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The Shrinking Apartment

DID YOU KNOW?  According to a new report from real-estate website RentCafe and data-analytics firm Yardi Matrix, the average size of a newly-built rental apartment has shrunk by 52 square feet, or 5%, to 941 square feet since 2008. New studios and one-bedroom units have shrunken in size even more by 10.3% and 4.2% respectively. New apartments have also become much more expensive to rent: the average price has risen 28% over the last 10 years to $1,944. Denver rents are up the most, over 80% in a decade. 

The Comforts of Home

Home is where we set the pattern of our days. The best ones create lovely habits. When I lived on Grove Street in NOPA, I adored reading in bed where I enjoyed a view of Buena Vista Hill. In my current home, I often sit outside at night in back. Right now, we have a Daphne bush in full bloom. It is intoxicating. 

When I show homes to people, I can see them thinking about their own habits. They picture morning coffee in the kitchen, stepping out of the shower and even consider their daily streetscape when they walk out the front door at the end of a showing. 

I like to ask my Sellers about their own habits at home. With the right questions, I not only hear about their favorite spot for morning coffee, but also learn how a moon sits in a child’s window, where the dog likes to sun and sleep, and what pizza nights are like in front of the television.

I always say I’m honored to represent someone in the sale or purchase of a home– but I also honor the spaces they live in. Home is sacred to me. If you feel the same way and are ready to sell or buy, perhaps we should meet. I’ll hope to hear from you! 

Homeownership is Declining Among People Ages 24-32

DID YOU KNOW? Homeownership among people ages 24 – 32 fell 9 percentage points, to 36% from 45% between 2005 and 2014? According to the Fed said. many factors affected the homeowner rate but about 20% of the decline was tied directly to student debt which now totals $1.5 trillion. That translated into 400,000 borrowers who could have owned a home by 2014 but didn’t because of student loans.

A Word About the Luxury Market

The luxury market ($2.5M+) held up well in 2018 when it comes to sales volume. We did have some disappointed Sellers, however.  

A Spring in our Step

This first chart shows the number of condo and home sales month-by-month for the past three years. The month of May was startlingly busy compared to years past.

Unrealistic Sellers? 

But there were also more homes that never sold. I’m going to speculate that some of these failed attempts at selling came from Sellers who were waiting for an opportune moment to take advantage of a robust market, then got too greedy about what they wanted to sell their properties for. 

The high number of withdrawn properties in November/December comes from Sellers either giving up or taking a break during the holidays. End of year is also a good time to pull a property off the market for thirty days so the days-on-market (DOM) number can go back to zero when it comes back on.  

And Still We Rise

I call this one the “Alpine Mountain Chart.” It measures market activity month-to-month and shows how prices occasionally slip but ultimately reach ever higher peaks. It should calm some Nervous Nellies who are prematurely worrying about heading into a declining market.