March 2018 housing stats report was just released by SF Association of Realtors. It shows the following local real estate trends:
· Median Sales Price (“MSP”) of single family homes reached a high of $1.687M, a remarkable +25% increase compared to March 2017. MSP for Condo/TIC/Coop properties was $1.25M, a +10% increase v. the same time last year – notably, prices for these property types have been volatile as last month they exhibited -6.8% drop (to $1.104M) v. February 2017
· 80% of single family homes sold above their list price and those that fell into this category received 118% of their asking price. As a way of comparison, 58% of Condo/TIC/Coop properties sold above their asking price, receiving 107% of their list price.
Of note from the Report:
1. Housing is proving its resiliency in an increasingly improving economy
2. The Federal Reserve have risen its key short-term interest rate by .25% for the sixth time since December 2015 and at least two more rate increases are expected this year
3. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low unemployment rate would seem to indicate that we are prepared for this
4. Although mortgage rates have risen to their highest point in 4 years, they still remain historically low
For more details, please download the enclosed copy of the report.
With best wishes,
KATE BATZOGLOU (STANTON)
Associate Broker, Pricing Strategy Advisor (PSA®)
CalBRE No: 01445813
c: +1 (415) 601-0926
Disclaimer: Information provided herein was derived from public sources deemed reliable, it is intended for information purposes only, may contain errors and is subject to revision.