Jan. 2018 Market Tracker

Here’s the skinny on the new taxes: * Property tax deduction will be capped at $10,000 on 2019 filings. * Taxpayers may only deduct the interest they pay on the first $750,000 of debt they carry on their primary residence.” However, “the lower cap will not apply to loans existing on or before December 14, 2017. * Interest on debt owed for new home equity loans and second mortgages is, generally speaking, no longer deductible. Prices are up! The median sales price (MSP) of single family homes has gone up 13.3% from last year. The MSP of condos is up 12% (not including large construction projects, which do not appear in the multiple listing service). The driving force behind these high prices is a lack of inventory. Inventory has been dropping for years now. (2018 has begun the same way.) San Francisco is a desirable place to live, especially with continued tech hiring. No one is moving out, and it sure feels like everyone is moving in. The months supply of inventory, or amount of time it would take to sell all existing inventory, is 1.1 months! Six months supply is considered an equilibrium, and more than that is a buyer's market. We are in a clear, strong seller's market. It is impossible to time the market, but it’s hard to envision better market conditions for the savvy seller. Zephyr MarketTracker
Zephyr MarketTrackerZephyr
Median Sales Price
Avg. Days on Market
# Homes Sold
% List Price Received
$1,500,000
27
622
109%
SAN FRANCISCO: YEAR IN REVIEW
Prices are up! The median sales price (MSP) of single family homes has gone up 13.3% from last year. The MSP of condos is up 12% (not including large construction projects, which do not appear in the multiple listing service).

The driving force behind these high prices is a lack of inventory. Inventory has been dropping for years now. (2018 has begun the same way.) San Francisco is a desirable place to live, especially with continued tech hiring. No one is moving out, and it sure feels like everyone is moving in. The months supply of inventory, or amount of time it would take to sell all existing inventory, is 1.1 months! Six months supply is considered an equilibrium, and more than that is a buyer's market. We are in a clear, strong seller's market. It is impossible to time the market, but it’s hard to envision better market conditions for the savvy seller.

TAXES, TAXES, TAXES
Here’s the skinny on the new taxes:
* Property tax deduction will be capped at $10,000 on 2019 filings.
* Taxpayers may only deduct the interest they pay on the first $750,000 of debt they carry on their primary residence.” However, “the lower cap will not apply to loans existing on or before December 14, 2017.
* Interest on debt owed for new home equity loans and second mortgages is, generally speaking, no longer deductible.

The good news is that buyers appear to continue to see the value of home ownership beyond the limitations on tax benefits.

BOOTS ON THE GROUND
Nothing beats the intelligence provided by boots on the ground. Knowing this hyper-local market as we do, we can help you navigate the nuances. We would love to hear your questions, or help you with an evaluation of your property’s value.
San Francisco
Sold for $1,510,000
727 Ulloa Street, San Francisco
2BR // 1BA // Listed for $1,389,999
Sold for $3,600,000
422 Valley Street, San Francisco
4BR // 3.1BA // Listed for $3,595,000
Sold for $9,700,000
143 Laidley Street, San Francisco
5BR // 5.1BA // Listed for $10,000,000
Sold for $955,000
1 Bluxome Street, San Francisco
1BR // 1.1BA // Listed for $899,000

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Derek Schreiber
Zephyr Real Estate
415.385.1827
LIC# 01733507
Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

Derek SchreiberComment