Author: Misha Weidman

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The Cost of a Hot Economy in California: A Severe Housing Crisis

Today’s NY Times talks about the California housing affordability crisis and how the state is considering legislation to make it harder for opponents of developments to create roadblocks to projects that otherwise fit within a locality’s zoning laws. There’s finally a movement of “YMBY’s” That are saying “yes” to greater density – which is really the main issue – because they understand that sprawl is the enemy of the environment in so many ways. In San Francisco, that’s resulting in projects that, for example, don’t require parking for each unit – a recognition that younger buyers are abandoning cars in favor of car-sharing and public transport. ...  Additional Details

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It’s Official: San Francisco Housing Market Reignites

In last month’s newsletter, I said that initial signs pointed to a newly robust Spring housing market after evidence that prices had flattened somewhat — especially for condominiums — in 2016. The data gathered through May confirms that conclusion.

The median house sales price jumped to $1,500,000, its highest point ever, about $100,000 (7%) above its previous monthly peak. The SF median condo sales price also hit a new peak at $1,200,000, $20,000 (1.7%) above its previous high.

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Spring Has Sprung Once Again in San Francisco’s Housing Market.

Between 2012 and 2015, the median price of a single family home in San Francisco increase by around 70% as we came out of the Great Financial Crisis. Condominium prices increased by around 55% during the same period.

San Francisco Home Price Appreciation

It’s not surprising, then, that the market took a breather and leveled off a bit during 2016. However, along with the return of warmer, dryer weather, buyers seem to be returning to the market in droves, and there is simply not enough inventory to meet demand. While it’s still a little too early to tell, our data suggests that things are heating up again. ...  Additional Details

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How Does San Francisco Compare to Other Bay Area Markets?

While we wait for the rain to stop and for the market to give some sign of its direction this spring, let’s take a look at what’s going on around us.

We’ll start with a look at single family homes.  I was surprised to see San Mateo running neck-and-neck with SF, and ahead of Santa Clara, Marin, and LaMorinda/Diablo Valley (Diablo).  I suspect that’s both because ritzy communities like Atherton and Hillsborough bring up the median values and because there are relatively few low-priced neighborhoods.   ...  Additional Details

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The 2016 San Francisco Real Estate Wrap-Up: Houses on Simmer; Condos Cool

The data is now in for 2016 and we have sliced and diced it to perfection.  The results?  Single family homes are on simmer, with median prices up a “mere” 6% over last year.  City-wide,  houses hit $1,350,000 in the last quarter of 2017, an all-time high.  Meanwhile condominiums are going sideways.  At $1,078,000, they were down about $25,000 from a year previous. In fact, their median price is effectively the same as it was at the start of 2015.

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Happy Holidays

Here are some of my favorite photos from 2016: from a trip to Death Valley in February to see the super-bloom, and the rest from our family trip to Peru where we did the Inca Trail among other things. Somehow Luna the Wonderdog got in there too, carrying flowers home on 24th Street.

We’ll take a detailed look at 2016 when all the data is in early next year. Let me take this opportunity to wish you all a joyful 2017. And thank you all for your continued readership and positive feedback for this newsletter. Keep it coming! ...  Additional Details

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Turkey and Trump: Lots to Digest

trumpturkey
Happy Thanksgiving everyone.  It’s been an emotional roller-coaster November with a surprise election result (on my birthday, no less) that sent many San Francisco residents into a state akin to mourning. (Full disclosure:  I count myself among them.)  Several of my own buyer clients have put their plans on hold while they regroup emotionally and assess how Donald Trump’s election affects their own plans to invest a sizable chunk of money in real estate and/or put down roots.  Meanwhile, sellers ponder whether to speed up bringing their homes to market as the post-election spike in interest rates may presage more of the same, which in turn may reduce the amount that people can afford to pay. ...  Additional Details