San FranciscoMARKET UPDATE                                                                           SAN FRANCISCO, CA    ...
City Overview                                                                                                   Condos & T...
Condos & Townhomes in  City Overview  Jon Sterling | www.clmb.co                                                          ...
Condos & Townhomes in  City Overview  Jon Sterling | www.clmb.co                                                          ...
Condos & Townhomes in  City Overview  Jon Sterling | www.clmb.co                                                          ...
Condos & Townhomes in  City Overview  Jon Sterling | www.clmb.co                                                          ...
Neighborhood Detail                                                                                              Condos & ...
Condos & Townhomes in  Neighborhood Detail  Jon Sterling | www.clmb.co                                                    ...
Condos & Townhomes in  Neighborhood Detail  Jon Sterling | www.clmb.co                                                    ...
Condos & Townhomes in   Neighborhood Detail   Jon Sterling | www.clmb.co                                                  ...
Condos & Townhomes in  Neighborhood Detail  Jon Sterling | www.clmb.co                                                    ...
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San Francisco Condo Market Update 94114

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Transcript of "San Francisco Condo Market Update 94114"

  1. 1. San FranciscoMARKET UPDATE SAN FRANCISCO, CA 94114· Current Real Estate Market Conditions for Condos & Townhomes· Trends in Pricing· Current Levels of Supply and Demand· Value Metrics· Report for the week of April 02, 2012· Presented by Jon SterlingSoMa Condos & Loftsjon@climbsf.com415-691-7268 Powered by Altos Research LLC | www.altosresearch.com | Copyright ©2005-2010 Altos Research LLC
  2. 2. City Overview Condos & Townhomes in Jon Sterling | www.clmb.co SAN FRANCISCO, CA This Week Real-Time Market Profile Trend The median list price in SAN Median List Price $ 649,000 == FRANCISCO, CA this week is $649,000. Average List Price $ 798,348 The 665 properties have been on the Asking Price Per Square Foot $ 594 == market for an average of 118 days. Average Days on Market (DoM) 118 ≠≠ Inventory of Properties Listed 665 ±+ Most Expensive Listing $ 4,200,000 The Market Action Index has been Least Expensive Listing $ 90,000 climbing lately while days-on-market Average Age of Listing 41 are trending down, these point to a Percent of Properties with Price Decrease 16 % positive near-term outlook for the Percent Relisted (reset DOM) n/a market. Percent Flip (price increased) 2% Median House Size (sq ft) 1157 Median Number of Bedrooms 2.0 Median Number of Bathrooms 1.8 Supply and Demand Altos Research Value Statistics The market has not shown strong Market Action Index Sellers Advantage 32.6 == directional trends in terms of supply The Market Action Index answers the question "Hows the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 and demand. However, inventory is implies a sellers advantage. Below 30, conditions give the advantage to the sufficiently low to keep us in the buyer. Sellers Market zone and prices have been moving upward as evidence. Trend Key: == Strong upward trend ≠≠ Strong downward trend ±+ No change = Slight upward trend ≠ Slight downward trend Characteristics per Quartile Quartile Median Price Sq. Ft. Beds Baths Age Inventory New Absorbed DOM Top/First $ 1,295,000 1739 2.0 2.0 26 166 14 18 112 Most expensive 25% of propertiesUpper/Second $ 759,000 1253 2.0 2.0 26 166 22 20 76 Upper-middle 25% of properties Lower/Third $ 549,000 973 1.0 1.0 24 166 16 12 106 Lower-middle 25% of propertiesBottom/Fourth $ 325,000 830 1.0 1.0 13 167 8 21 179 Least expensive 25% of propertiesPage 2 of 11 Monday April 2, 2012
  3. 3. Condos & Townhomes in City Overview Jon Sterling | www.clmb.co SAN FRANCISCO, CA Median Price This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend over the last several weeks. 7-day Average 90-day Average Quartile Prices Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels. First/Top Second/Upper Third/Lower Fourth/BottomPage 3 of 11 Monday April 2, 2012
  4. 4. Condos & Townhomes in City Overview Jon Sterling | www.clmb.co SAN FRANCISCO, CA Price per Square Foot The market appears to be placing an increasing premium on homes. When list prices and price per square foot consistently increase in tandem, as theyre doing now, you can often find short-term investment opportunities. Watch the Market Action Index for persistent changes as a leading indicator for these trends to flatten or drop. 7-day Average 90-day Average Inventory of Properties Listed for Sale Inventory has been relatively steady around these levels in recent weeks. 7-day Average 90-day AveragePage 4 of 11 Monday April 2, 2012
  5. 5. Condos & Townhomes in City Overview Jon Sterling | www.clmb.co SAN FRANCISCO, CA Market Action Index The SAN FRANCISCO market is currently in the Sellers Advantage zone (greater than 30). The 90-day Market Action Index stands at 32.59 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly. 90-day Average Buyers/Sellers Cutoff Market Action Index per Quartile Three of the four quartiles of the market are in the Sellers Market zone with relatively low amounts of inventory given the current rate of demand for homes in the quartile. Notice that Quartile 1 (the highest-end price group) is showing weaker demand than the others. Its not uncommon that the premium segment of the market takes longer to sell than the rest of the group. First/Top Second/Upper Third/Lower Fourth/Bottom Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction.Page 5 of 11 Monday April 2, 2012
  6. 6. Condos & Townhomes in City Overview Jon Sterling | www.clmb.co SAN FRANCISCO, CA Days on Market The properties have been on the market for an average of 118 days. Half of the listings have come newly on the market in the past 49 or so days. 7-day Average 90-day Average Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. First/Top Second/Upper Third/Lower Fourth/BottomPage 6 of 11 Monday April 2, 2012
  7. 7. Neighborhood Detail Condos & Townhomes in Jon Sterling | www.clmb.co SAN FRANCISCO, CA 94114 This Week Real-Time Market Profile Trend The median list price in SAN Median List Price $ 779,000 ≠≠ FRANCISCO, CA 94114 this week is Average List Price $ 834,893 $779,000. The 24 properties have Asking Price Per Square Foot $ 620 ≠≠ been on the market for an average of Average Days on Market (DoM) 86 ≠≠ 86 days. Inventory of Properties Listed 24 == Most Expensive Listing $ 1,695,000 Demand measured by the Market Least Expensive Listing $ 311,042 Action Index is increasing and days- Average Age of Listing 47 on-market is trending downward. Percent of Properties with Price Decrease 25 % Even as more properties come Percent Relisted (reset DOM) n/a available, these are positive trends Percent Flip (price increased) 0% for the market. Median House Size (sq ft) 1376 Median Number of Bedrooms 2.0 Median Number of Bathrooms 2.0 Supply and Demand Altos Research Value Statistics In the last few weeks, the market Market Action Index Sellers Advantage 36.6 == has been at a stasis point in terms of The Market Action Index answers the question "Hows the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 sales to inventory. However, prices implies a sellers advantage. Below 30, conditions give the advantage to the seem to continue to fall a bit. buyer. Technically supply levels indicate this is a Sellers market so it is likely Trend Key: == Strong upward trend ≠≠ Strong downward trend that the downward pricing pressure ±+ No change = Slight upward trend ≠ Slight downward trend will be light or variable. Watch for an up-shift in the MAI before price stability is achieved. Characteristics per Quartile Quartile Median Price Sq. Ft. Beds Baths Age Inventory New Absorbed DOM Top/First $ 1,172,500 2013 3.0 2.5 12 6 2 2 115 Most expensive 25% of propertiesUpper/Second $ 867,000 1352 2.0 2.0 62 6 2 1 138 Upper-middle 25% of properties Lower/Third $ 694,000 1224 2.0 1.5 50 6 2 1 57 Lower-middle 25% of propertiesBottom/Fourth $ 495,750 541 1.0 1.0 52 6 0 0 32 Least expensive 25% of propertiesPage 7 of 11 Monday April 2, 2012
  8. 8. Condos & Townhomes in Neighborhood Detail Jon Sterling | www.clmb.co SAN FRANCISCO, CA 94114 Median Price Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices. 7-day Average 90-day Average Quartile Prices In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels. First/Top Second/Upper Third/Lower Fourth/BottomPage 8 of 11 Monday April 2, 2012
  9. 9. Condos & Townhomes in Neighborhood Detail Jon Sterling | www.clmb.co SAN FRANCISCO, CA 94114 Price per Square Foot The markets downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities. 7-day Average 90-day Average Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply. 7-day Average 90-day AveragePage 9 of 11 Monday April 2, 2012
  10. 10. Condos & Townhomes in Neighborhood Detail Jon Sterling | www.clmb.co SAN FRANCISCO, CA 94114 Market Action Index The SAN FRANCISCO, 94114 market is currently in the Sellers Advantage zone (greater than 30). The 90-day Market Action Index stands at 36.56 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly. 90-day Average Buyers/Sellers Cutoff Market Action Index per Quartile Not surprisingly, all quartiles are in the Buyers Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts. First/Top Second/Upper Third/Lower Fourth/Bottom Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction.Page 10 of 11 Monday April 2, 2012
  11. 11. Condos & Townhomes in Neighborhood Detail Jon Sterling | www.clmb.co SAN FRANCISCO, CA 94114 Days on Market The properties have been on the market for an average of 86 days. Half of the listings have come newly on the market in the past 28 or so days. 7-day Average 90-day Average Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. First/Top Second/Upper Third/Lower Fourth/BottomPage 11 of 11 Monday April 2, 2012

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