flood

S.F. homes for sale hit a 15-year-high, as deluge of new condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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“The issue is the inventory is increasing so much faster than the sales rate,” said Patrick Carlisle, chief market analyst for Compass. “Any time you have this relatively huge overhang of supply, and demand is stable, you are going to see price reductions.”

The market was bifurcated: single-family homes did better than condos; large homes were more popular than smaller homes; and many downtown high-rise offerings languished while listings in more suburban neighborhoods tended to trade faster and slightly above asking price.

The contrast between the single-family homes and condos was apparent in price, how long a property sat on the market, and whether the asking price had to be cut to attract buyers. The median sales for single-family homes inched up year over year from $1.57 million to $1.66 million while condo prices lagged, dipping slightly from $1.275 million to $1.250 million. Single-family listings sold at an average

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S.F. homes for sale hit a 15-year-high, deluge of condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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“The issue is the inventory is increasing so much faster than the sales rate,” said Patrick Carlisle, chief market analyst for Compass. “Any time you have this relatively huge overhang of supply, and demand is stable, you are going to see price reductions.”

The market was bifurcated: single-family homes did better than condos; large homes were more popular than smaller homes; and many downtown high-rise offerings languished while listings in more suburban neighborhoods tended to trade faster and slightly above asking price.

The contrast between the single-family homes and condos was apparent in price, how long a property sat on the market, and whether the asking price had to be cut to attract buyers. The median sales for single-family homes inched up year over year from $1.57 million to $1.66 million while condo prices lagged, dipping slightly from $1.275 million to $1.250 million. Single-family listings sold at an average

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Homes are flooding outside FEMA’s 100-year flood zones, and racial inequality is showing through

Courtesy of Kevin T. Smiley, Louisiana State University

When hurricanes and other extreme storms unleash downpours like Tropical Storm Beta has been doing in the South, the floodwater doesn’t always stay within the government’s flood risk zones.

New research suggests that nearly twice as many properties are at risk from a 100-year flood today than the Federal Emergency Management Agency’s flood maps indicate.

Unfortunately, many of the people living in those properties have no idea that their homes are at risk until the floodwaters rise.

I am a sociologist who works on disaster vulnerability. In a new study, I looked at the makeup of communities in Houston that aren’t in the 100-year flood zone, but that still flood. What I found tells a story of racial disparities in the city. Research in other cities has shown similar flooding problems in predominantly Black and Hispanic neighborhoods.

Poor stormwater infrastructure, expanding urbanization and limited flood mitigation efforts are a few of the reasons why.

Flooding outside the zones

About 15 million Americans live in FEMA’s current 100-year flood zones. The designation warns them that their properties face a 1% risk of flooding in any given year. They must obtain flood insurance if they want a federally ensured loan – insurance that helps them recover from flooding.

In Greater Houston, however, 47% of claims made to FEMA across three decades before Hurricane Harvey were outside of the 100-year flood zones. Harris County, recognizing that FEMA flood maps don’t capture the full risk, now recommends that every household in Houston and the rest of the county have flood insurance.

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Harris County, home to Houston, now recommends all households have flood insurance, whether they’re in a FEMA flood zone or not. AP Photo/David J. Phillip

New risk models point to a similar conclusion: Flood risk

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