Happy 30th Birthday to the World Wide Web!

Boyenga Team World Wide Web Birthday

 

In the last ten years alone there has been so much change to the Internet and the way we navigate and use it. Not to mention the appearance and design of all the sites and the accessibility of information. It’s not only hard to believe a time without the Internet but also a time when you couldn’t access it whenever wherever. When I first started using the Internet it was to sign on to AOL so that I could chat on aim with my friends – now I probably judge anyone with an aol email.

No matter what profession you are in, there is no doubt the web and Internet has had an effect on the way you do business. For us, as property nerds in the real estate business, it has changed tremendously! What used to be Newspaper ads and For Sale signs has turned into websites and social media that consumers have access to any time. Statistics from the National Association of Realtors have shown that 58% of Millennials and 46% Generation X found their home on a mobile device. When they view these homes it’s all about the visuals and pictures which is another way that the Internet has changed real estate. Pictures must be pristine, light and airy or else they will simply be overlooked. When you have the perfect pictures then it’s time to post on all social accounts where you will boost the post instead of the black and white paper ad.

And even though we have seen the ups and the downs of the Internet and the effect that the evolution of it all has had on us, we have something it could never offer.

Take a trip down memory lane with the Boyenga Team to see some of the originals:

GOOGLE

Top Real Estate

ZILLOW

Top real estate agent

AMAZON

top real estate boyenga

YOUTUBE

compass boyenga team

FACEBOOK

 

As top real estate agents in the Silicon Valley we are leading the way you use the Internet when it comes to your real estate needs. Follow us to keep up with the latest trends and see how we evolve as the years go on.

Compass – Largest in the Bay Area

Boyenga Team at Compass

Compass is a real estate technology company building a single platform that supports the entire home buying and selling process. They deliver an incomparable experience to both agents and their clients all in service of our mission to help everyone find their place in the world.

Compass is building the infrastructure, data and technology on which the future of the real estate industry will operate. Compass’ platform integrates listings, client and transaction data all in one place, giving agents personalized recommendations and insights on how to better serve their clients.

Compass has raised $1.2 billion in financing to date. In its most recent round, Compass secured $550 million in Series F funding led by the Softbank Vision Fund and Qatar Investment Authority (QIA), with participation from Wellington, IVP and Fidelity. Compass investors have backed the most promising technology companies in the world including Facebook, Instagram, Twitter, Airbnb, WeWork, Uber and Lyft.

 

See how Compass Real Estate compares to the rest of the brokerages in the Bay Area.

Boyenga Team Top Agent in Bay Area

Top Bay Area Team Eric and Janelle Boyenga

Number One Team Boyenga Team Compass

Let us show you why we’re the top!

Small Improvements That Make a Big Difference

Boyenga Team Top Agents

If you knew that simple upgrades to your home could make you up to 8% more money on the sale of it would you do them? If your answer isn’t yes already it will be after you hear how simple it is.

It’s the little upgrades that people are forgetting that add up when it comes to the final sale price of ones home and studies are proving it. Throughout multiple cities in the U.S. realtors such as ourselves are taking similar homes with comparable square footage/bed/bathrooms and researching what made the difference with each sale and why some did not sell for as much as others. What we found are simple upgrades that clearly make the difference – these include:

  • Staging
  • Updated Kitchens
  • New paint
  • Well maintained yards or updated landscaping
  • Bright and airy photos

We understand that not everyone has the above and sometimes it takes a special eye to bring an outdated home to life – but that is why you hire the professionals! Investing the money to prepare your home for sale should not be taken for granted and is well worth it.

Cosmetic improvements to a home can show a material increase in sale price, but clients often don’t want to or aren’t able to spend that money. The Compass Concierge program will assist our clients in preparing their homes for market by allowing them to completely fund the cosmetic improvements that will increase the value of their home – staging, cleaning, landscaping and more. At the time of the property’s closing, Compass Concierge will simply invoice you for the total services rendered. It’s that simple and worth it!

Studies have shown that as many as 80% of homebuyers list the kitchen as their favorite room making small investments such as new countertops or fresh painted cabinets well worth it. This also may allow for buyers to overlook other areas of the house that many need updating.  A major kitchen remodel has shown to return around 80% of investments while a minor remodel has an 87% return. Painting an interior can produce a 109% return on investment, but could benefit you even more if your home’s colors aren’t unusual and appeal to the majority.

Get the most for your home.

Want to learn more on Compass Concierge? Contact The Boyenga Team!

Most Common First Time Home Buyer Mistakes

 

Top Bay Area Agents Eric and Janelle Boyenga

We know that buying your first home is one of the most exciting events that will take place in your life and we want to help prepare you for the process! Read about the most common first time home buyer mistakes so that you don’t make them! If you want the real deal service come to us, The Boyenga Team for all our Bay Area Real Estate Needs.

1. Waiting for the PERFECT property

Having a home crush is absolutely okay, we all have them, but finding that exact house with the fire pit outside and the sliding barn doors with the amazing walk in closet might not come all in one. Be willing to make some renovations (even if it’s in the future) and don’t let the right one slip away, especially in the Silicon Valley.

2. Choosing a home over a neighborhood

You found the perfect little place to call home but.. there’s another house in the running too. It may seem like the easy route to take the turn key ready to move in home over the fixer upper but compare the neighborhoods first! Do your research, ask your family and friends what they know about the area, at least Google! Find out the crime rate and the schools and think about the future and where you want to raise a family. If all else fails, think about the resale value of your home in each community and what that looks like from an investment standpoint. Don’t let the thought of a little work trump the right decision. Ask your real estate agent (or us!).

3. Spending everything you have

This is one of the biggest mistakes first time home buyers do and the risk is not usually worth the reward. Many will gather all that they have for the 20% down payment and leave themselves depleted of all money just so they do not have the pay mortgage insurance. Instead, plan ahead and save leading up to buying so that you have a backup fund in case of emergency because although not ideal, paying mortgage insurance is safer than leaving yourself high and dry without any options!

4. Buying more than you can afford

Similar to #3 is buying a home that is larger and more than what you can afford. Sometimes unexpected expenses come up and life happens and you want to be prepared as much as possible. Why put yourself at risk to lose a house that you made home? Focus on the monthly payment rather than the overall loan amount that you qualify for and budget based on that amount and what you can afford.

5. Being careless with credit

Don’t learn this the hard way as a first time buyer – let us tell you the process! At preapproval a lender pulls a credit report to make sure everything is squared away for closing. Because of this, do not make any crazy purchases such as buying a new car or taking out a new loan or opening up a new credit card from the preapproval to closing. Bay your bills on time and in full during during this period of time so that your credit score stays the same and your loan approval stays out of jeopardy.

6. Assuming you need 20% down payment

Yes 20% down will help but many buyers cannot put that amount down. According to the National Association of Realtors the median down payment on a home is 13 percent. Even if you wanted to wait and save 20% down it may take you time where that money could be spent in better ways. Of course you will have to pay mortgage insurance but there are many options when it comes to down payment amount.

7. Only talking to one lender

However you want to look at it, this could cost you money or save you money. Give yourself multiple banks and lenders to look into and compare rates, fees, and loan terms. What may seem like the best deal overall may not be the best fit for you in your situation. Customer service is important and will help you make the right choice because their responsiveness will be a reflection of their work ethic.

8. Underestimating the cost of owning a home

If you thought you saved up for your new home, well keep saving! The average homeowner pays about $2,000 annually on maintenance services. The taxes and multiple insurance and utility maintenance is often overlooked or forgotten when purchasing a new home and you must be saving every month a little for emergency (kind of like insurance for yourself). Plan to save 1-3% of your home’s purchase price and make sure your shopping for different insurance plans and comparing so you know you’re getting the best deal.

9. Emotion made decisions

You might fall in love with a lot of homes throughout your search but becoming emotionally attached to any would be a big mistake. Making an offer does not mean done deal and basing a decision based on emotion  would be a personal let down if anything were to fall through (trust me, we’ve seen it). Nothing is yours until everything is signed and complete so have a budget and stick to it!

 

Are you a first time home buyer and have questions? We’re happy to help you, even if you’re not!

Is the “Uber Effect” going to be as large as the “Facebook Effect”?

Silicon Valley Boyenga Team Real Estate

If IPOs do come to fruition and there are some newly minted millionaires, Bay Area housing markets could have another renaissance.

Bird’s Eye View:

  • Uber (and/or Lyft), Airbnb, Pinterest, and Slack are believed to be going public in 2019
  • Combined, the four potential 2019 IPOs could reach valuation of $176 billion, almost twice as large as Facebook’s 2012 valuation
  • 10,000 San Francisco based workers could be affected, which could have a notable impact on the Bay Area housing market
  • Nevertheless, a company going public does not necessarily guarantee wealth for all of its employees

Bay Area housing market dynamics may be changing once again as a result of potentially large tech IPOs on the horizon. With Uber (and/or Lyft), Airbnb, Pinterest, and Slack all believed to be going public in 2019, their rumored IPO valuations would all rank among the 10 largest venture-backed IPOs since 2012, according to CBInsights and Figure 1. In fact, if Uber alone stands to its valuation at $120 billion, it would be bigger than Facebook’s $104.2 billion valuation in 2012. Combined, the four potential 2019 IPOs could reach valuation of $176 billion, almost twice as large as Facebook’s 2012 valuation.

However, even more importantly for the Bay Area, the headquarters of all four IPOs are in San Francisco. And, with Uber and Airbnb being among the largest employers in San Francisco, combined workforce of the four companies that could be affected by IPOs adds up to about 10,000 workers.

Figure 1

Silicon Valley Real Estate Agent

Source: CBInsights, The 2019 Tech IPO Pipeline

Naturally, these IPOs could have a notable impact on the Bay Area housing markets. However, it is difficult to say if the impact would be as notable as the Facebook Effect – which according to some was one of the main reasons that ignited Bay Area housing market starting in late-2011 as buyers rushed to buy before IPOs and highest ever tech valuation.

To illustrate the Facebook Effect, Figure 2 tracks 3-month rolling average of year-over-year change in median single-family home prices in the Bay Area and California, with the onset of Facebook IPO marked in May 2012. The chart illustrates that throughout 2011, year-over-year median price growth was negative, and turned positive in early 2012. However, in the year following the Facebook IPO, year-over-year median price growth in the Bay Area reached as much as 37 percent. Overall California prices were also growing strongly as housing market conditions at the time were very favorable and home prices still hovered at their post-bust lows. Still, Bay Area’s price growth markedly outpaced California’s overall growth. And while it’s out of the scope of this analysis to tease out the marginal impact of Facebook on home price growth in the Bay Area, Zillow’s previous analysis has shown that the Facebook Effect led to 21 percent increase in home values in census tracks where Facebook employees were most likely to live compared to 17 percent increase in all other Bay Area census tracks. “More precisely: Every 10 Facebook employees living in a given census tract at the time of Facebook’s IPO in May 2012 were associated with an additional 1.6 percentage points of home value increase over that year,” according to the research.

Figure 2: 3-month rolling average of year-over-year change in median single-family home prices in the Bay Area and California

Top Bay Area Real Estate Agents

Source: California Association of Realtors

In addition, sale of higher priced properties in San Francisco surged following the Facebook IPO. Figure 3 illustrates year-over-year growth in sales of residential properties priced below $2 million and above $2 million. Higher priced sales started increasing in the last quarter of 2012 and jumped 84 percent year-over-year in January 2013. Note that Facebook shares employee lockup was between 90 and 180 days, thus the increase coincides with ending of lock-up periods.

Figure 3 6-month rolling average of year-over-year change in San Francisco residential sales by price range

Bay Area Real Estate

Source: SFRMLS

Nevertheless, it is important to note that going public for companies in general does not necessarily guarantee wealth for all of its employees. Many factors govern how much money an employee makes from an IPO, including their tenure with a company, how many stock options or restricted stock units they received, when they can exercise their options and ultimately when they decide to sell. Also, different options have different stroke prices pegged to the company’s private market valuation at the time they joined. And, as noted above, employees are subject to an IPO lock-up period, which is a contractual restriction preventing insiders who acquired shares of a company’s stock before it went public from selling the stock for a stated period of time after it goes public, typically from 90 to 180 days after the date of the IPO. Importantly too, restricted stock units may be taxed at ordinary income rates, which can exceed 39 percent at the federal level, plus the applicable state taxes.

Also, current housing market conditions are notably different than prior to the Facebook Effect in 2012. Most specifically, median home prices in the Bay Area now are about 2.2 times higher than they were at the beginning of 2012. And, buyers have already shown significant restraint leading to a jump in price reductions in recent months, as described in our recent analysis.  But, if IPOs do come to fruition and there are some newly minted millionaires, Bay Area housing markets could have another renaissance.

Contact the Boyenga Team for any of your Bay Area Real Estate needs!

San Mateo County March 2019 Market Report

San Mateo Real Estate

San Mateo County Real Estate

Entering the Spring Selling Season  

March 2019 Report

Spring 2018 was one of the hottest markets in San Mateo County and around the Bay Area over the last 2 decades. The market began to cool in summer and autumn – demand, sales and appreciation rates generally dropping, while supply and price reductions increased. Then the mid-winter doldrums took hold. The magnitude of these changes varied by region, and San Mateo was less affected than many other local counties – but it was still affected.

Since the recovery began in 2012, spring has typically been the most active season of the year, and often the period during which appreciation gains have been the largest. The spring 2019 market is just getting started amid a diverse set of economic indicators. Financial markets have, so far, recovered in 2019, interest rates have dropped, and big local IPOs loom. We will know much more soon.

Long-Term, Annual Trends in Median Home  

Price Appreciation

San Mateo Top Real Estate Boyenga Team

Short-Term, Monthly Median Price Changes

The February median house sales price was well down on a year-over-year basis, but February is one of the lowest sales-volume months of the year. Looking at first and second quarter price data will be a much more meaningful indicator of home price trends, as we compare spring 2019 to spring 2018 (which saw a dramatic spike in median home prices).

San Mateo Real Estate

Median House Price Appreciation  

by City, 1998 – 2018

Markets appreciate due to a wide variety of local and macro-economic reasons: economic cycles, industry booms, inflation, consumer confidence, interest rates, employment, gentrification, new construction, comparative affordability (to other nearby markets), population growth, buyers’ median age, proximity to major company HQs, commuting, fashion, and so forth. The combination of factors affecting any particular area is often specific to that market.

Around the Bay Area, more expensive homes have generally appreciated less than more affordable homes, especially over the last 3-4 years, but the picture in Silicon Valley is more complicated. For example, in San Mateo, Atherton has the second highest 20-year appreciation rate, and it is the most expensive city in the Bay Area. The city with the highest rate is East Palo Alto, the most affordable city in the county. (In Santa Clara County, Palo Alto came in first.) These percentages should be considered very approximate.

Eric and Janelle Boyenga Top Real Estate

For more context on the appreciation percentages above, below is a chart from last month’s report delineating 2018 median sales prices.

Compass Top Team Boyenga

Inventory Levels in January-February  

Year-over-Year Comparisons

January-February inventory was well up from the abnormally low levels seen during the same months of recent years, but was not particularly high from a historical perspective.

Boyenga Top Real Estate Team

The number of active listings fluctuates daily, and the numbers below are rapidly increasing as more new listings come on market. These next 2 charts are snapshots of active listings on March 1st.

Listings on Market

by Price Segment, 3/1/19

San Mateo Top Agent Boyenga

Active Listings by City

& Median LIST Prices, 3/1/19

The supply of listings available to purchase varies widely between cities, which can be a simple reflection of market size and/or an indicator of supply and demand dynamics. If median LIST prices (below) are well above median SALES prices (charted earlier in this report), it is typically a sign that the balance in listings for sale is disproportionately weighted towards higher priced properties, which take longer to sell – and/or a sign of systemic overpricing beyond what buyers consider fair market value.

As of March 1st, Atherton had a median house list price of $11 million for its 18 active MLS listings – far and away the highest median asking price in the Bay Area.

Compass Top Agent Boyenga

Market Seasonality

New Listings Coming on Market

by Month

New inventory usually starts pouring into the market right now, in early spring, to fuel the biggest selling season of the year. It also spikes dramatically in September for the shorter autumn season.

Silicon Valley Top Team Boyenga

Home Sales Volume

by Month

So far in 2019, monthly sales volumes are very comparable to the beginning of 2018, however these are typically the lowest sales-volume months of the year. March is usually the month in which the big spike in spring sales starts to show up, following the jump in new listings.

Eric and Janelle Boyenga Top Real Estate

Listings Priced $3 Million+

Accepting Offers, by Month

If anything, the luxury home market in Silicon Valley is even more fiercely seasonal than the general market.

Silicon Valley Real Estate Boyenga

Market Statistics by City

Many of the cities ranked at the top of the market-heat scale – as measured by 2 standard statistics below (for the second half of 2018) – are among the most affordable. But there are certainly other factors, as mentioned in the paragraph on appreciation rates.

Sales Price to Original List Price %

by City

Any percentages over 100% reflect overbidding of asking prices. Though these percentages have been declining since mid-2018, many of them are still very high compared to other markets.

San Mateo Real Estate Boyenga

Average Days on Market

by City

Many of these days-on-market figures are among the lowest in the Bay Area. Note that it is not unusual for more expensive homes to take longer to sell, though, again, that is not always the case.

Boyenga Top Real Estate Team

Comparing Bay Area County Markets  

Listings for Sale by Price Segment

Median Home Prices, Q4 2018

San Mateo and San Francisco Counties have been alternating by quarter for the title of having the highest median house sales price in the Bay Area.

Silicon Valley Real Estate

Active Listings Priced under $1 Million

by County

Eric and Janelle Boyenga Real Estate

Luxury Home Listings by County

Santa Clara County has the largest market in the state for homes priced $3 million and above, but San Mateo County has more listings priced at $10 million+.

Bay Area Real Estate

County to County Migration  

Coming to & Leaving San Mateo

People move to San Mateo County from all over the country and the world, and people leave to move to a vast number of locations, for differing reasons. This analysis looks at those counties with the greatest number of people moving to and from San Mateo. In many cases, there is a large exchange between 2 counties, with residents going in both directions. Often, but not always, the outward flow is greater to counties with more affordable home prices, but there are many factors – such as schools, employment, commuting and other quality of life issues – at play.

San Mateo Real Estate

Demographics Snapshot

Educational Attainment

Silicon Valley vs. U.S.

Unsurprisingly, Silicon Valley is one of the most educated places on the planet.

Silicon Valley Real Estate

Education & Income

Disparities between the Sexes

An indicator of the income-generating value of education, along with an unhappy indicator of where progress remains to be made in income equality. (As an aside, real estate is certainly one of the first professions that saw income equality established between the sexes: Women have been holding their own and, indeed, often dominating rankings of top Bay Area agents for many decades.)

San Mateo Santa Clara Real Estate

The statistics in this report are very general and approximate indicators based upon listing and sales data pertaining to assortments, of varying size, of relatively unique homes across a broad spectrum of locations and qualities. How these statistics apply to the current value, appreciation trend, and prevailing market conditions of any particular property is unknown without a specific comparative market analysis.

Contact the Boyenga Team for any of your Bay Area Real Estate needs!

Santa Clara March 2019 Market Report

Santa Clara County Real Estate

The Spring Market Begins  

March 2019 Report

Spring 2018 was one of the hottest markets in Santa Clara County and around the Bay Area over the last 2 decades. The market began to appreciably cool in summer and autumn – demand, sales and appreciation rates significantly dropping, while supply and price reductions jumped. Then the mid-winter doldrums took hold.

Since the recovery began in 2012, spring has typically been the most active season of the year, and the period during which appreciation gains have been the largest. The spring 2019 market is just getting started amid a diverse set of economic indicators. Financial markets have, so far, recovered in 2019, interest rates have dropped, and big local IPOs loom. We will know much more soon.

Median Sales Price Trends

Long-Term, Annual Trends in Median Prices

Short-Term, Monthly Median House Price Changes

Year over year, the February monthly median house sales price saw a big drop over February 2018, and from the spring 2018 peak. But February is a very low-sales-volume month, and what is much more important is what happens to the median house sales price over the next 3-4 months – a period during which median prices often peak for the year.

Median Condo Sales Prices by Month

The monthly median condo sales price actually ticked up a bit in February, year over year – but, again, this is based on very low sales volume.

Median Home Price Appreciation  

since 1998, by City

Markets appreciate due to a wide variety of local and macro-economic reasons: economic cycles, industry booms, inflation, consumer confidence, interest rates, employment, gentrification, new construction, comparative affordability (to other nearby markets), population growth, buyers’ median age, commuting, fashion, and so forth. The combination of factors affecting any particular area is often specific to that market.

Around the Bay Area, more expensive homes have generally appreciated less than more affordable homes, especially over the last 3-4 years, but the picture in Silicon Valley is more complicated. For example, Palo Alto, which is certainly not considered one of the more affordable cities, saw the highest 20-year appreciation rate in the county. These percentages should be considered very approximate.

For further context on the appreciation chart above, below is a chart from last month’s report with 2018 median house sales prices.

What’s for Sale in Santa Clara

Inventory Levels in January-February

Year-over-Year Comparisons

January-February inventory levels are far above those seen in the same months of the past 4 years. The level in early 2018, in particular, was crazy low, which helped fuel the spring 2018 jump in median sales prices.

Home Listings on Market

by Price Segment, 3/1/19

The number of active listings fluctuates daily, and the numbers below are rapidly increasing as more new listings come on market. These next 2 charts are snapshots of active listings on March 1st.

House Listings on Market by City

with Median LIST Prices, 3/1/19

The supply of listings available to purchase varies widely between cities, which can be a simple reflection of market size and/or an indicator of supply and demand dynamics. If median LIST prices (below) are well above median SALES prices (charted earlier in this report), it is typically a sign that the balance in listings for sale is disproportionately weighted towards higher priced properties, where demand is softer – and/or a sign of systemic overpricing beyond what buyers now consider fair market value.

Market Seasonality

New Listings Coming on Market

New inventory usually starts pouring into the market right now, in early spring, to fuel what is usually the biggest selling season of the year.

Number of Home Sales by Month

While the number of listings has been increasing, the number of sales has been declining. But a much more meaningful indicator will be what occurs in spring sales volume – beginning in March when sales usually start to soar.

Luxury Home Listings Accepting Offers

by Month

If anything, the luxury home segment is even more fiercely seasonal than the general market.

Market Statistics by City

There is a wide variety of factors in play when comparing the respective market heat prevailing in different cities – one of them is certainly proximity to the headquarters of our high-tech giants; comparative affordability is often another big factor.

Sales Price to Original List Price %

Average Days on Market

by City

Comparing Bay Area Markets

Where to Buy a Home for under $1 Million

Where to Buy a Luxury Home

Santa Clara County has the largest market for homes priced $3 million and above in the state, though San Mateo takes the lead for homes of $10 million+.  San Francisco has by far the largest luxury condo market.

County to County Migration

People move to Santa Clara County from all over the country and the world, and people leave to move to a vast number of locations – for many differing reasons. This analysis looks at those counties with the greatest number of people moving to and from Santa Clara. In many cases, there is a large exchange between 2 counties, with residents going in both directions. Often, but not always, the outward flow is greater to counties with more affordable home prices, but there are many factors – such as schools, employment, commuting times and other quality of life issues – at play.

Demographics Snapshot

Educational Attainment

Silicon Valley vs. U.S.

Unsurprisingly, Santa Clara and San Mateo are among the most highly educated counties in the country.

Education & Income

Disparity between the Sexes

An indicator of the income-generating value of education, along with an unhappy indicator of where progress remains to be made in income equality. (As an aside, real estate is certainly one of the first professions that saw income equality established between the sexes: Women have been holding their own and, indeed, often dominating rankings of top Bay Area agents for many decades.)

The statistics in this report are very general and approximate indicators based upon listing and sales data pertaining to assortments, of varying size, of relatively unique homes across a broad spectrum of locations and qualities. How these statistics apply to the current value, appreciation trend, and prevailing market conditions of any particular property is unknown without a specific comparative market analysis.

Contact the Boyenga Team for any of your Bay Area Real Estate needs!

San Francisco March 2019 Market Report

San Francisco Real Estate

The Spring Market Begins  

March 2019 Report

Spring 2018 was one of the hottest markets in SF and the Bay Area in the last 2 decades. Then the market began to cool in summer and autumn – demand, sales and appreciation rates generally dropping, while supply and price reductions increased – before the mid-winter doldrums took hold. The magnitude of these changes varied by county, with SF less affected than many others, but still certainly affected.

Since the recovery began in 2012, spring has typically been the most active season of the year, and usually the period during which appreciation gains have been the largest. The spring 2019 market is just getting started amid a diverse set of economic indicators. Financial markets have, so far, recovered in 2019, interest rates have dropped, and big local IPOs loom. We will know much more soon.

Long-Term, Annual Median Price Trends

Short-Term Median Price Trends –  

3-Month Rolling Figures

Looking at 3-month rolling median sales prices, the SF median house price was virtually unchanged on a year-over-year basis, while the median condo price (second chart below) ticked up a little – but the critical issue is what will happen in the spring months, when sales volumes are much higher.

Median Sales Price Appreciation  

1998 – 2018, by District

Markets appreciate due to a wide variety of local and macro-economic reasons: economic cycles, industry booms, inflation, consumer confidence, interest rates, employment, gentrification, new construction, comparative affordability (to other nearby markets), population growth, buyers’ median age, commuting, fashion, and so forth. The combination of factors affecting any particular neighborhood or district in the city is often specific to that market.

In SF and around the Bay Area, more expensive homes have generally appreciated less than more affordable homes, especially over the last 3-4 years. On the other hand, during the last downturn after 2008, the prices of more expensive homes usually declined significantly less. These appreciation percentages should be considered very approximate.

House Median Sales Price Changes

1998 – 2018

Condo Median Price Changes

1998 – 2018

What’s for Sale in San Francisco  

as of March 1, 2019

Active Listings by Price Segment

March 1, 2019

The number of active listings fluctuates daily, and the numbers below are increasing as more new listings come on market. These next 3 charts are snapshots of active listings on March 1st.

Houses for Sale by District

with Median LIST Prices. 3/1/19

The supply of listings available to purchase varies widely between city districts, which can be a simple reflection of market size and/or an indicator of supply and demand dynamics. If median LIST prices (below) are well above 2018 median SALES prices (delineated earlier in this report), it is typically a sign that the balance in listings for sale is disproportionately weighted towards higher priced properties, where demand is softer – and/or a sign of overpricing beyond what buyers consider fair market value.

Condos for Sale by District

with Median LIST Prices, 3/1/19

Market Seasonality

New Listings Coming on Market

New inventory usually starts pouring into the market right now, in early spring, to fuel the biggest selling season of the year.

Active Listings on Market

Sales Volume by Month – General Market

The number of sales in the first 2 months of 2019 was down from the same period of 2018, but these are the 2 lowest sales-volume months of the year. A much more significant indicator will be what occurs over the next 4 months during the classic spring selling season. Sales are a somewhat lagging indicator, as they mostly reflect new listings and accepted-offer activity in the previous month or two.

Luxury Home Sales by Month

The luxury home segment is, if anything, even more fiercely seasonal than the general market. The vast majority of activity usually occurs in spring and then spikes again in early autumn.

Market Statistics by City District

In SF and around the Bay Area, higher-priced areas have generally had somewhat cooler markets than more affordable markets in recent years, which is reflected in the next 4 charts. But home price is certainly not the only factor at play in these different neighborhoods.

Sales Price to Original List Price %

Any percentage over 100% reflects overbidding of asking price. Though these percentages have declined somewhat in the past 6 months, they are still incredibly high compared to most other places in the Bay Area and the U.S..

Unlike the house market, various city districts have seen high volumes of newly constructed condos in the last 3 to 4 years, and the increased supply has affected the condo markets in those areas.

Average Days on Market by District

Comparing Bay Area Markets

Homes for Sale under $1 Million

as of March 1, 2019

Bay Area Luxury Homes for Sale

as of March 1, 2019

Bay Area Median Sales Prices, Q4 2018

On a quarterly basis, the highest median house sales price in the Bay Area has been alternating between San Francisco and San Mateo Counties.

County to County Migration

People move to SF and the Bay Area from all over the country and the world, and people leave to move to a vast number of locations, for differing reasons. This analysis looks at those counties with the greatest number of people moving to and from SF. In many cases, there is a large exchange between 2 counties, with residents going in both directions. Often, but not always, the outward flow is greater to counties with more affordable home prices, but there are many factors – such as schools, employment and quality of life issues – at play. (Cook County is where Chicago is located.)

Demographics Snapshot  

Educational Attainment

San Francisco vs. U.S.

San Francisco, as well as the greater metro area, is very highly educated against national norms.

Education & Income

Disparity between the Sexes

An indicator of the income-generating value of education, along with an unhappy indicator of where progress remains to be made in income equality. (As an aside, real estate is certainly one of the first professions that saw income equality established between the sexes: Women have been holding their own and sometimes dominating rankings of top Bay Area agents for many decades.)

The statistics in this report are very general and approximate indicators based upon listing and sales data pertaining to assortments, of varying size, of relatively unique homes across a broad spectrum of locations and qualities. How these statistics apply to the current value, appreciation trend, and prevailing market conditions of any particular property is unknown without a specific comparative market analysis.

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

Portola Valley Real Estate Market and Living

Portola Valley

Situated in San Mateo County, Portola Valley is a hidden gem surrounded by wooded hills that values environment and historic heritage. Having an extensive trail system, open space, natural views, and scenic roads contribute to Portola Valley’s country feel. Because of its location there are many gorgeous and serene preservations near such as Windy Hill Open Space Preserve, Pearson-Arastradero Preserve, Russian Ridge Open Space Preserve and many more!

All things Stanford are in close distance to Portola Valley such as the university, the mall and the dish trail.

Interest in Portola Valley Real Estate Market Report? Check out what’s happening below:

Active listings in Portola Valley – 21 (-38.2% YoY)

Closed sales in Campbell – 16 (-30.4% YoY)

Median sales price in Campbell – $3.729 M (+6.2% YoY)

Median days on the market – 15 (+15.4% YoY)

 

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

Campbell Real Estate Market and Living

Living in Campbell

It started in 1878 when Mr. Campbell sold an acre of his land for $5 to the railroad. In just a short amount of time the area became the center for shipping fruit as a result of the drying grounds and canneries which made Campbell an important rail center. The city of Campbell is now one of the most desired in the area for families to settle down while also maintaining a great nightlight for singles strolling the Avenue making the real estate market hot.

Between Campbell Ave and the Pruneyard there are so many delicious dishes and craft cocktails to be had. If you find yourself in the area, some local favorites are: Aquis Campbell – known for their industrial “swirl” drinks, La Pizzeria restaurant for the most authentic Italian pizza, Orchard City Kitchen which has a great atmosphere and dishes for those who have food allergies. Located right next door is the Campbell Theater where you can dine and drink while watching the newest movie or for a lunch spot – Mendocino Farms for exquisite salads and sandwiches. Grab a brunch at Opa’s on Sunday or Stacks any day!

Looking to shop around in Campbell? We suggest popping into Stripes Boutique, Bombshell Boutique, and Simply Smashing.

Interest in Campbell Real Estate Market Report? Check out what’s happening below:

Active listings in Campbell – 149 (+22.1% YoY)

Closed sales in Campbell – 85 (-48.2% YoY)

Median sales price in Campbell – $1.32 M (+4.3% YoY)

Median days on the market – 18 (+100% YoY)

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!