Has San Francisco real estate hit its peak for 2014? That’s the word on the street among many of my colleagues, and the second quarter stats certainly point to a buyer frenzy over the past three months.
Let’s hit up the single-family home and condo markets and see how they stack up against first-quarter numbers.
Single-Family Home Market
# Sold
Q2: 607
Q1: 442
Average Price
Q2: $1,537,074
Q1: $1,401,901
Percentage of Cash Sales
Q2: 20%
Q2: 25%
# Homes Sold for $1M or Less
Q2: 257
Q1: 226
Where to Buy for $1M or Less
Outer Parkside/Sunset; Parkside/Central Sunset; Merced Heights; Ingleside; Midtown Terrace; Miraloma Park; Sunnyside; Bayview; Crocker Amazon; Excelsior; Outer Mission; Visitacion Valley; Portola; Silver Terrace.
Volume and Prices Up, Cash Sales Down: Prices and volume increased over the past quarter, but cash sales dropped 5%. Given that trend, we may see less cash buyers snapping up homes over the summer.
Condo Market
# Sold
Q2: 786
Q1: 568
Average Price
Q2: $1,145,328
Q1: $1,033,560
Percentage of Cash Sales
Q2: 25%
Q1: 24%
# Homes Sold for $1M or Less
Q2: 420
Q1: 321
Where to Buy for $1M or Less: Ingleside Heights; Diamond Heights; 1BRs in Eureka Valley and NoPa; Western Addition; Downtown; Van Ness Corridor; Bernal Heights; Mission; Mission Bay; Potrero; SoMa; South Beach; Dogpatch.
Numbers Up Across the Board: Volume and sales prices also increased in the condo market over the last quarter, though cash sales remained roughly the same. The one-bedroom market is particularly strong, with an average selling price of $720,505.
What’s On Tap for the Summer?
This time of year tends to be slower in terms of buyer activity and inventory. Blame it on vacations, as many buyers and sellers schedule trips and simply aren’t focused on real estate. However, I’m not expecting sellers to hold off until the Fall to list their properties. There are still more buyers out there than available properties, and the committed buyers don’t let vacations prevent them from writing offers.