Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.
Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.
The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.
I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:
West Portal 22%
Westwood Park/Highlands 21% Continue Reading