Danielle Lazier
This Time Baby…We’ll Be Bullet-Proof: San Francisco Real Estate Market Improves Again This Year
San Francisco, Bay Area’s Sole County to See a Real Estate Value Increase Last Year
San Francisco, which has been the most bulletproof county during the downturn, was the only one where the roll rose last year (by 4 percent). This year, it was up by 1.3 percent, the biggest increase of any county.
“Our residential market bottomed out last year and it is still on the road to recovery,” said Assessor Phil Ting. “We haven’t seen properties being restored to prior values yet, but we will probably see that in the next year or two.”
Read more: Bay Area Home Values Flatten Out
Not that this is a surprise to us at SFHotlist. As readers know, I called the real estate bottom in 2010, noticing that 2009 seemed to be the “worst” year for San Francisco home values….but I did negotiate many sweet deals for home buyers so I guess it depends on your perspective bc in retrospect, it was an awesome time to buy a home…if you could qualify for a loan! But broadly, it was really tough. Lack of liquidity, lack of bank lending, fear, stress, rising unemployment…all in all, I am glad 2009 is behind us.
But back to the good news. San Francisco does seem bullet-proof, doesn’t it? Of course, we suffered along with everyone else. Watching, “Too Big to Fail” over the weekend was a vibrant reminder. And yet, San Francisco is resilient. This is an amazing place to call home and a lucky place to own a piece of the real estate pie.
And just because I heart La Roux… 
Home Values in the Inner Sunset
Here is this month’s real estate activity in the Inner Sunset, San Francisco, CA.
- Number of listings: 15
- Average list price: $993,662
- Average days on market: 79
- Number of sold: 2
- Average sold price: $1,021,500
Compare to what last months Inner Sunset real estate activity looked like.
Send us a request to get your own San Francisco property home values report.
To get up-to-date San Francisco real estate news and market information, bookmark SFHotlist!
Inner Mission Real Estate Market
Check out this month’s real estate activity in the Inner Mission in San Francisco, CA.
Single-Family Homes
- Number of listings: 10
- Average list price: $870,181
- Average days on market: 62
- Number of sold: 4
- Average sale price: $863,750
Condos/TIC’s
Loft Condos
What did last month’s real estate activity look like in the Inner Mission; take a look.
Want to know how much your property is worth? Send us a request for your own San Francisco home values report.
Make sure to check back here for the HOTTEST news and updates on all things real estate in San Francisco, CA.
Bernal Heights Homes For Sale and Real Estate Market Update
Here is this month’s report on the real estate market in Bernal Heights, San Francisco, CA.
- Number of active: 37
- Average list price: $788,325
- Average days on market: 65
- Number of sold: 15
- Average sold price: $853,567
Look here to compare this report to last months real estate activity in Bernal Heights.
Send us a request to get your copy of a San Francisco home values report.
To get up-to-date San Francisco real estate news and market information, RSS SFHotlist!
SFHotList’s Single Family Homes vs. Condo Sales in the Inner Mission
Here is this week’s SFHotList report on Single Family Homes vs. Condo vs. TIC in the Inner Mission:
Single Family Home
- Average Price of Active Property: $954,607
- Number of SFH’s listed: 9
- Average Days on Market: 72
- Average Price of Sold Property: $693,000
- Number of Sold: 3
Condo / TIC
- Average Price of Active Property: $615,252
- Number of Condo/TIC Home Listed: 66
- Average Days on Market: 65
- Average Price of Sold Property: $694,000
- Number of Sold: 6
Loft Condo
- Average Price of Active Property: $582,445
- Number of Loft Condo Homes Listed: 10
- Average Days on Market: 69
- Average Price of Sold Property: $625,000
- Number of Sold: 1
Any changes from last week’s report? Take a look.
To get a full report on Inner Mission real estate activity just send us an email.
And, if you want to know the value of your home, ask us for the free report.
SFHotList’s San Francisco Real Estate Search: Inner Mission
Here is SFHotList’s San Francisco Real Estate Search for the Inner Mission.
Single Family Home
- Average Price of Active Property: $963,407
- Number of SFH’s listed:10
- Average Days on Market: 63
- Average Price of Sold Property: $710,000
- Number of Sold: 1
Condo / TIC
- Average Price of Active Property: $616,957
- Number of Condo/TIC Home Listed: 57
- Average Days on Market: 68
- Average Price of Sold Property: $554,286
- Number of Sold: 7
Loft Condo
- Average Price of Active Property: $594,900
- Number of Loft Condo Homes Listed: 10
- Average Days on Market: 73
- Number of Sold: 0
Any changes from last week’s report? Take a look.
To get a full report on Inner Mission real estate activity just send us an email.
And, if you want to know the value of your home, ask us for the free report.
Inner Sunset Real Estate Report
Here is this week’s Inner Sunset Real Estate Report.
- Average Price of Active Property: $1,027,750
- Number of Active: 7
- Average Days on Market: 91
- Number of Sold: 0
Click here to view last week’s report and look back next week for our weekly statistics.
To get a full report on Inner Sunset activity just send us an email. Or if you want to know the value of your property, just request for it online.
Ok, we must be near the bottom now. Manhattan has joined the fun!
At the risk of sounding bitter and petty (not for the 1st time, I’m sure), I found just a wee bit of glee to read in the New York Times that even holier-than-thou Manhattan real estate is feeling the downturn.
Of course, be careful to understand the broader picture.
Some neighborhoods have seen median home prices go down while others have seen their real estate values go up.
Most notably, “the neighborhoods that fared the best through the third quarter included Fifth Avenue and Park Avenue from 59th to 96th Streets, where median prices went up 35 percent.” 35% folks! Wow. Looks like their are some Masters left…just not at Lehman Brothers.
Points of interest & commonality to our San Francisco real estate market:
1. Real estate is very local.
The outer lying, less expensive neighborhoods and the areas that we consider transitional like South of Market or the Dogpatch have been & will be hardest hit.
“As to whether the neighborhoods that have softened first will weaken more quickly, Mr. Miller said: “Emerging neighborhoods by definition are more volatile. They have more potential to decline when the market weakens, and conversely they have more potential upside when the market returns.”
Our San Francisco real estate market plays out the same way. You’ll see much deeper price declines in outerlying and/or transitional neighborhoods. Think the Excelsior, Soma & Central Waterfront lofts, the parts of Bernal Heights on top of the freeway, etc.
Check statistics carefully and don’t rely on city-wide, county-wide or heaven forbid Bay Area-wide analysis. Find out what is going on in your micro-market.
2. If you want to sell, price it right and by right, I mean lower than the competition.
Get buyers in the door. The more buyers at your showings, the higher the sales price. You gotta get the action at the open house and today that means aggressive pricing.
If a property is priced AND presented right, it will sell in today’s SF housing market. Compared to the rest of the country, San Francisco and Manhattan real estate is doing GREAT. If you’ve owned your home for a few years, you might consider taking advantage of the incredible move-up buying opportunity.
“She (Veronica Raehse ) and other brokers said that they had been advising sellers to price their apartments 10 to 15 percent below the latest comparable sales. “You have to use comps as a starting point and price down from there,” she said. “It’s the only way to get more activity, because if buyers don’t think a deal is being offered, they’re just not going to bother with it.”
Donald Kemper, a vice president of Prudential Douglas Elliman, agreed that the only way to be a successful seller in the current market is to set a competitive price. “You have to establish value right away,” he said. “Because nobody wants to buy now and find that they could get it for less next year.”
3. The Election eased tensions and provides some clarity.
Whether you are happy or not about the results, the Election’s conclusion brings a little bit of certainty to the table. There was (and still is) too much confusion and uncertainty. Uncertainty leads to fear. Fear to panic. Panic to paralyis. Folks just don’t seem to do much of anything when they are in fear. They don’t buy cars. They don’t buy stocks. And, the don’t buy real estate.
Confusion – Uncertainty – Fear – Panic – Paralysis
We are calling it “the Obama effect.” One of many, I imagine.
Already, I am getting more emails and calls from buyers who are now ready to buy. I guess these first time buyers are ready to change their own lives too! 
Seriously, though, buyers are getting a clue that this opportunity won’t last forever.
(Actually, one client of mine who found me on this Blog (yay!) wrote an offer on his dream home 2 days after the Election!)
I’m also hearing from home owners who want to “trade-up” from their starter home, condo or loft.
They want to take advantage of the chance to move-up to a bigger, nicer house in a different neighborhood. They want the bigger discount on the new house. In the long run, they know it will actually save them money to take the loss on their current, “starter home.”
For my own real estate business, I expect to work with more home buyers and sellers in the 4th quarter than I did in the 3rd!
What are your plans?
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