TRI Coldwell Banker San Francisco real estate statistics – last week in review
SFResidence is part of the TRI Coldwell Banker office at 1699 Van Ness in San Francisco which is one of the premier offices in the City and has the market share numbers to prove it. We have some of the top agents selling real estate in the San Francisco Bay Area. As a result, our office posts some impressive numbers.
This week looks a lot like the last couple of weeks, sales-wise. But the weather! We are having extremely warm weather for this time of year when we are usually socked in with fog. Even the Giants won a game against the Dodgers in extra innings with a walk-off home run!
See the report on our
website.
- Janis Stone
DRE# 00517072
San Francisco Real Estate Market Update for the week ending August 8, 2009
Last week we had great housing news with the announcement that May home prices posted their first monthly increase since the summer of 2006 (based on the Standard & Poor’s/Case-Schiller 20-city index).
We also learned that sales of newly built and existing homes rose in June for the third consecutive month. New home construction, though still weak, is the best it has been since the fall.
This week the good news continued. As announced by the Mortgage Bankers Association, Mortgage loan application volume increased 4.4 percent compared to the previous week. On an adjusted basis, the Index increased 4.1 percent compared with the previous week and 18 percent compared with the same week one year earlier. In addition, the Refinance Index increased 7.2 percent from the previous week. The Index has climbed about 35 percent above its recent low at the end of June. The seasonally adjusted Purchase Index increased 0.9 percent from one week earlier.
Also interesting to note is this week’s release of the National Association of Realtors’ Pending Home Sales Index revealed an increase of 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003. The jump was much higher than expected with a consensus of industry experts put together by Briefing.com forecasting an increase of just 0.7%.
NAR’s Chief Economist Lawrence Yun had this to say, “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines.” It seems all of these incentives, much like the Cash for Clunkers program in the auto industry, is finally pushing people off of the fence.
Read the entire article
here.
Mortgage Weekly Update – Last Week in Review
Foster Weeks publishes a
weekly mortgage report which is updated every Monday morning. How is this affecting the
San Francisco real estate market? Read our
weekly and
monthly market reports. Here’s what Mr. Weeks says about last week’s activity:
If ever there was a week to sing that old Disney® song, it was last week when Americans received some good employment news. Despite a worse-than-expected ADP National Employment report – which isn’t known for its accuracy – the Initial Jobless Claims report came in on Thursday with some good news. According to the report, Americans filing for unemployment benefits came in at 550,000, versus the 580,000 expected. In addition, the four-week moving average declined for the sixth consecutive week.
The markets received more evidence of an improving job market on Friday. The Labor Department reported 247,000 jobs lost in July versus economists’ expectations of 328,000 jobs lost. As you can see in the chart below, this is down pretty sharply from June’s lower, revised 443,000 jobs lost and the smallest loss since August 2008. Even better, the Unemployment Rate dropped to 9.4%, from the prior month’s reading of 9.5%. This reading broke a streak of 9 straight monthly increases and gave a lot of credibility to the good news in the job market.
Read the entire article
here.
Condo Buyers Find It Tough To Get Mortgages
San Francisco Chronicle reported this on Wednesday. We report on our website at
www.sfresidence.com.
Janis Stone
DRE# 00517072
TRI Coldwell Banker San Francisco real estate statistics – last week in review
Even with summer here, the San Francisco market does not seem to be letting up. Our office has been staying consistent and office reports are that August could be one of our record months.
See the report on our
website.
- Janis Stone
DRE# 00517072
Help Build Hope for Humanity!
We at Coldwell Banker in Northern California have a great story to share with our friends, family and clients about our partnership with Habitat for Humanity.
Over the past 10 years that we have supported Habitat for Humanity, we have raised $1.9 million, helped build 95 homes, volunteered more than 41,000 hours of labor to home construction projects and most importantly, brought so many local families and homes together.
Read more
here.
San Francisco Real Estate Market Update for the week ending July 31, 2009
There was no new report for this week from Rick Turley, however we released our market statistics for
July's activity as well as our monthly
newsletter.
- Janis Stone
DRE# 00517072
The Goldman Report for July 7, 2009
Note: While Avram Goldman is no longer with Coldwell Banker, he is a friend and associate at Pacific Union with an excellent handle on San Francisco Real Estate:
Across the Great DivideAlthough average sales price has been increasing since the beginning of summer, it is once again showing a decreasing trend with the vast majority of sales under the million dollar mark.
The deep divide is reflected in Marin, which is one of the highest priced counties in the Bay Area. In July there were 1210 single family listings—621 under a million of which 38% of them were in escrow, 359 in the one to two million dollar range of which 19% were in escrow, and 230 over two million of which only 7% were in escrow. If you looked at all of the listings over one million, only 14.6% are in escrow or about one in seven listings.
There are many reasons why this could be occurring. Loans over the conforming limits are still more difficult to obtain, as lenders continue to require larger down payments, interest rates continue to be higher than conforming loans, and lender appraisals make for more challenging negotiations. Many sellers on the market are still testing the waters because either lower asking prices would put them under water or they think that their homes are unique and unusual, believing that buyers would be willing to overlook comparable homes that have sold for less. Today’s
WSJ article confirms these observations.
Read the entire report
here.
Mortgage Weekly Update – Last Week in Review
Foster Weeks publishes a
weekly mortgage report which is updated every Monday morning. How is this affecting the
San Francisco real estate market? Read our
weekly and
monthly market reports. Here’s what Mr. Weeks says about last week’s activity:
“ENERGY AND PERSISTENCE CONQUER ALL THINGS.” Benjamin Franklin. And indeed, Bonds and home loan rates definitely showed some serious energy and persistence this week, despite some serious headwinds, including additional supply flooding the market from this week’s big Treasury auctions.
The Treasury unloaded an enormous supply of paper onto the markets this week…and remember, anytime there is more supply than demand, it means prices will naturally decline. And when Bonds are concerned, when prices decline, home loan rates go up. The heavy supply hitting the market caused some wild volatility for rates midweek, but overall home loan rates managed to find some improvement by the end of the week. However, it won’t be long before another enormous supply of Treasuries comes on the market. In just two weeks, we’ll be looking at a fresh round of auctions…and the size of those auctions will be announced on August 5th. This announcement date of August 5th, and the following week’s auction dates of the 11th, 12th and 13th will probably have high volatility and provide a headwind for Bonds. It used to be that the dates of economic news would be circled on the calendar as the ones to watch for greater movement in Bond prices…but right now, the supply issue has become so important that it now may be the most dominant current factor in Bond pricing and home loan rates.
In other news, Advanced Gross Domestic Product (GDP) for the 2nd Quarter came in better than expected, while the 1st Quarter GDP was revised lower. GDP measures the total market value of all final goods and services produced in a country in a given year. Overall, GDP has fallen four quarters in a row for the first time since government records started in 1947. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.
Read the entire article
here.
August 2009 Report San Francisco Real Estate Market Update for July 2009
Our July San Francisco real estate market statistics are now
online.
- Janis Stone
DRE# 00517072
