Archive for SF Local

San Francisco Real Estate Report

Here are some data that might be useful.  This information is as of September 10, 2008 brought to you by an analyst…

Current Available Listings of ALL homes 2,061
QTY (not $) of all homes sold in past 30 days 393
Months of Inventory (based on above data) 5
Average DOM for ALL homes 62
Est monthly % rate of decline (if applicable) 4%

For the month of Aug 2008, the market has fallen 3.5% in price (Aug = $633/SF vs July = $656/SF) and 19% in sales volume (Aug = 393 sold vs July = 486 sold). The days on market increased by 19% from 52 DOM (July) to 62 DOM (August). These statistics are consistent with seasonal market trends. July has traditionally been the most active time for Real Estate in SF. Of the 2061 units available, 912 are SFRs and 1149 are condos/TH/TICs.  Although SFRs represent a smaller share of the market, there are more REOs than Short Sales for SFRs. Of the 912 SFRs, 43 are REOs and 84 are Short Sales. 13.9% of the SFRs are distressed listings. Of the 1149 condos/TH/TICs, 29 are REOs and 27 are Short Sales. Distressed listings only represent 4.8% of the condo/TH/TICs market. Overall as a county and city, only 8.9% of the market is represented by a distressed listing. These statistics do vary amongst the 10 sub-districts of San Francisco.   District 10 is the most severely hit with 24.9% of all active listings being a REO/Short Sale (354 Listings and 86 REOs/Short Sales).  District 7 is among the least hit with 0.03% distressed listings (132 listins and 4 REOs/Short Sales). As we approach the fall season, one can expect to see continued price and volume decline.

What do you think?  Do you agree or disagree?

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Government Announces Conforming Loan Limit Increases

The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.

Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.

The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.

To view a list of the new FHA Mortgage Limits by county, go to:

FHA Loan Limits by County

For a list of the proposed loan limit changes for Fannie Mae and Freddie Mac, go to:

Fannie Mae and Freddie Mac Proposed Loan Limit Changes

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San Francisco listed as recent top 10 housing markets nationwide

Just like stocks in the stock market, where some stocks go up and some stocks go down, and companies of alike can also have different performances, the real estate market and performance is something you also can’t generalize…  Based on the recent report from the Forbes magazine, the below is a list of the top 10 best performing housing markets based on:

  • 2007 Q3 median home sale price
  • percentage change compared to 2006 Q3
  1. Salt Lake City; Median Home Sale Price: $246,700; Percent Change:14.1 percent
  2. Charlotte, N.C., $220,000, 11 percent
  3. San Jose, Calif., $852,500, 9.4 percent
  4. San Francisco, $825,400, 8.6 percent
  5. Raleigh, N.C., $229,500, 7.5 percent
  6. Austin, $188,200, 7.2 percent
  7. Pittsburgh, $127,700, 6.1 percent
  8. Seattle, $394,700, 6 percent
  9. San Antonio, $154,700, 5.7 percent
  10. Portland, Ore., $299,700, 5.2 percent

Source: Forbes, Matt Woolsey (11/21/2007)

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October 06/07 Condo sales in San Francisco

Below are the statistics on condo sales in San Francisco broken down by districts. For the names of the district, feel free to check out our district map. Data provided by California Association of Realtors.  And as you can see, San Francisco is definitely a market that cannot be generalized, because it really depends on the property itself, the block the property is on, yada yada.  It’s safe to say, however, that if you are looking to buy a HOME (not speculative investment, although your home in the long term will be the biggest investment and the biggest reward), this is a good time to look for that opportunity to get a property you wanted at a potentially a very good price.

Condominiums

     
District 1

October 2006

October 2007

Number of Sales

15

7

Median Selling Price

701,000

779,000

Average DOM

33

25

District 2

October 2006

October 2007

Number of Sales

0

2

Median Selling Price  

752,500

Average DOM  

27

District 3

October 2006

October 2007

Number of Sales

3

0

Median Selling Price

595,000

 
Average DOM

22

 

District 4

October 2006

October 2007

Number of Sales

2

5

Median Selling Price

466,500

600,000

Average DOM

47

30

District 5

October 2006

October 2007

Number of Sales

28

31

Median Selling Price

785,000

891,000

Average DOM

34

37

District 6

October 2006

October 2007

Number of Sales

15

28

Median Selling Price

692,000

742,500

Average DOM

40

36

District 7

October 2006

October 2007

Number of Sales

20

28

Median Selling Price

950,000

1,400,000

Average DOM

46

35

District 8

October 2006

October 2007

Number of Sales

38

30

Median Selling Price

782,500

772,000

Average DOM

45

45

District 9

October 2006

October 2007

Number of Sales

34

46

Median Selling Price

702,500

669,000

Average DOM

49

39

District 10

October 2006

October 2007

Number of Sales

2

8

Median Selling Price

454,299

353,500

Average DOM

24

39

District 11

October 2006

October 2007

Number of Sales

6

4

Median Selling Price

447,500

495,000

Average DOM

74

66

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November 2007 SF election results!

After delays in official announcement of election results due to the equipment issues from last week, the overwhelming absentee ballot count has put Gavin back in the office for the next 4 years! For those of you interested in ballet measure results, here they are!

San Francisco Voters Pass All But Two Local Ballot Measures

San Francisco voters were confronted with 11 measures on the municipal ballot last week. As of the writing of this article, the results of the voting reported by the city’s Department of Elections were as follows:

A – Municipal Transportation Agency funding increase
267 of 580 precincts reporting

YES 38,259 NO 33,119

B – Commissioner term limits
267 of 580 precincts reporting

YES 48,449 NO 20,371

C – Public hearings for ballot measures
267 of 580 precincts reporting

YES 49,614 NO 21,208

D – Library Preservation Fund renewal
267 of 580 precincts reporting

YES 52,778 NO 19,048

E – Mayor, required question time
267 of 580 precincts reporting

YES 34,508 NO 36,964

F – Airport police retirement
267 of 580 precincts reporting

YES 34,546 NO 32,911

G – Golden Gate Park Stables maintenance
267 of 580 precincts reporting

YES 38,413 NO 31,852

H – Parking spaces increase
267 of 580 precincts reporting

YES 25,849 NO 45,671

I – Small Business Assistance Center
267 of 580 precincts reporting

YES 40,492 NO 29,287

J – Free citywide wireless Internet access
267 of 580 precincts reporting

YES 44,998 NO 25,532

K – Limit advertising on bus shelters, city property
267 of 580 precincts reporting

YES 43,488 NO 27,512

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