Records continue to fall

Seven months after the pandemic struck, the dynamics of the SF house and condo markets have significantly diverged.  Records continue to fall There are currently more inventory than other other time during the past 15 years - even more than the economic downturn in 2009.  This is especially evident in the condo market where the inventory of condo listings has been soaring, making up 75% of all listings. Overall, increases in supply continue to outpace demand and price reductions are heavily concentrated in the condo market (2/3 of all listings and 80% of all condos are experiencing a price reduction). SoMA, Mission Bay and South Beach are the hardest hit neighborhoods. Dominated by very large high-rise condo buildings, these buildings have lost their appeal now that the amenities offered are closed.  Despite the rise in inventory and the price reductions... Median condo sales prices have only declined by about 5% - much less compared to the 2008 downturn. There's not much of a decline in median sales prices Year-over-year, the number of 2-bedroom condos sold in Q3 went up by +100 sales, while studio and 1-bedroom sales were flat. That extra 100 2-bedroom condo sales - more expensive than studios and 1 bedroom units - means a much larger percentage of 2-bedroom to total sales, and this pulled up the overall Q3 combined median sales price. And yes we are still selling homes, lots of them More listings went into contract in September than in any month in the last 2 years.  Summarizing this very strange selling season More listings + more buyers + more price reductions =  more transactions happening (+ Crazy real estate!) Maggie Visser Top 4% SF Agents DRE #: 01925742 415.793.3470 maggie.visser@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. marketingcenter-sfbayarea-sfcityproper

Let's Make Kindness Contagious

It’s been wild to experience the rapid changes in our community over the past few weeks. While it’s immensely difficult in many ways to live this new (hopefully temporary) lifestyle, I am doing my very best to focus on the positive outcomes of these unusual circumstances. It’s difficult to work right now since we’re all sheltering-in-place, so instead, I’ll try to contribute to our collective wellness by sharing a positive perspective. If you need that today, I hope it helps. Kindness is contagious. My neighborhood is vibrating with kindness. When I walk my dog, I see people chatting (at a distance), sharing ideas for occupying young children or working more efficiently from home. Strangers wave more than ever before and so many smiles are traded as I pass others on my morning run (at a distance).  This common experience is powerful. If we let it, it will bring out our empathy and a desire to help each other. Let’s get swept away in it. Kindness is spreading – if we each “infect” just a few people, we’ll definitely outpace COVID19. The next pandemic: People doing the right thing. Over 40,000 retired medical professionals responded to a call for reserve personnel in NYC to help stem the spread of COVID19. Designer Christian Siriano halted his label’s production, devoting all resources to producing quality masks for healthcare workers. Gap recently followed suit, producing masks and scrubs. Louis Vuitton converted their fragrance labs to manufacture hand sanitizer. Thomas Keller launched a relief fund for his 1,200 furloughed employees and their families.  The Coca Cola Corporation has diverted 100% of their advertising budget in the Philippines to the provision of protective equipment for health workers and food to vulnerable families. Every day, people and companies are banding together in ways we’ve never seen. It’s a relief to see so many do the right thing. A cure for what ails you? What do you need today? Advice, ideas, inspiration, recommendations, a shoulder to cry on, or can I pay for a 1-month digital membership to the new SFJAZZ streaming concert series taking place Fridays at 5 PM?  I am here to help bring music to your ears, or advice – real-estate-related or otherwise.  Mindset is the cure for what ails us these days, so if I can help, let me know. Maggie Visser DRE #: 01925742 415.793.3470 maggie.visser@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.

2019 Year in Review