Zephyr MarketTracker Zephyr
Correction-territory?
As we mentioned last month, the California Association of Realtors (CAR) has been predicting a market correction for a while. They warn that we are in the 9th year of a 7 year cycle. We can safely say that we are in correction-territory now for certain locations and property types. The good news is, a healthy correction belies any talk of a dramatic drop in values. While 2018 saw a rise and fall in median sales price (MSP), prices are still up over 2017. And, with increasing activity in the tech sector, we will likely see increased demand—and therefore increased pressure on prices—again next year.

Single Family Homes
The MSP of single family homes peaked in February of 2018, and has steadily declined by 11.17% since then. That said, the MSP is still up 17.05% over the last 2 years. While there has been some talk of inventory increasing, our data show continued record lows; since February of 2017, inventory of single-family homes is down 11.38%. The number of new listings reveals the same pattern: new listings of single family homes are down 26.74%.

Despite the rain this year, February pending sales were consistent with the last 3 Februaries. Days on market peaked in January, but also returned to typical February numbers. The percent of list price received decreased by approximately 2.5%. (This number was consistent between single family homes and condos.)

Condos
The MSP of condos peaked a little earlier than that of single family homes, reaching an apex in March of 2018. It has since decreased by 10.87%. Condo inventory is down 15.37% since February of 2017, and, similar to single family homes, the number of days on market is also down (43.81%). New condo sales have dropped since February of 2017 but only very slightly.

Over and Under 3 Million
It is safe to say that the $3 million market behaves differently than the under $3 million group. The numbers for the over $3 million properties bounce around quite a bit, and the month of sale substantially affects appreciation. The good news for the under $3 million home buyers is that they have experienced significantly more appreciation and less variation from month to month.

Though not shown here, it is interesting to note that there has been no decrease in the percentage of total sales made up by $3 million homes bought and sold over the last 2 years. In fact, the percentage of $3 million homes sold has increased over time. Despite almost double the days on market, the upper end is alive and well!

Sold for $1,368,000
90 Dunsmuir Street, San Francisco
3BR // 2BA // Listed for $1,088,000
Sold for $1,511,000
148 Bocana Street, San Francisco
2BR // 1.5BA // Listed for $1,195,000
Sold for $804,000
50 Lansing Street #311, San Francisco
1BR // 1.5BA // Listed for $799,000
Sold for $450,000
432 Dempsey Road #233, Milpitas
2BR // 1BA // Listed for $448,000

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Recent Sales »

Happenings in the Bay Area
No matter the neighborhood you can always find a nice park to enjoy on a sunny day with a picnic or a good read. San Francisco is packed full of green spaces to choose from. Stay in your neighborhood or hop around and enjoy all of San Francisco’s parks. This list includes 153 of the City’s best public parks organized by neighborhood, so you can find your local spot or choose a neighborhood to explore! Read More »»
San Francisco is full of coffee shops. Regardless of what area you are in, it seems you can find a cafe on every block. If you’re looking for a place to work for the day, a spot to read or simply a good cup of joe, you can find one that fits your needs on this list containing 28 of San Francisco’s best coffee shops. From old to new, you are sure to find your caffeine fix wherever you are. Read More »»
Spring Break is here! As fun as it is for your kids to be out of school for the week, it can sometimes be hard to think of fun ways to fill the days. Thankfully, the Bay Area is full of fun activities for the whole family. This list contains 10 family outings perfect for taking a day off of work to enjoy Spring Break with your kids! Read More »»
Melinda Lee
Realtor®
415.336.0754
melinda@melindalee.realtor
LIC# 01344377
Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.