SFRealEstateBuzz: Grateful But Not Dead and Market Updates

Hello My Favorite People!

In This Buzz:

  • When Life Rearranges Itself
  • Market Patterns
  • Counting Blessings, three-by-three

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You change the world by being yourself

-Yoko Ono

My Buzz emails have mostly been about new sales or listings over the past year or so. You can see all my sales for 2022 here.

This email is a bit more juicy, with added personal news.

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Like many, Covid forced me to take stock and focus on how I want to run my business. I turned 60 on the Fourth of July. Something I’ve been frankly dreading but now rejoice in, mostly because I’ve realized that there are a lot of things I want to do before I die, and I better get cracking on them now. Most are exciting and interesting (at least to me). I’m happy to share details if you want to get in touch, or you can wait for more to be revealed in subsequent emails.

My biggest change is officially partnering with Mary Macpherson’s team at Vantage Realty. This allows my time to get e can be freed to up for these other pursuits, I remain involved with all of my clients during the buying and selling process, but much of nitty gritty footwork is now often handled by others.

I’ve been working with Mary for a few years now, especially on listings. She puts me to shame with her level of customer service- mostly because she walks around with her head down all the time returning texts and calls. Mary is also the “elite of the elite,” ranking among San Francisco’s top ten agents in production.

For Buyers I am partnering with Vantage Realty’s Christine Irsfeld. Christine delivers the same high standard of care as Mary and knows how to hustle for her clients until they get they want. Christine’s attention to detail and commitment to integrity matches my own. We also share a love of words and grew up with Dads who were attorneys.

My role when partnering with others is big picture and strategic. I am always kept in the loop and there whenever you need a sounding board or have a problem to be solved. I also remain involved in setting up marketing programs and adding unique elements as needed to make a property stand out in a crowd.

I will of course also be there to celebrate with you at the other end of the transaction- ready to tip a glass of champagne (or something else if that’s your preference).

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And now a word about the market. . .

More Stuff is Selling:

This chart shows the number of properties that went into escrow citywide month-by-month.

Our highest point in the past year was March of 2022. 731 deals went pending that month. The nadir was in January, when only 219 buyers found homes they liked enough to put in contract. The next month that number jumped by 50%. The numbers for March aren’t in yet, but if the trend line continues we should see somewhere between 350-375 homes going into contract.

I think much of the rebound has to do with new pricing strategies. Last spring we deliberately underpriced in an effort to generate multiple offers. Then the market softened and we had to recalibrate. Now homes are more often priced about where we think they will sell, and we take offers as they come instead of setting bid dates. This more relaxed approach drew more buyers back into the market this year as they can shop without getting stressed about missing out on their dream home.

And Less Stuff Sells Above List

 

This data is a corollary to how properties are more often priced in line with recent sales. It also shows you which kinds of properties can draw in competitive bidding.

Houses remain the darling of our market. More than half of them go for over their asking price. Condos are not as competitive: only about one in three will get overbid. Citywide stats are a perfect blend of the two, with about 40% of everything combined going for more than their asking price.

 

And Selling Prices are Closer to Asking

Each of this data points is building on the previous ones. This chart focuses in on houses in four of our most popular districts: Noe, Bernal, and the Sunset and Richmond Districts.

You can see how intense bidding drove prices up last year, and how we have a more tempered market today.

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Attitude of Gratitude

I abhor cliches but then again cliches are cliches because they’re true. I will also confess to you that cheesy as it sounds, I have an active practice of listing three things I’m grateful for each morning. I find doing so can set the tone for my day and often make it run far more smoothly.

Some of the things I’ve listed in the past week are:

  • The way the bamboo trees dance outside my bedroom window
  • A coffee date with a friend
  • A chat with an old associate at an open house on Tuesday Tour

 

  • Writing these emails. Honestly, creating them is labor-intensive but also energizes and engages me so completely that I get excited about what I do for a living all over again, even after 30+ years. I love helping people buy and sell San Francisco property as much as I ever did and can’t wait to what fabulous buyer, seller and property is around the next corner.

Live well. Stay dry. I swear to you Spring iwill bust out any minute now. . .

Cece Blase

License #00926690

580 4th Street

San Francisco, CA 94107

Direct 415-577-0809

Fax 415.738.7264

Mobile 415.577.0809

cece@sfrealestatebuzz.com

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Cece Blase
Compass Real Estate
415-577-0809
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