GLEN PARK REAL ESTATE–July recap

Apologies for the late post this month. I just got back from a whirlwind trip: it started with a family reunion in Cambria, moved on to an out-of-this-world home exchange in Seattle (if you’re curious about home exchanges, send me a note; I’ve been doing it for 13 years and there’s no better way to travel), and then a quick jaunt to Victoria, Canada. It was great, but I’m happy to be home. So, looking back on July…

San Francisco continues to be the hottest real estate market in the country. This holds true for rentals as well as home sales. Our inventory is pretty dismal right now: as of August 13th, San Francisco has only 128 active single family homes (down about 40% from the same time last year) and 337 active condos (also down about 40%!). In Glen Park we only have 2 single family homes active, and they’re both listed well over $2 million. With so many people moving here for jobs, moving back from farther-out areas, or moving up in terms of their current living situations, it’s the perfect recipe for a bit of a frenzy all around.

San Francisco single family home prices are up 25% year over year. In Glen Park, it’s actually up 40%. Look at Russian Hill (140%) or Telegraph Hill (260%) and those increases climb even higher. Of course, this only tells you so much until you factor in volume: 708 sales for San Francisco, 23 for Glen Park, 5 for Telegraph Hill, and 7 for Russian Hill. (These figures cover the three months from May–July.) What I think it really shows is a lot more absorption of higher-end housing stock. At the end of July, Glen Park had a sold price per square foot over $1,400 (both median and average)!

One of the more promising data points for our city is how much commercial vacancies have been declining. At the height, we were at 35% downtown commercial vacancy; the latest numbers put us at more like 27%, not fully recovered, but a real improvement. There’s a lot more activity going on downtown and along the waterfront, with projects in the works to continue those gains. A colleague in commercial real estate mentioned in my networking group the other day that she just helped a restaurant tenant secure a 10-year lease at over $500,000/year, a strong sign of confidence in the city’s continued growth.

More inventory can’t come soon enough – let’s see what fall brings. Until September!

Now, for the Glen Park Transactions/Listings for the month of July:

Here’s a look at what sold in the month of July–

Here’s a look at what’s currently in contract–

And lastly, the inventory that is currently available in Glen Park–