The summer may have quieted down the market a bit in San Francisco, but that doesn’t mean prices are softening or that buyers have backed off from extreme overbidding (25%+ above the list price). In fact, we have three cases this month of irrational overbidding, too (50% or more over asking).
Of the 74 sold houses so far in August, 23 of them sold for 25% or more over asking. However, the condo market is definitely not experiencing parallel activity. Only six of the 62 units sold traded hands for more than 25% over asking.
Houses on the west side made a strong overbidding showing this month. Thirteen of those 18 houses sold for 25% or more above the list price were located in the Sunset, Parkside, Richmond and Golden Gate Heights. Buyers for the tenant-occupied house on Capp at 22nd Street in the Mission paid $1M in cash for what’s presumably a development opportunity.
Here’s how things have gone so far in August 2015:
Extreme Overbidding (25%+ over asking)
763 36th Ave / Outer Richmond
List Price: $788,038 / Sale Price: $985,000 (25%)
554 45th Ave / Outer Richmond
$1,125,000 / $1,500,000 (33%)
2080 14th Ave / Golden Gate Heights
$899,000 / $1,302,080 (45%) Continue Reading