The national economy continues to show signs of strength. The Federal Reserve Bank of San Francisco recently published an Economic Outlook, listing "healthy consumer spending" as underlying support for the economy. It is expected that GDP growth will be above 2% in the second-half of the year, partly due to this increased level of spending.
Additionally, recent job gains have averaged 175,000 per month, well above the 60,000-100,000 "break-even" range needed to absorb new people entering the labor force. The latest unemployment rate of 4.9% measures slightly below the "natural rate of unemployment" of 5%. It is expected that unemployment will go down even further into next year. Furthermore, uncertainty in global markets has made "safe-haven" assets in the US, such as real estate, even more desirable to foreign investors.
MEDIAN SALE PRICE FOR CONDOMINIUMS & SINGLE FAMILY HOMES
MEDIAN NEIGHBORHOOD VALUES
CONDOMINIUMS
SINGLE FAMILY HOMES
TOP FIVE CONDOMINIUM SALES
Pacific Heights and Russian Hill continue to be among the top San Francisco boroughs for the top condo sales. The top sale for October was an impressive $11,750,000 for a 'shell unit' that is just over 3,000 square feet, offering incredible views of the Golden Gate and the Bay. In second place is another residence at The Pacific, the 2,339 SF unit selling for $6,200,000.
TOP FIVE SINGLE FAMILY HOME SALES
No surprise that Pacific and Presidio Heights take four of the five top sales spots. Days on market for each of these four residences was between 9 and 15 days while the Sea Cliff property holding the fourth place spot remained for sale for 137 days, not unusual in the luxury market for homes over the $3 million mark.
The Costa Group are award winning, top producing Realtors ranked in the top 1% of Realtors serving San Francisco and Marin County, with over $350 million in career sales.
