Market Updates -January 2021

The Condo Market is hot right now! Check out some updates from January

Looking at 2020 compared to 2021, pending sales are up by 77.4% and sold listings are up by 68.4%. The condo market saw a huge increase in activity during the month of January.
Looking at a monthly breakdown of condo pending sales, December 2020 and January 2021 have seen a large increase as condo activity has greatly increased
Looking at a breakdown of condo inventory, over the past year, inventory was incredibly high from June to November 2020, and looks to be decreasing as we are heading into 2021 more, possibly due to the increased sale and pending rates.

If you are considering selling or purchasing a condo now is a great time! Feel free to reach out with any questions as I would love to discus the current market with you!

Is it a Good Time to Sell?

Hint- YES!

Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safely. The latest Home Purchase Sentiment Index by Fannie Mae shows that 57% of consumers believe now is a good time to sell.

Doug Duncan, Vice President and Chief Economist at Fannie Mae Explains:

“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgages rates, high home prices, and low housing inventory as their primary rationale.”

Normally, spring is the busiest season in the housing market- the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say:

“We will pay close attention to see if this newfound optimism develops into a trend.”

What does this mean if you’re thinking of selling your house?

The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:

“Total housing inventory at the end of the January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”

With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on home prices and more multiple- offer scenarios. According to the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing.

In this kind of seller’s market, you have a huge advantage in the process. And here’s another win- you can also use your equity toward a down payment on a new home when you move.

Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, there are more homes available at the higher end of the market, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring.

Bottom Line

If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Let’s connect today to get the process started.

Just Listed

101 Lombard Unit 712W


This remarkable condo features exceptional finishes, wide plank floors and quality upgraded fixtures making it a lovely oasis in North Waterfront. Designed with entertaining in mind, this condo has plenty of space to move around in, also ideal for working from home. The condo also features a private terrace with views of Coit Tower and Telegraph Hill. This prestigious 5-star amenity building has Resort-style Amenities, including 24-hour concierge services, heated outdoor pool and hot tub, and a fabulous club room and library. Close to Telegraph Hill, the Ferry Building, Waterfront, Parks, North Beach, FiDi, and Transportation.

Reach out to schedule a private showing today!

What Does 2021 Have in Store for Home Values?

According to the latest CoreLogic, Home Price Insights Report, nationwide home values increased by 8.2% over the past twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record low mortgage rates. As CoreLogic explained:

“Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register about 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as demand increased and coronavirus outbreaks continued across the country, which delayed some sellers from putting their house on the market.

While the pandemic left many in positions of financial insecurity, those who maintained employment and income stability are also incentivized to buy given the record low mortgage rates available; this is increasing buyer demand whole for-sale inventory is in short supply. “

Where will home values go in 2021?

Home price appreciation in 2021 will continue to be determined by this imbalance of supply and demand. If supply remains low and demand is high, prices will continue to increase.

Housing Supply:

According to the National Association of Realtors, the current number of single- family homes for sale is 1,080,000. At the same time last year, that number stood at 1.450,000. We are entering 2021 with approximately 370,000 fewer homes for sale than there were one year ago.

However, there is some speculation that they inventory crush will ease somewhat as we move through the new year for two reasons:

  1. As the health crisis eases, more homeowners will be comfortable putting their houses on the market.
  2. Some households impacted financially by the pandemic will be forced to sell.

Housing Demand:

Low Mortgage rates have driven buyer demand over the past twelve months. According to Freddie Mac, rates stood at 3.72% at the beginning of 2020. Today, we are starting 2021 with rates one full percent lower than that. Low rates create a great opportunity for homebuyers, which is one reason why demand is expecting to remain high throughout the new year.

Taking into consideration these projections on housing supply and demand, real estate analytics forecast homes will continue to appreciate in 2021, but that appreciation may be at a steadier pace than last year. Here are the forecasts:

Bottom Line:

There’s still a very limited number of homes for sale for the great number of purchasers looking to buy them. As a result, the concept of supply and demand mandates that home values in the country will continue to appreciate.

Luxurious Condo in an Award Winning Complex

1657 18th Street

This 2-BR loft like condo offers three levels of luxury living in the heart of the North Slope of Potrero. Located in an award winning complex the home has a great separation of spaces, which is ideal for working from home or sheltering in place. Graced by beautiful maple hardwood floors throughout, the entrance to the unit on the main level leads to a large living space with soaring 13-foot ceilings & a wall of windows allowing for plenty of natural light and views of the neighborhood. Down the stairs to the lower level an efficient gourmet kitchen has quartz counters, high-end stainless steel appliances, ample cabinets, and a washer/dryer.  Tucked away behind the kitchen there is a private bedroom and full bath, great as a guest room or home office, and a fabulous outdoor deck. Up the stairs on the top floor there is a spacious main bedroom with ensuite bath and walk-in closet. The floors and some of the lighting have been redone and the unit has been painted throughout. A great 1-car parking space completes the home. Building amenities include a beautiful garden area, perfect for barbecues and entertaining (Post Covid). The building is in an excellent location, with many neighborhood restaurants, cafes, and local businesses only one block away. Enjoy the advantage of being close to UCSF Mission Bay, Dogpatch, SOMA, Caltran and tech shuttles, with easy access to freeways 280 & 101.

VIEWS, VIEWS, VIEWS


Bright 1 Bedroom Condo with Private Terrace and Downtown View

140 South Van Ness #909

Spacious 1Br/1Ba condo with plenty of natural light and beautiful views of downtown, featuring an open concept floor plan, hardwood floors, large windows, clean lines, and private outdoor balcony; a great space to unwind, work, live and play. The main LR/DR space enjoys expansive views of the city and an open kitchen with  lovely granite countertops, crisp white cabinets, and quality stainless steel appliances. There is a large bedroom with ensuite bath, excellent closet space, and doors opening onto a private terrace. Relax and spend quality time outdoors overlooking the city.  In-unit laundry, leased parking and additional storage make the home all that more comfortable. Located in the mid market corridor the building is well run and professionally managed with Low HOA dues, on site management, a fitness center, conference room and serene outdoor courtyard space with outdoor seating, BBQ and a fountain. Enjoy  all the benefits of living steps away from Hayes Valley and the Valencia Corridor with it’s wide array of shops and restaurants, and easy access to freeways, public transportation & tech shuttles.

Ask a Pro about Buying a Home

Lots of people have questions about buying a home, and other topics related to the process. Working with a trusted real estate professional will help you create the most personalized and helpful experience when buying a new home. Let’s connect so you have the guidance you need along the way.

Ask a Pro About Buying a Home [INFOGRAPHIC] | MykCM

 

Today’s Low Interest Rates

Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant. Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low. Let’s connect to determine the best way to position yourself for a financially-savvy move in today’s market.

Mortgage Rates & Payments by Decade [INFOGRAPHIC] | MyKCM

Stylish Condo in San Francisco’s Nob Hill

Built in 2014, this stylish condo residence at Marlowe is characterized by its luxurious finishes  and dark wood floors throughout. The home features a bright and spacious living area with large windows with north facing views of the neighborhood. An open designer kitchen has a combination of white and dark walnut cabinetry, beautiful quartz counters, top of the line stainless steel appliances, a Bertazzoni cooktop, and a huge entertaining island. Next to the kitchen is a comfortable space currently being used for a home office. The gracious master bedroom has ample closet space with custom organizers. The bathroom can be considered en suite, and also has a door facing the kitchen. It has a dark wood quartz vanity and a shower over tub with 3/8 frameless glass enclosure. The home has central air and heating and custom window coverings in all rooms with blackout curtains and shades. An in-unit washer/dryer and one car deeded garage parking complete the home. Parking has an outlet for an electric car. Located at the juncture of Nob Hill, Russian Hill and Pacific Heights, the Marlowe has an attended lobby and a beautifully landscaped community courtyard which includes a fireplace lounge, Bocce Ball court, gas BBQ and two dining areas. Transportation lines and tech shuttle stops are just steps away, as well as all the restaurants, nightlife, shopping and other amenities of the Polk Corridor.

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View Condo in Russian Hill

1269 B Lombard Street

Built in 2013, 1269 B Lombard is an urban entertainer’s dream. Free-standing structure in Russian Hill with breathtaking iconic views from every level in several directions. Dynamic, large panoramic view exclusive roof deck with fire pit with direct access from the top floor that showcases views of the Golden Gate Bridge, and our gorgeous city. The main level boasts the coveted North view from the entertaining area, west vistas from the dining area and designer kitchen, and access to a rare southwest view rear yard. The kitchen is accented with Bosch gas range, GE Monogram refrigerator, and counter with bar seating that opens up to the living/dining room. Dramatic North Bay view master suite with private deck. Western view master bath has a separate shower, soaking tub, and double vanities. Two additional bedrooms are flexible to use as a media room or an office. Laundry and parking complete this home. Boutique two-unit HOA.

Incredible Russian Hill location. Close to charming shops, fine restaurants, and cable car line on Hyde St. A quick dash to tech shuttles and public transportation on Van Ness.