We hope everyone had a fun and relaxing Labor Day weekend and are settling back into the fall routine, whether its school time for the children, unpacking from travel, or planning for the many holidays that are just around the corner. We are personally looking forward to the next few months of warmer weather as the fog recedes from in the city, and professionally ramping up for a bustling fall selling season.
During the first two weeks of September, a whopping 612 new listings in San Francisco went active in MLS – just slightly above last year’s number of 607! Interestingly, we saw a slight decrease in the number of single family homes and 2-4 unit listings this year compared to last, with the uptick shown in the number of condos hitting the market (32 more than last year). It is important to note this data does not account for all the off-market activity that we are seeing.
September is typically the single month of the year in SF with the highest number of new listings and it will be interesting to see how this year compares to last.
As always, if you or anyone you know is looking for their next happy home or thinking of selling or buying, we hope you will continue to think of us!
Dale + Alla
We’re heading into the fall market stronger than we’ve ever been, but there’s a lot of economic uncertainty swirling around in general. Many of our clients have a lot of questions about which way the economy is headed.
A recession is likely at some point but no one knows for sure when it will hit. There are enough indicators of a coming market correction, like the yield curve inverting and GDP growth slowing, that I’d be surprised if one never came. But don’t trust anyone who tells you they know when it will happen. The Federal Reserve Chief Jerome Powell just signaled recently that a recession is not imminent, and that we can expect slower but steady growth.
If a recession comes, it is very unlikely to be as rough on the housing market as the 2007-09 recession. The last recession was catastrophic for our industry but it was also much, much worse than the average recession and much worse on the housing market in particular. Thanks to tighter lending standards and new regulations, the next contraction will likely be much milder.
Now that its September, listings have started pouring on the market again to fuel the relatively short autumn selling season – again, September is typically the single month with the highest number of new listings.
What occurs in the next 2 months, before the mid-winter holiday doldrums begin, will be the next major indicator of market conditions and direction.
San Francisco is out-performing the Bay Area – most of the other counties have seen 3% to 5% declines in median home prices since peaking in spring 2018, while the city saw a new monthly peak in June and a new quarterly peak in Q2. It has been suggested that the differentiating factor in SF has been the high number of large, local, high-tech IPOs occurring this year since early spring.
Stylish Mission Dolores Condo
565 14th St #1 (between Guerrero & Dolores)
Offered at $1,195,000
Incredible location and loads of charm make this stylish and modernized Mission Dolores oasis a city dweller’s dream.
Chic and Elegant Cow Hollow Condo
3027 Buchanan St. (@ Union)
Offered at $1,775,000
Gorgeous period detail and superb location makes this a wonderful opportunity in Cow Hollow.
Elegant Parkside Home w/ Panoramic Views
2 Bed | 1.5 Bath
Serene Laurel Heights Retreat
1 Bed | 1 Bath
Negotiated under-asking price for our wonderful buyers!
Brand new high-tech, light filled penthouse home
Sold for $2,050,000
Sold off-market for $2,700,000!
Luxurious Mission Remodel
Breathtaking View Home in Golden Gate Heights
4 Bed | 2.5 Bath | 2 Parking
Fantastic Opportunity for Developers, Contractors, Investors and End-Users in Noe/Inner Mission
4 Bed | 3.5 Bath | 2,298 SQ. FT. of livable space | A+ location
Call for details!!
Oktoberfest by the Bay
Fri. Sep 20 5 PM Sun. Sep 22 5 PM
Pier 35, San Francisco
This is the Best Oktoberfest in the West! 3 days, 4 sessions, and one of the best times you’ll ever remember. Sizzling Oompah bands play all throughout. Great German food. Exhibitors where you can buy dirndls, lederhosen, hats and lots of great things. And a huge outdoor biergarten that serves the coldest, tastiest Spaten you’ll ever enjoy! Kids are welcome on Saturday Day session and Sunday.
Tickets sold here.
California Vegetarian Food Festival + Symposium 2019
Saturday, Sep 21 11 AM 6 PM
The Palace of Fine Arts (3601 Lyon Street, San Francisco)
The California Vegetarian Food Festival & Symposium is making its San Francisco debut this year, showcasing 100% vegan and green innovation, with revolutionary plant-based food, eco-friendly products and fun for kids and adults alike.
In addition to the specially curated plant-based food and lifestyle vendors, there are multiple stages/areas highlighting world-class speakers, panelists, chefs, entertainers, artists, mind/body/fitness classes, non-profit organizations, kids activities & more!
Tickets sold here.