

This weekend, once again it’s all about pride. With over 200 parade contingents, 200 exhibitors, and more than 20 stages and venues, the San Francisco LGBT Pride Celebration and Parade is the largest LGBT gathering in the nation.

Celebration and Rally
Saturday, 12:00 Noon to 6:00 PM
Sunday, 11:00 AM to 6:00 PM
Civic Center Plaza

Sunday, 10:30 AM

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/17/18 – 6/23/18

Pipeline of Residential Development in San Francisco Grows

With the number of newly proposed units of housing to be built in San Francisco having outpaced the number of units where construction has recently been completed, the overall pipeline of apartments and condos under development in San Francisco increased by 2,600 in the first quarter of 2018 to a record 67,800. That’s an increase of 4,200 units over the same time last year.

What’s more, according to a recent SocketSite.com post, the number of units in projects which have already broken ground and should be ready for occupancy within the next year or two has ticked up by 475 to 6,750. However, that remains 23 percent below a recent peak of 8,800 — set in the third quarter of 2015.

Nevertheless, when building permits and proposals are added to the number of projects currently underway, San Francisco’s Housing Pipeline now totals 67,800 as mentioned. This figure includes 11,450 units of “affordable housing” which are to be offered at below market rates.

Weekend Events and the Weekly Real Estate Update

This weekend the 64th Annual North Beach Festival takes place both Saturday and Sunday. The two-week long SF Jazz Festival ends on Sunday.  The Stern Grove Festival 2018 Kick-Off Concert takes place on Sunday, with Peabo Bryson & Jeffrey Osborne performing. And of course, it’s Father’s Day on Sunday, so you might want to take him along to one of these events.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/10/18 – 6/16/18

Home Prices Had Third Highest Spike in Nation in Q1

CoreLogic released its quarterly National Home Price Index recently and, according to SF.Curbed.com, found that San Francisco’s home price bounce since 2017 was the third highest in country.

The median asking price for a San Francisco home reached a record $1.6 million in the first quarter, nearly double what it was just five years ago.

CoreLogic’s 20-city composite score, which “measures the value of residential real estate in 20 major U.S. metropolitan areas,” was up 6.8 percent year over year in the first quarter. In San Francisco, however, it was 11.3 percent.

That 11.3 percent appreciation is number three in the nation, behind only Seattle (at 13 percent) and Las Vegas (12.4 percent).

It’s important to note that the Case-Shiller method measures “the prices of single-family, detached residences” by comparing the sale prices of the same properties over time. This means that the index excludes almost all of the City’s most recent construction, as condos are not included in this study.

Weekend Events and the Weekly Real Estate Update

Ghirardelli Square invites you to its 1st Annual Festival & Street Fair! It’s a two-day event, and it happens on Saturday, 10 AM-6 PM and Sunday, 10 AM-6 PM. Meanwhile, SFFuncheap.com writes about the “Festival of the Impossible”: Virtual Reality Immersive Art Festival taking place tonight, Saturday, and Sunday — for free tickets and details click here. Also, this Saturday the The 42nd Annual San Francisco Free Folk Festival 2018 takes place in the Mission District, and the 41st Annual Haight Ashbury Street Fair takes place on Sunday from 11 AM to 5:30 PM.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/3/18 – 6/9/18

San Francisco Ranked #1 Among 131 Global Cities in an Important Study

Jones Lang LaSalle’s fifth annual City Momentum Index ranks 131 global cities based on potential for long-term socio-economic and commercial real estate market success, a term it calls “future-proofing.” Factors used to gauge a metropolitan area’s chance for future momentum include innovation capacity, quality of universities and colleges, number of startups, and public infrastructure and environment quality.

North America accounts for half of the world’s top 30 future-proofed metro areas. Six of the top 10 future-proofed cities are in the U.S., and four of those are in California. San Francisco takes the top spot on the rankings, followed by Silicon Valley at No. 2, both due largely to the Bay Area’s global position as a technology powerhouse.

Investors use future-proofing to determine whether technology innovations will result in a market’s ability to hold its value and appreciate over time. For developers, the concept of future-proofing allows for understanding a city’s capacity for economic growth, thereby allowing them to plan and build sustainable communities.

Weekend Events and the Weekly Real Estate Update

It’s the three-day Memorial Day weekend, and on Saturday and Sunday, the 40th Annual San Francisco Carnaval Festival takes place in the Mission District. Organizers say this is the largest multi-cultural celebration on the West Coast, and over 400,000 are expected to attend the family-friendly event. For a guide to other things going on during this three-day weekend throughout the Bay Area from SF.Funcheap.com, click here.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 5/20/18 – 5/26/18

Midyear Update: Flat Forecast for Home Sales This Year

While all real estate is local, it’s still important to know what’s going on across the nation, not just in San Francisco. A piece published by RISMedia.com provides a good midyear report on what’s taking place right now, and what is likely to happen in the near future across the country.

For the foreseeable future, the housing market will be plagued by scarce supply, according to presenters at the 2018 REALTORS® Legislative Meetings & Trade Expo, held recently in Washington, D.C.

With the economy and employment encouraging growth, home sales will be subdued, though still on an uphill track, according to National Association of REALTORS® Chief Economist Lawrence Yun, who discussed the market during the Residential Economic Issues and Trends Forum. A forecast by Yun projects 5.6 million sales in 2018 — a 1.8 percent increase — and another 5.7 million in 2019. Home sales were up 1.1 percent in 2017 and 3.8 percent in 2016, according to NAR.

“Overall fundamentals remain solid, driven by a growing economy and steady job creation, which will sustain home sales in 2018 slightly above last year’s pace,” Yun said. “The worsening housing shortage means home prices are primed to rise further this year, too, hindering affordability conditions for homebuyers in markets across the country.”