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Hi Everyone,
Spring is well under way, and we are seeing quite a lot of exuberance in the marketplace, especially for single family homes, with the luxury sector setting a break-neck pace for the season.
Here's a sampling of activity over the past month ….
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1001 Moraga closed 54% above asking, off market
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202 Fair Oaks closed at $2.2M cash, w/heated competition
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116 Stanyan sold off market at $82 sq ft more than the sellers paid just 21 months ago
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135 27th Avenue sold 18% over list at $1,757 sq ft
A learning moment ...
An off-market sale is often preferred by the property owner, to escape the disruption associated with a public marketing campaign, or to protect the privacy of their home and/or curcumstances surrounding the sale. If you are thinking about selling a property, we would be happy to discuss our 3 tiered marketing program. It affords our selling clientele the privacy and convenience of an off-market sale, and the opportunity to optimize their sales price by avoiding the impact of algorythmic valuations used by online real estate platforms, which can set artificial ceilings on estimated value.
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Approximately 7% of all building materials used in US residential construction are imported, amounting to roughly $13 billion annually. About 70% of all softwood lumber and gypsum (used in drywall), come from Canada and Mexico. Tariffs in place are sure to bloat building costs.
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The overall U.S. housing inventory surged during the week ending May 3rd, by 31% over 2024, reaching the highest level since 2019. Pending sales dropped year over year, indicating a cooling trend. (Bloomberg)
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42% of homebuyers in the U.S. are between aged between 60 and 78, far outnumbering millennials. This is due to the fact that parents are living longer, hence, passing along wealth to their children who are already near, or well into their retirement years.
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Paul Tudor Jones, American hedge fund manager, predicts the stock market will decline, possibly hitting new lows, and that these declines are likely to continue, even if tariffs are reduced. He feels the combination of higher tariffs, and not lowering interest rates will lead to a recession. (CNBC)
Paul Tudor
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More In The News ...
That "sinking feeling" you've been having, could be subsidence. It's nothing you can ask your doctor about. 20% of every U.S. city studied, are sinking, due to massive ground water and crude oil extraction. The sinking is slow, but steady, progressing 1" to 2" every five years.
Our latest jobs report shows sustained resilience in our economy with 177,000 new hires, keeping the unemployment rate at 4.2%. (Bureau of Labor Statistics)
Might San Francisco follow suit? In what is believed to be a 1st, Los Angeles is using AI to streamline the building permitting process, in the wake of the historic West Side fires. The software has donated by wildlife recovery organizations, and is said to be particularly well-suited for this new use. (LA Times)
A Few Words of Wisdom...
If you’re buying a home in this market, consider moving your investment funds into cash to move quickly for the right home. Stay connected with your lender to monitor interest rates. Engage closely with your Realtor to spot off market and/or Compass Private Exclusive listings.
If you’re selling a home in this market, be clear of your end goals. San Francisco has an inventory shortage in some sectors, so depending on the property, chances of a quick sale are high. Are you in a position to manage a fast close? Do you know where you’re going? Are you transfering your tax basis? Will be you be investing the proceeds? Clarity on these matters is essential, in order for your agent to negotiate effectively on your behalf. You are welcome to reach out to discuss your big picture goals with us.
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Report created in good faith using data from sources deemed reliable but may contain erros and subject to revision. Last period fibures are prliminary estimates based on data available in early January. All numbers approximate, and may change with late-reported activity.
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More charts, more charts, more charts 
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DOGFEST was a huge success!
$70,000! We were the official sponsor of Dogfest 2025, a benefit for McKinley Elementary, and so proud to have helped raise a record sum for the school last month. Rosie & Emma had their own photo booth and were very busy the entire day. They walked away having won the newest catagory in the dog show as "The Most Charitable Canines"! mckinleyschool.org/dogfest/
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Last but not least.
Some preach the demise of EV's, yet U.S. EV sales increased 11.4% to nearly 300,000 units during the first quarter. Cities are the biggest beneficiary of EV's, which are quieter and don't pollute like their combustion powered counterparts. Some international cities are allowing only EV's and hybrids into their city centers to reduce pollution ... and it's noticeable.
Shorter distance travelling is well-suited for EVs. 30 minute, 80% fast charging stations are popping up all around the globe, and in China, new tech has been built to charge 250 miles of range in just 5 minutes!
Price has always been a hindrance for EV adoption, but now many U.S. EV's start around $35,000. Many federal tax breaks are about to end, so the introduction of lower priced models comes in the nick of time. Maybe there is hope for a cleaner planet after all.
Have yourselves a wonderful Spring, what's left of it!
Until next time,
Chip & Par
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