Sorry, home buyers. And congrats, home sellers. Home prices are continuing their inexorable, upward climb. And one unlikely, long-downtrodden city is even being pulled into price-increase frenzy.
Yes, friends, Detroit is officially a hot housing market. Honest.
Overall, the cost of buying a new abode was up 5.4% in December over the previous year, according to the most recent data from the SP/Case-Shiller Home Price Indices. Prices were also up 0.1% from November.
“Prices are going up, and it’s being aided by low mortgage rates, tighter supplies [of properties on the market] and lower unemployment,” says Chris Bennett, a senior index analyst at SP Dow Jones Indices.
The market got even tighter for buyers in Portland, OR, San Francisco and Denver. These cities posted the largest year-over-year cost hikes in December.
Portland housing prices shot up 11.4% in December 2015 compared with December 2014, and jumped 10.3% in San Francisco, according to the report. Denver wasn’t far behind, with a 10.2% increase.
“We have a lifestyle that people like,” says Dawn Barry-Griffin, a Portland real estate agent at Portlandia Properties.“People are very accepting and laid back. You have nature close by.”
In the last year, she’s begun seeing an influx of folks who are being priced out of the more ridiculously expensive parts of the country, such as the San Francisco Bay Area, and relocating to Portland. This has put a squeeze on the housing market, driving prices up, up and away.
Please, Mr. Postman
Send me news, tips, and promos from realtor.com® and Move.
But the big surprise on the report was Detroit. The Motor City, which has suffered high unemployment in recent decades, as its manufacturing plants closed, saw a 7.1% bump in housing prices from a year earlier.
That’s due in part to the small but growing number of new companies starting, moving to or expanding in Detroit—bringing new jobs with them, says Charles Ryan, a Detroit real estate broker at Keller Williams Realty in Royal Oak, MI. Many of those folks are looking to buy in the city’s historic districts, which have a limited supply of homes on the market. Thus, housing prices are driven up.
“I’m seeing a lot of first-time buyers, and then people who have once lived in the city see that it’s getting better and are coming back,” Ryan says.
SAN FRANCISCO, CA–(Marketwired – February 22, 2016) – In the news release, “Zephyr Real Estate Names Top Producers for 2015″ issued earlier today by Zephyr Real Estate, we are advised by the company that the second sentence of the first paragraph should read “Zephyr’s sales in 2015 were record-breaking with nearly $2.3 Billion in sales volume, which was due to the incredible successes of its agents.” rather than “Zephyr’s sales in 2015 were record-breaking with nearly $2.3 Million in sales volume, which was due to the incredible successes of its agents.” as originally issued. Complete corrected text follows.
Zephyr Real Estate recently announced its Top Producers for 2015. Zephyr’s sales in 2015 were record-breaking with nearly $2.3 Billion in sales volume, which was due to the incredible successes of its agents.
The Top Ten, ranked by sales volume, are Tanya Dzhibrailova (#1 Company-wide top producer), Tim Gullicksen (Pacific Heights office top producer), Laura Kaufman (Noe Valley top producer), Isabelle Grotte, Bonnie Spindler (Upper Market top producer), Stefano DeZerega, Robin Hubinsky (West Portal top producer), Sherri Howe, Britton E. Jackson and Tim Hawko.
The following agents achieved Top Producer status, each exceeding $12 million in sales:
Bill Kitchen, Vicki Valandra, Amy Clemens, Tanja Beck, Michael Ackerman, Chris Sprague, Ken Eggers, Chris DeNike, Gary Tribulato, Suhl Chin, John LePage, Richard Sarro, Matthew Goulden, Wendy Watkins (Potrero Hill top producer), Michelle Kim, Debbie Dells, Todd Wiley, Simon Shue, Mark Peschel, Michael Salstein, Susan Olk, Daniel Fernandez, Hugh Groocock, Andrew Roth, Derek Schreiber, Erik Reider, Jim Beitzel, Joan Loeffler, James Romeo Holloway, Ravi Malhotra, Joost Van de Water, Peter Goss, Julie Reber, Darryl Honda, Harry Clark, Jennifer Burden, Carren Shagley, Tyron Hooper, Jamie Lawrence, Donna Sullivan, Dan Bunker, Ron Whitney, Else Townsend, Eric Castongia, Osman Dost, Caroline Scott, Sabrina Gee-Shin, Abbe Day-Merchant, Colleen McFerrin, Rita Roti, Lynnette Giusti, Seth Skolnick, Diane Hourany, David Ames, Bobbi Levenson, Brenda Tam and KJ Kohlmyer.
“Congratulations and profuse thanks to these high-powered agents on a banner year for all of us,” commented Randall Kostick, President of Zephyr. “Nothing succeeds like success, and 2016 is already shaping up to be another wildly successful year.”
About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San Francisco’s largest independent real estate firm with over $2 billion in gross sales and a current roster of more than 300 full-time agents. Zephyr’s highly-visited website has earned two web design awards, including the prestigious Interactive Media Award. Zephyr Real Estate is a member of the international relocation network, Leading Real Estate Companies of the World; the luxury real estate network, Who’s Who in Luxury Real Estate; global luxury affiliate, Mayfair International; and local luxury marketing association, the Luxury Marketing Council of San Francisco. Zephyr has six offices in San Francisco, a brand new office in Greenbrae, and two brokerage affiliates in Sonoma County, all strategically positioned to serve a large customer base throughout the San Francisco Bay Area. For more information, visit www.ZephyrRE.com.
and http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/6d447_265891LOGO –>
<!– Paragraph before: SAN FRANCISCO, Feb. 22, 2016 /PRNewswire/ — Starboard TCN, San Francisco’s largest independently owned commercial real estate firm, this year celebrates its 25th anniversary.
–>
<!– Paragraph After: SAN FRANCISCO, Feb. 22, 2016 /PRNewswire/ — Starboard TCN, San Francisco’s largest independently owned commercial real estate firm, this year celebrates its 25th anniversary.
–>
SAN FRANCISCO, Feb. 22, 2016 /PRNewswire/ — Starboard TCN, San Francisco’s largest independently owned commercial real estate firm, this year celebrates its 25th anniversary.
<!– Paragraph before: In 1991, Hans Hansson, Doron Baruth and four other principals set out with a vision to bring Bay Area investors, tenants and landlords the highest level of local real estate expertise, combined with a global reach. Over the course of the last 25 years, Starboard has made that vision a reality.
–>
<!– Paragraph After: In 1991, Hans Hansson, Doron Baruth and four other principals set out with a vision to bring Bay Area investors, tenants and landlords the highest level of local real estate expertise, combined with a global reach. Over the course of the last 25 years, Starboard has made that vision a reality.
–>
In 1991, Hans Hansson, Doron Baruth and four other principals set out with a vision to bring Bay Area investors, tenants and landlords the highest level of local real estate expertise, combined with a global reach. Over the course of the last 25 years, Starboard has made that vision a reality.
<!– Paragraph before: The company averages more than 300 deals per year, and has grown from its six founding principals to a staff of 21, including 16 agents who are extremely well versed in the Bay Area real estate market. Starboard TCN has also formed strategic partnerships with national and international affiliates, including TCN Worldwide, GVA, AREA and Office Finder, extending the influence and reach of its brokers.
–>
<!– Paragraph After: The company averages more than 300 deals per year, and has grown from its six founding principals to a staff of 21, including 16 agents who are extremely well versed in the Bay Area real estate market. Starboard TCN has also formed strategic partnerships with national and international affiliates, including TCN Worldwide, GVA, AREA and Office Finder, extending the influence and reach of its brokers.
–>
The company averages more than 300 deals per year, and has grown from its six founding principals to a staff of 21, including 16 agents who are extremely well versed in the Bay Area real estate market. Starboard TCN has also formed strategic partnerships with national and international affiliates, including TCN Worldwide, GVA, AREA and Office Finder, extending the influence and reach of its brokers.
<!– Paragraph before: "We have achieved this milestone through the hard work and dedication of our principles, agents and staff," said Hans Hansson, founding principal, Starboard TCN. “We are committed to maintaining a constant pulse on the Bay Area’s commercial real estate market and sharing that knowledge with our clients and global partners to help buyers find their ideal space in one of the most active markets in the world.”
–>
<!– Paragraph After: "We have achieved this milestone through the hard work and dedication of our principles, agents and staff," said Hans Hansson, founding principal, Starboard TCN. “We are committed to maintaining a constant pulse on the Bay Area’s commercial real estate market and sharing that knowledge with our clients and global partners to help buyers find their ideal space in one of the most active markets in the world.”
–>
“We have achieved this milestone through the hard work and dedication of our principles, agents and staff,” said Hans Hansson, founding principal, Starboard TCN. “We are committed to maintaining a constant pulse on the Bay Area’s commercial real estate market and sharing that knowledge with our clients and global partners to help buyers find their ideal space in one of the most active markets in the world.”
<!– Paragraph before: About Starboard TCN Starboard TCN is the leading San Francisco commercial real estate firm, providing clients with full, all-inclusive services since 1991. Locally based, Starboard TCN has organically acquired substantial relationships with tenants, investors, contractors, architects and accountants throughout the San Francisco-Bay Area.
–>
<!– Paragraph After: About Starboard TCN Starboard TCN is the leading San Francisco commercial real estate firm, providing clients with full, all-inclusive services since 1991. Locally based, Starboard TCN has organically acquired substantial relationships with tenants, investors, contractors, architects and accountants throughout the San Francisco-Bay Area.
–>
About Starboard TCN Starboard TCN is the leading San Francisco commercial real estate firm, providing clients with full, all-inclusive services since 1991. Locally based, Starboard TCN has organically acquired substantial relationships with tenants, investors, contractors, architects and accountants throughout the San Francisco-Bay Area.
<!– Paragraph before: As the largest, independently owned commercial real estate firm in San Francisco with both national and international affiliates, including TCN Worldwide, GVA, AREA, and Office Finder, Starboard delivers clients the highest level of local expertise while offering a global reach.
–>
<!– Paragraph After: As the largest, independently owned commercial real estate firm in San Francisco with both national and international affiliates, including TCN Worldwide, GVA, AREA, and Office Finder, Starboard delivers clients the highest level of local expertise while offering a global reach.
–>
As the largest, independently owned commercial real estate firm in San Francisco with both national and international affiliates, including TCN Worldwide, GVA, AREA, and Office Finder, Starboard delivers clients the highest level of local expertise while offering a global reach.
<!– Paragraph before: Starboard TCN agents are positioned to know the San Francisco real estate market like no other, knowing the ins and outs of the City and having access to networks of approximately 2,000 office buildings and more than 100 million square feet of office space throughout the Bay Area. Through these networks and unique inside knowledge, Starboard TCN makes it obtainable to assist buyers and quickly find their ideal space in one of the hottest real estate markets in the world.
–>
<!– Paragraph After: Starboard TCN agents are positioned to know the San Francisco real estate market like no other, knowing the ins and outs of the City and having access to networks of approximately 2,000 office buildings and more than 100 million square feet of office space throughout the Bay Area. Through these networks and unique inside knowledge, Starboard TCN makes it obtainable to assist buyers and quickly find their ideal space in one of the hottest real estate markets in the world.
–>
Starboard TCN agents are positioned to know the San Francisco real estate market like no other, knowing the ins and outs of the City and having access to networks of approximately 2,000 office buildings and more than 100 million square feet of office space throughout the Bay Area. Through these networks and unique inside knowledge, Starboard TCN makes it obtainable to assist buyers and quickly find their ideal space in one of the hottest real estate markets in the world.
<!– Paragraph before: Media Contact: Natalie Wolfrom PR for Starboard TCN Worldwide 415-609-7092 nwolfrom415@gmail.com
–>
<!– Paragraph After: Media Contact: Natalie Wolfrom PR for Starboard TCN Worldwide 415-609-7092 nwolfrom415@gmail.com
–>
Media Contact: Natalie Wolfrom PR for Starboard TCN Worldwide 415-609-7092 nwolfrom415@gmail.com
SONOMA COUNTY – Data released this week by CoreLogic shows sales of new and existing houses and condominiums sold in the Bay Area in January 2016 down 38.3 percent month over month from December 2015.
Typically sales decrease between December and January in the Bay Area, and the average change between those two months since 1988 is a decline of 28.6 percent. The drop this year, across the region, is about 10 percent more than average.
Median Bay Area home sales are up 7.1 percent year over year from January 2015.
In Sonoma County, median home sales increased 4.2 percent last month, the only Bay Area County to show an increase in sales from December 2015 to January 2016.
The yearly figures shows strength as well. From January 2015 to January 2016, the current median home price in Sonoma County – $500,000 – is up 11.5 percent.
The median price paid for all homes sold in the San Francisco Bay Area in January 2016 was $625,500.
This was down 3.8 percent month over month from $650,000 in December 2015 and up 15.4 percent year over year from $542,000 in January 2015.
CoreLogic reports the median sale price has risen year over year for 46 consecutive months.
Home sales of $500,000 or more accounted for 64.5 percent of all sales in January 2016.
Absentee buyers, mostly investors, bought 19 percent of all homes sold in January 2016.
Cash buyers accounted for 20.5 percent of January 2016 home sales.
Aoso of note, government-insured Federal Housing Administration (FHA) loans accounted for 13.8 percent of home purchase loans in the San Francisco Bay Area in January 2016, up from 12.1 percent in December 2015 and up from 11 percent in January 2015.
Over the past year, officials say more buyers of low-to mid-priced homes have turned to low-down-payment FHA loans, in part, because the mortgage insurance premium for these loans was lowered in early 2015.
The FHA share of home purchase loans in January 2016 ranged from a low of 0.6 percent in San Francisco to a high of 29.5 percent in Solano County.
Year-Over-Year Change:
Median Sale PriceJanuary 2015 v. January 2016/Percent Change
Alameda………..$525,000…..$635,250……21.0%
Contra Costa…$402,250…..$452,500……12.5%
Marin……………..$770,000…..$725,000……-5.8%
Napa………………$476,500…..$505,000…….6.0%
Santa Clara…….$661,500…..$750,000…..13.4%
San Mateo………$800,000…..$910,550…..13.8%
Solano…………….$303,250…..$343,000…..13.1%
Sonoma………….$448,500…..$500,000……11.5%
Bay Area…………$542,000…..$625,500……15.4%
Month-Over-Month Change:
Median Sale Price December 2015 v. January 2016/Percent Change
–>
Facebook
Twitter
Pinterest
