HAPPY OCTOBER! THE BLUE ANGELS ARE HERE!
October has arrived and hopefully, summer-like weather will follow.
The 2018 real estate market has been very brisk as prices continue to move to new historic highs! I've outlined some interesting 2018 market statistic below as well as exciting events both in and around San Francisco to enjoy. As always, please call if I can help you or friends with your real estate needs!
San Francisco Market Snapshot
San Francisco Market at Historic Highs....Will it hold?
2018 continues to be another strong year for San Francisco real estate sales. Locally, the San Francisco Association of Realtors (SFAR) indicates that prices continue to increase, supply remains low and consumers are optimistic. Nationally, median household income has risen 2.6% in the last 12 months while home prices are up 6.0%. With the Federal Reserve's 3rd rate hike this year and more planned nationally, the concern now is housing affordability. Although, while this may be a significant issue nationwide, the San Francisco market does not seem to be influenced by the current rate hikes to date, but only time will tell whether continued hikes take a toll on our market.
Fed Raises Interest Rates 3rd Time this year*
Most Fed officials expect to raise rates four times this year (2018), at least three times in 2019 and once in 2020. Analysts believe the next rate increase could come as early as December. The average 30-year fixed mortgage rate is 4.92%, up from 4.88% last week. 15-year fixed mortgage rates are 4.29%, up from 4.28% last week.
Single Family Homes Activity - San Francisco County*
Median Sales Price +12.5% Year over Year
Median Sales Price +15.9% Year to Date
Day on Market (DOM) down from 28 days to 21 day in 2018
Condos Activity - San Francisco County*
Median Sales Price +6.3% Year over Year
Median Sales Price +5.8% Year to Date
Day on Market (DOM) down from 37 days to 31 day in 2018
For more information and San Francisco real estate statistics, please click the link below for Coldwell Banker's Area Report.**
* Sources: SFAR Market Report Aug 2018, NAR Market Overview 9/21/08; Bankrate.com Sep 26, 2018
The statistics presented are compiled based on figures and data generated by IDC Global and may not be completely accurate. All information should be independently verified for accuracy.