As the Jack London Improvement District celebrates its 5th year serving and protecting our community, Savlan Hauser, executive director, suggested we take a look at what changes have occurred in Jack London’s real estate market. With three cranes simultaneously in action as we started the new year, the most obvious news is that we are growing as a residential community. We are getting safer, we are getting more services, we have better restaurants and entertainment choices, and we are definitely getting more expensive.
According to Bay East Board of Realtors’ multiple listing service, the average list price for a Jack London Square Historical Warehouse District condominium in 2014 was $552,224. An average sales price was $563,730. Five years later, in 2019, we see a 41% increase in sales price with an average currently at $794,345. List price grew nearly the same at an average of $765,809, a 39% increase. These figures include studios, one-bedrooms, and two-bedroom condos at an average price per square foot of $517 in 2014, to $735 in 2019, a 42% increase overall.
As the prices have grown, we have also seen average marketing time reducing, and average homeowners’ monthly maintenance fees increasing. Marketing time in 2019 is an average days on the market of 19 days, a 21% decrease from 2014. The HOA fees have increased about 18% in the last 5 years, with today’s average fees at $604 per month, up from $514 average monthly in 2014.
We broke down the average list and sales prices per community in the graph featured below. The growth of buildings like Alice, 288rd, and Sierra showed much higher differential in their 2014 to 2019 price increases. Newer buildings like The Ellington and The Bond entered 2014 at a much higher market value than the other buildings, but we are now seeing the growth of those prices leveling off a bit more evenly across the board.
Now, what does the future hold for the Jack London community in the next 5 years? After dusting off that crystal ball, we continue to be bullish on the Jack London community. While we anticipate modest increase in values over the next few years, we are confident that the road ahead is bright. Migration from San Francisco continues to be very strong. Our community has gone from scary to cool in a viral way. The restaurant scene is amazing, and the music and art scene is even better. Large employers are flocking and transportation is abundant. We have an amazing ballpark quite possibly in our future, and a fine market hall coming soon. We believe the Jack London community will continue as a strong and steady leader in the Bay Area real estate market and a fine investment for those who can afford the new price of admission.