DECEMBER 2013 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 18 PERCENT OVER PREVIOUS YEAR

San Francisco condominium prices rose 18 percent in December 2013 over the previous year, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.

The Mark Company Condominium Pricing Index for December was $1,034 per square foot, which is up 2 percent from November. New construction inventory was 78 percent lower than a year ago, and down 26 percent from the previous month, with 92 units currently available.

“With fewer than 100 new condominiums now for sale in San Francisco, price appreciation is likely to continue in 2014,” states Erin Kennelly, senior director of research, The Mark Company.

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.

The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $1,776 per square foot, up 18 percent year over year.

The condominium price per square foot was $868 for resales, up 26 percent over December 2012, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 229 condominium resales in San Francisco in December, 134 active condominium listings representing less than one month of inventory, and 123 pending condominium units, the Trend Sheet found.

That’s some pretty insane growth and is not surprising. Thanks Mark Company for the info.

San Francisco Home Price Plateau?, And Recent Sales In Your Area – Via sfnewsletter

Holy sh*t! Did I go M.I.A. on tFS or what!? I’m back (for a bit) and wanted to bring you the most recent version of sfnewsletter, from which you can access The Goods. What are The Goods? You’ll just have to click through to find out (pssst….they’re comps…sold property reports…and new listings…at your fingertips.)

sfnewsletter week ending 8/29/13

-sign up for sfnewsletter
-recent issue of sfnewsletter

San Francisco “Luxury” Real Estate Market Report

It’s funny, for the sake of talking market dynamics and data, we often refer to anything over $1,000,000 as “Luxury Home Sales”…at least most of the nation does, and so we’re kinda forced to as well. Even though we’re sharing these charts with you, and we’re clearly calling this a Luxury Market update, we’re starting to wonder at which point the über competitive price range of $1-2M stops becoming “Luxury”. I mean, really! A million bucks is still A LOT of money, isn’t it? So then, is a 1000 square foot condo that sells for $1,000,000 (Austin Powers voice), and doesn’t come with parking, a view, linen service, or a pool…luxury? (Yes, said condos already exist here.) Something to ponder on this Monday morning. Either way, have a look:

LuxHomes_Unit_Sales_by_QuarterV2

LuxHome_House-Sales_1500-1999_by-DistrictV2

LuxHome_House-Sales_2000-4999_by_DistrictV2

LuxHome_House-Sales_5m_by_DistrictV2

LuxHome_Condo-Sales_1500-Above_by_DistrictV2

Just Quotes: San Francisco Real Estate Market Heat Wave Shows No Signs Of Ending, But The Fog Is Back

“San Francisco’s median house price is poised to surpass $1 million this year after setting a record in May, the California Association of Realtors estimates. The county is the only one in the state with values to set a new high, said Leslie Appleton-Young, chief economist for the group.”

“‘There’s an improved economy, consumer confidence and extreme lack of inventory, and people want to buy [in San Francisco],’ Alan Mark, president of Mark Co.”

“The San Francisco area had the biggest gain in home prices among 20 U.S. cities in the S&P/Case-Shiller index. Single-family house prices in April jumped 24 percent from a year earlier, compared with gains of 12 percent of the broader gauge, which was still the biggest advance in more than seven years.”

“’We ended up taking something that wasn’t our first choice,’ said [one buyer]. ‘We really wanted to be on higher floor, but if we waited we’d get priced out.’”

Moral of the story? It’s a great time to list your property for sale in San Francisco, and if you’re buying in San Francisco, you will have to concede on at least one of your “must haves”, or you’ll never get in.

-San Francisco’s Million Dollar Homes Spur Condo Surge [Bloomberg.com]

San Francisco Real Estate Numbers For Real

From a reader in the comments:

I looked at the MLS sales volume and median sales prices year over year today, and sales volume is up about 38% for SFRs and condo/TICs, from 1354 in 2009 to 1875 in 2010. Median price is also up across just about all price tiers I looked at, which were 650 – 800K, 800K to 1M, 1M to 2M, 2 to 3M, and 3M or higher. 3M or higher was the only one that showed a lower median, and it was down about 70K. But there have been 35, 2010 sales to 19, 2009 sales for that tier.

Thank you.

Real Estate Agents…Spare Us The Mugshot

Zillow provides us with raw data to back up the fact that your image does nothing to sell you, or the home. But it does make for a damn good Sexiest Realtor contest.

From Zillow’s Blog:

Zillow makes money by selling ads on the site. But, to be a successful media company, we need to make sure our customers are realizing success with their ads. To help our customers do this, it is important to look at what the best-performing ads look like, and the lowest performing, because ad content is crucial to performance. Actually, these findings can apply broadly to any advertising campaign, not just those on Zillow.

The #1 takeaway:

LISTING ADS PERFORM A LOT BETTER (in terms of “click-throughs”) THAN AGENT HEAD SHOT ADS.

Observations from the Top 50 ads on Zillow:

-100% were ads for listings
-45 of 50 ads were an exterior home shot, 3 were interior, 2 were aerials
-42 of the ads mentioned a specific area (neighborhood, city or address)
-8 central messages revolved around Short Sale, Foreclosure or price reduction
-2 were Open House ads
-0 photos were renderings (illustrations), all were actual photos
-0 ads promoted a specific person, business or brand
-22 of the ads had a specific price visible
-7 had a phone number visible
-50 had photos that were taken on a sunny day

Observations from the Bottom 20 ads on Zillow:

18 of the ads promoted an agent/broker/brand
1 did not have a photo (and no clicks)
1 had some type of call-to-action on the ad

There you have it. The mugshot does nothing, the public wants details about the real estate, not how you look or whether you’re a “Top Producer”. We vote to remove agent mugshots from all marketing in the future on all media. You with us?

-Why are Realtors so arrogant and such assholes [theFrontSteps]

Condominium Versus Single Family Homes (The Data)

Misha Weidman is back and he brings us this little nugget (also posted on his site):

Condos vs. SFDs All Districts Chart

…and this quote to go along with it:

Until June 2008, condo and home prices were in lock-step in terms of price appreciation and decline. Thereafter, homes fell first and further. In March 2009, the delta between condos and home prices was a whopping 13%. Since then, however, home prices have recovered smartly: as of June, homes are about 4.5% further off their all-time highs than condos.

What does this all mean? First of all, I wouldn’t take too much consolation just yet in the upward spike in both condo and home prices since the beginning of the year. If you take a look at the chart, this happens every Jan/Feb when people start buying out of the winter doldrums. I wouldn’t predict a bottom until we see what happens this winter.
Still, the current delta of only $100,000 between median condo and median home prices seems rather small. If people are just begging to know what the historical average is, let me know and I’ll find out.

Thank you! And we’d bet there are a few that would love a little historical average.

-Misha’s Blog and place for more data crunching

Noe Valley Is Not Immune (Noe Valley Median Slides Along With SF As a Whole)

Woah! Where the hell has theFrontSteps been? A few things…I did, in fact, have a birthday (29 for those wondering) and I’ve been slammed with real estate. Thank goodness for the people behind theFrontSteps. This graph again from Misha Weidman:

noe-valley-vs-sf-all-districts-percent-change

This is median prices, and SINGLE FAMILY HOMES ONLY.

If this isn’t ammo for the haters, we don’t know what is. Thanks Misha for keeping the data coming!