As of December 2019, San Francisco’s median home price clocked in at just under $1.6 million, but the ultra-luxury market is a different animal altogether. When a property is so unique it has nothing to compare itself with, besides similarly unique properties globally, the one percent of the one percent of homes can often take years to sell. The city has the Bay Area’s third largest market for homes over $5 million, and according to this Robb Report, San Francisco also the most billionaires per capita on …
Month: December 2019
Basic economics tells us that high demand and housing shortages drive up costs. Both of those scenarios are true here in San Francisco – an obvious cause of our astronomical housing prices. But there’s a hidden reason San Francisco real estate costs so much. The Insurmountable Costs of Building San Francisco’s dilemma is straightforward. The city needs to create as much housing as it can to meet local demand, but the cost for developers to develop that housing is jaw-droppingly …
In 2008, after the United States had emerged from the housing crisis, homeowners began a new trend — they stayed put in their homes longer. At the beginning of 2019, that timeline had extended from about seven years to a median duration of just over 13 years (with variations in certain cities). It was the fallout of a perfect storm — rising interest rates, limited inventory, low foreclosure rates, and tight credit. For prospective homeowners today, understanding the significance of …
There are wild variables, but average listings for homes in the United States sell within 70 days. In other words, a home with the typical 30-day close sits on the market for about a month before the right offer comes through. But the housing market in San Francisco is something special, and over the last twelve months, homes here averaged 19 days. In less than three weeks — less time than it takes to build or break a habit — these homes are …
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