SAN FRANCISCO HOMES THIS WEEK: WEDNESDAY, April 18, 2018
WEEKLY SALES MAP
See what sold during the week using this interactive map. It will show you where the home was located, the listing price, the sold price and how many days it was on the market.
Single Family Homes - 32 Sold
• Median Sale Price: $1,705,000
• 26 Sold OVER Asking Price
• 4 Sold UNDER Asking Price
• 2 Sold AT Asking Price
• There are currently 357 Single Family Homes on the market
Condos/Lofts/TICs - 54 Sold
• Median Sale Price: $1,150,000
• 37 Sold OVER Asking Price
• 11 Sold UNDER Asking Price
• 6 Sold AT Asking Price
• There are currently 615 Condos/Lofts/TICs on the market
*Source: San Francisco Association of Realtors®
REPORTS AND UPDATES
Quick Note: The Earning Power of San Francisco Homes
SF homes ‘earn money’ seven times faster than average U.S. workers according to a recent report posted on Sf.curbed.com. That is a remarkable statement when you think about it.
The website says that the median sales price of a San Francisco home increased by $454,000 between February 2017 and February 2018.
That’s more than 30 times what a worker at the federal minimum wage of $7.25/hour earns in 52 working weeks at 40 hours per week. ($15,080 before taxes.)
It’s also nearly 7.7 times the median U.S. per hour income of $28. And it’s more than four times San Francisco’s estimated median income of $103,801 in 2016, which is among the highest in the country.
The appreciation we've seen in home values in San Francisco in recent years has been astonishing — the result of a strong economy and implacable demand. Presenting that appreciation in comparison to annual personal incomes is an intriguing way to see just how great these gains have been.
Mortgage Update: Consumer Confidence Dips, But Still Relatively High
Consumer sentiment slipped in April, after recording its highest level since 2004 in March, amid concerns about President Donald Trump's trade policies on the U.S. economy.
The dip in consumer sentiment is also due to the expectation of rising interest rates, thus slowing the pace of economic growth. However, confidence still remains relatively high, the report said.
This information is provided by Tim Wood at Terra Mortgage Banking/Opes Advisors, a mortgage bank. Tim can be reached at 415.464.1374, by email TWood@TerraMB.com or through his website http://www.tinyurl.com/Tim-Wood-Loans.
INTEREST RATES THIS WEEK
Rates change daily and vary by product. They are provided here to give you a general sense of current average California rates. Your rate will vary and depends on credit and other factors. Rates are not published on weekends. Source: This information is provided by Tim Wood (NMLS #319539) at Terra Mortgage Banking/Opes Advisors, a mortgage bank. Tim can be reached at 415.464.1374, by email TWood@TerraMB.com or through his website http://www.tinyurl.com/Tim-Wood-Loans.
CHARTS AND TRENDS
Median Sales Price - By Property Type
This week we thought we'd compare median figures with average figures in two different categories — sales price and price per square foot. You'll see there's a dramatic difference between median sales price and average sales price, but actually very little difference between median price per square foot and average price per square foot. That's simply because the categories represent two very different sets of numbers. Sales price includes a much wider range of figures.
Average Sales Price - By Property Type
According to the figures we pulled from the San Francisco MLS, the median sales price for single family homes in March was $1,610,000, while the average sales price was $1,951,084. The median sales price for condos and lofts in March was $1,178,000, while the average sales price was $1,308,116. And the median sales price for all attached and detached homes in San Francisco in March was $1,327,000, compared to an average sales price of $1,565,252.
Median Price Per Square Foot - By Property Type
According to the figures we pulled from the San Francisco MLS, the median price per square foot for single family homes in March was $948, while the average price per square foot was $988. The median price per square foot for condos and lofts in March was $1,106, while the average price per square foot was $1,112. And the median price per square foot for all attached and detached homes in San Francisco in March was $1,048, compared to an average price per square foot of $1,058.
Average Price Per Square Foot - By Property Type
Note how in both charts the price per square foot is greater for condos and lofts than it is for single family homes. As we've mentioned previously, this is something to keep in mind when comparing properties. Price per square foot, though quoted a lot these days, doesn't tell the whole story, and is no substitute for more detailed analysis.
Neighborhood Spotlight: Japantown and the Western Addition
The neighborhood that is now Japantown (Nihonmachi) is approximately one mile west of Union Square and is part of San Francisco’s Western Addition, a subdivision that came into being with the writing of the Van Ness Ordinance in 1855. The land then was sandy and barren, and accommodated primarily bobcats, rabbits, quail, and chaparral.
In the 1870s, San Franciscans began to move to this area. They built homes in a variety of architectural styles with the Victorian influence predominating. Van Ness Avenue was the eastern boundary of the Western Addition and also the breakpoint of the fire caused by the great earthquake of 1906.
Japantown Becomes a Miniature Ginza
The first Japanese arrived in San Francisco – or Soko as they called it – in the early 1860s. For the most part, they lived in Chinatown and in neighborhoods south of Market Street, including South Park and the area near what is now the San Francisco Shopping Centre.
It was not until the devastating 1906 earthquake and fire drove many of them from their homes that they began moving to the Western Addition. As they settled here, they built churches and shrines and opened typically Japanese shops and restaurants. The neighborhood took on a very Japanese character and before long became a miniature Ginza known as Nihonmachi, or Japantown. It is here that the foundations of San Francisco’s Japanese American community took root.
To learn more about Japantown and its history, please click on, or copy and paste, the link that follows: http://www.sfjapantown.org/history
And if you get the chance, visit Japantown this weekend for the second and final weekend of the Northern California Cherry Blossom Festival.
Home Sales in the Western Addition
In March there were no single family homes sales in the Western Addition, and eleven condo and loft sales. That's a pretty typical ratio – one or two single family home sales at best, and around eight to twelve condo and loft sales. Just three single family home sales account for the rather strange looking chart above – one each month for three months at the same price each month. Most likely these sales can be attributed to a single developer bringing properties to market.
The median sales price for condos and lofts in the Western Addition in March was $1,000,000, up 18.2 percent over March of last year.