The San Francisco market held its own this past summer, with inventory and value levels that didn’t change much from the summer of 2016.
The average price of a single-family home, citywide, was $1,692,000, up only slightly from $1,678,000 last summer. Sold volume was essentially the same, with 634 houses sold.
The overbidding hot spots were the usual suspects—all areas of the Richmond, Parkside, Sunset and Noe Valley. But the Excelsior popped up, too, with multiple homes changing hands for 25%+ over the list price.
Home buyers looking to spend $1,000,000 or less on a single-family home found that inventory in Bayview, Silver Terrace, Crocker Amazon and Visitacion Valley. But only 123 homes sold in this range over the summer.
The condo market was surprisingly lackluster when it came to the number of reported summer sales; there are typically many more condos sold than houses. However, only 670 units were reported sold (not including all new construction). The average price for a condo was $1,257,785—a 3.7% increase from summer 2016.
Condos averaged $1,000/square foot, and buyers did not hold back from overbidding 25% or more on remodeled units with period detail and parking in Hayes Valley, NoPa, Bernal and Corona Heights, Mission Dolores and Pacific Heights.
There were more opportunities in the condo market for purchases of $1,000,000 or less, as almost half of all units sold fell in that range. Buyers found such properties in larger buildings in Ingleside Heights, Twin Peaks, Mission Dolores, Pacific Heights, Downtown, Van Ness corridor, Inner Mission, Mission Bay, Potrero, SoMa, and South Beach.
Luxury buyers who can spend $2,000,000 or more should look to the houses and condos that have been sitting on the market 21 days or more going into the first week of September. The average price of a house in this category is $3,600,000, and $1,800,000 for condos. It’s easy to see where the deals may be in the next month or so.