Weekend Events and the Weekly Real Estate Update

Posted by Garey De Martini on Friday, July 13th, 2018 at 11:43am.

SF.FunCheap.com has published a great online guide to San Francisco’s best Bastille Day celebrations taking place Saturday. Enjoy all things French — food, music, wine , beer, and more at a variety of venues. Meanwhile the SF Anime & Cosplay Festival is happening from 11 AM to 4 PM in Japantown Peace Plaza. And on Sunday you can watch the World Cup Final, France vs. Croatia, on a big outdoor screen with thousands of others at Civic Center Plaza. It promises to be a spirited and fun event!


On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/8/18 – 7/14/18

A California and Bay Area Real Estate Market Report

We will soon be releasing our 2018 Second Quarter Report, but in the meantime we thought we would share information provided by the California Association of Realtors, based on May 2018 real estate sales. A continued shortage of homes for sale pushed California’s median home sales price to a new record for the first time since the previous housing boom, with the Bay Area recording double-digit percent annual growth for the 11th straight month.

According to the report, the median sales price for a single-family home in the state was $600,860 in May, up 9.2 percent year-over-year for the highest annual rate of appreciation in four years. California’s median price surpassed its previous peak of $594,530, recorded 11 years ago.

“As we predicted last month, California’s statewide median home price broke the previous pre-recession peak set in May 2007 and hit another high as tight supply conditions continued to pour fuel on the price appreciation fire,” CAR Senior Vice President and Chief Economist Leslie Appleton-Young said in a statement accompanying the report. “With inventory starting to show signs of improvement, however, home price appreciation could decelerate in the second half of the year, especially since further rate increases are expected to hamper homebuyers’ affordability and limit how much they are willing to pay for their new home.”

The median sales price for a single-family home in the nine-county Bay Area climbed to $1,088,000, up by 16.4 percent from May 2017, marking the second straight month the region hit a new peak. More specifically, all five of the state’s million-dollar counties are in the Bay Area: San Francisco ($1,620,000). San Mateo ($1,600,000), Marin ($1,415,000), Santa Clara ($1,400,000), and Alameda ($1,025,000).

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