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The district with the greatest number of house sales is District 10, which has been hit hardest by foreclosure sales. The district dominating condo sales is District 9 with all the recent condo developments (and this chart does not include new development sales not reported to MLS, of which there are many in District 9). District 5 in the center of the city has the second highest number of overall sales after District 9.
Discovery Bay, CA, July 13, 2010 – ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for June 2010. Foreclosure activity was mixed in June after being down across the board in May. Filing of new foreclosure notices rose, while foreclosure sales dropped. The number of foreclosure sales that were cancelled hit an all time record in June, but the increase was primarily driven by just one lender JP Morgan Chase, and it’s acquisitions including Washington Mutual. Although the number of properties purchased by 3rd parties at auction dropped significantly, they purchased nearly the same percentage of the total properties sold, and at a better discount to market value then we’ve seen in months. “Historically it is very unusual to have more Notice of Trustee Sale filings than Notices of Default” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “But with skyrocketing cancellations and the possibility of failing loan modifications, this will be increasingly common, as lenders are only required to file a Notice of Trustee Sale to restart the foreclosure process.”
Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of auction and serve as the homeowner’s final notice before sale.
After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the Bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to Bank and become part of that bank’s REO inventory.
Russian Hill has been consistently at the top of median condo prices. Condos in different neighborhoods can have widely divergent average size, quality of finish and age of construction. One reason for the gap between the Marina and Pacific Heights is that the Marina has a much larger average condo size.
Besides the values pertinent to different neighborhoods, house sizes often vary enormously between neighborhoods. Average house size in Pacific Heights and St. Francis Wood is much larger than that of Noe Valley, which is larger than that of Miraloma Park. Median price is a general statistic — half the homes sold for more and half for less — which can fluctuate for a variety of reasons.
This chart shows median home sales prices over the past 3 ½ years. Houses and condos — the vast majority of the home market — hit their highest levels since 2008, but they’re only about 1% above the 4th quarter 2009, and still within 3-4% of median prices 15 months ago. We’ll see in the new quarter whether there is an established upward trend in prices, which many agents believe began this spring, instead of the zigzaging up and down. Remember that sales prices are always 30-60 days behind the market, i.e. closed sales prices in June mostly reflect offers accepted in April and May.
Large, sudden changes in median price should be distrusted as indicators of changes in market values, especially when the number of sales is low.
The Median Sales Price is that price at which half the properties sold for more and half for less. It is a statistical generality which ignores many important factors, and may fluctuate even in times of stable values. Median sales price can be affected by “unusual” events in any particular period or by changes in buying trends, as well as by changes in market values.
Median sales prices and changes in median price are not necessarily relevant to any particular home. For a specific property, only a specific comparative market analysis will truly be pertinent.
Different neighborhoods may vary widely in the average size of 3-BR houses and 2-BR condos on a square footage basis, as well as exhibiting radically different styles, qualities and eras of construction. Some neighborhoods have a much greater quantity of sales and/or may be impacted by large new-development sales. The data herein is from the San Francisco Multiple Listing Service and subject to errors, omissions or revisions and not warranted.
New Listings Coming on Market, by week, through July 11
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