CAR is predicting that the money allocated for the CA first-time homebuyer credit may run out in 10 – 20 days (or less) once the program starts on May 1.
What’s wonderful about these charts is how consistent our performance is, whether for houses, condos, luxury homes or all homes – we’re at the top for Sales Price to Original LP %, and for Average DOM when acting as listing broker.
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April 2010 Update
As shown in the updated charts below, buyer demand in the San Francisco home market continues to strengthen, while supply (as measured by months’ supply of inventory) continues to tighten. Median prices remain surprisingly stable, jogging up and down in small increments over the past 4-5 quarters, but always staying within a 3% range.
The spring season is typically an active sales period, though some pundits believe buyers have been rushing in recently because 1) the Federal Homebuyer Tax Credit is due to expire this month, and 2) an expectation that mortgage rates will rise now that the Fed has just ended its mortgage bond buying program. However, because of income and purchase price limits, and the higher cost of housing here, the Fed tax credit has never impacted SF like it has other areas of the country, and now a new California tax credit has been announced with no income or price limits. Interest rates have started to tick up a little, but remain very low by historic standards.
New $10,000 California Homebuyer Tax Credit
Federal Tax Credit Due to Expire on April 30
Under a new California law, a homebuyer may receive up to $10,000 in tax credits as either a first-time homebuyer or as a buyer of a brand new home. With the Federal tax credit due to expire soon, there is a brief window of opportunity in April to qualify for up to $18,000 in combined federal and state tax credits. This would require an accepted contract to purchase before April 30 with close of escrow occurring May 1 to June 30. Here is a link to a chart of details and eligibility criteria for both programs. This should be reviewed with your accountant.
Median price is that price at which half the sales were higher and half were lower — it can be affected by changes in value, or by changes in buying trends, or by unusual market events. Months’ Supply of Inventory (MSI) is that number of months it would take to sell existing inventory at the current rate of sale — the higher the MSI, the weaker the demand. Average Days on Market (DOM) are the average number of days it takes for a listing to accept an offer — the lower the days on market, the faster homes are selling.
Statistical parameters are generalities which may fluctuate up and down, sometimes for no discernible reason. All data is from sources deemed to be reliable, but may contain errors and omissions, and is not guaranteed. Sales not reported to MLS, such as many new-development condo sales, are not included in these statistics.
SF Homes Accepting Offers As the spring selling season began in earnest, the number of listings accepting offers increased to their highest level in well over 2 years.
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From CAR: “On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation.
AB 183, formerly SB 4 of the sixth extraordinary session (Ashburn), is part of a package of four bills, passed at the request of the Governor, designed to help stimulate the economy and create jobs. The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).”
The Chronicle reported that the Governor had already signed the bill. Continue reading for more information and clarification from CAR & SFAR.
Upcoming listings:
$2,199,000 //Pacific Heights // BR/BA: 3/2 PKG: 2 Brief Description: Gracious Victorian home, formal dining room w/fireplace, chef’s kitchen, large landscaped yard, sun power solar panel system, & ample storage Property Website (if any): www.2344California.com
$749,000 //Eureka Valley // BR/BA: 2/1 PKG: 1 Brief Description: Very livable 1940s condominium just across from Kite Hill. Large deeded private deck and well cared for backyard. FIRST OPEN will be Saturday March 13th
Upcoming listings:
$2,995,000 // Ashbury Heights // Ashbury Street BR/BA: 5/4.5 PKG: 2 Brief Description: Extensively remodeled HUGE home w/big backyard. On Market mid-March.
$1,299,000 // Noe Valley // Diamond Street BR/BA: 3/2 PKG: 1 Brief Description: Beautiful 3 bedroom 2 bath peaked roof Victorian home in the heart Noe Valley. Wood burning fireplaces, outdoor space from every level, master w/a large walk-out deck, views & hot tub
There’s a whole lot of activity going on in San Francisco:
SF Hotsheet Statistics for the past 2 weeks, 2/5 – 2/19/10
| For houses, condos and TICs | |
| New Listings | 382 |
| Back on Market | 55 |
| Price Reductions | 140 |
| Went Contingent | 177 |
| Closed Escrow | 114 |
| Expired/Withdrawn | 70 |
There have been 117 new listings entered into MLS in the past 24 hours.*
*as of 02/19/10
Each week, the Paragon Market Update Report looks at prices and market dynamics in the different neighborhoods all over the city. Select the neighborhood to access the latest neighborhood details.
Specific Neighborhoods:
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