GREEN REALTOR NEWS | Vol. 13
Market Update | News | Photo Contest
This month’s photo contest winner was none other than Lyssa Friedman! She recognized them right away as the Moraga Stairs at 16th Avenue in San Francisco. Lyssa lives happily with her partner in Tam Valley just minutes away from multiple hiking trails and places to put their kayak in the Bay. Their daughter grew up in the Mill Valley schools and is now in college, and they have a revolving door of adult nieces, nephews and their dogs passing through their home.
As always, our photo contest winner receives a $25 gift card to Marin Green Business Good Earth Natural Foods. Scroll down to see our March photo by artist-in-residence Esther Vermeer.
Market Update
San Francisco | Single Family Homes and Condos | Median Sales Price
The first quarter 2022 stats are in and the big news will be no surprise to anyone who has been active in the market this year. A severe lack of inventory continues to be our biggest issue, driving prices to incredible heights as the overall number of sales plummets. The total number of sales in Marin dropped 20.8% from Q1 2021, and not from lack of demand. San Francisco sales dropped a more modest 5.4%, but prices increased by an average of 10.3%, while Marin average prices increased 8.3%. The percentage of the sales price over the asking price tells the story about competition in the market. In the 10 counties associated with the San Francisco Bay Area most, but not all, homes sell for over the asking price. In Q1, 17% of homes sold for less than their asking price, the bulk of these being large estates and vacation homes in Napa and Sonoma. By March, that number had dropped to just 10%, far lower than the 18% in March 2021. In San Francisco, single family houses sold on average for 17% over their asking price, compared to 9% in March 2021. In Marin, the average was 12% over asking, compared to 3% the previous year. Coming up, we’re heading into the heart of the spring selling season. Anecdotal evidence points to an increase in inventory, enough to relieve some of the pent up demand, but likely not enough to reduce prices.
Want more information about the local markets in San Francisco and Marin? Email me to sign up for the Attain Real Estate monthly report which goes into the stats in more detail.
Just Sold!
541 Orizaba Avenue, San Francisco - $2,001,000
4 bedrooms | 3 bathrooms | 2,135 square feet | Two car garage and… VIEWS FOR MILES!
It was such a pleasure to spend time at 541 Orizaba in San Francisco during the brief time it was on the market last month! The huge views all the way out to the Farallon Islands made every day different as the weather changed from hot and sunny with incredible sunsets, to rain, to swirling fog and storm clouds. We’re so happy that a new family has already moved in to keep enjoying the drama of Mother Nature. It sold for a fantastic price of $2,001,000, allowing the previous owners to make fast moves! They are already in contract to buy a new house in San Francisco - check back next month to hear all about it!
April Photo Contest
Esther Vermeer is a Mill Valley resident with a background in branding and graphic design. Originally from the Netherlands, she moved with her family to Montreal, Canada for a while, and came to the Bay Area 14 years ago, where she has since established herself in the world of interior design. She loves to journey around California and discover the lush natural beauty the state has to offer. You can reach her at esther@prevalentprojects.com.
Look familiar? If you know where this is, email me at lucinda@lucindaotto.com. The first person with a correct guess wins a $25 gift card to Good Earth Natural Foods!
I hope you enjoyed the Green Realtor News! If you know anyone buying or selling, or if you are curious to hear more about the market, please don’t hesitate to reach out. I’d love to help you or your friends make moves.
As one of my happy clients loves to say - Everyone needs a Lucinda!
