Bernal, Sunset Top List of Most Competitive Neighborhoods for Buyers

San Francisco’s real estate market has long operated under the “list low, sell higher” approach. I’ve been a full-time Realtor since 2002, and it’s basically always been that way. If you’re a buyer or seller, it’s important to get a grip on how this selling pattern will affect the types of offers you write—or the ones you can expect to receive.

One of the ways to figure out which neighborhoods are the most competitive when it comes to multiple offers and interest levels is by seeing where the most extreme overbids are happening most frequently.

A look at single-family home and condo sales from September 1-October 4 yields insights into where buyers are routinely paying well over the list price. When it came to houses, overbids of 25%+ popped up the most in Bernal Heights, the Outer Sunset/Parkside, Central Sunset, and Parkside.

Leading the way in the condo market were Potrero, Bernal Heights, NoPa, Buena Vista/Ashburgy Heights, Cole Valley and the Haight. Sure, there were the one-off, super-high overbids like the one at 54 Macondray, located on the storied street in Russian Hill. That 2BR/2BA, 1200-square foot condo with Bay and Alcatraz views and no parking was listed for $1.1M and closed at the end of September for $1,652,000—a whopping 50% over asking.

If you’re aiming to buy a house in one of the more competitive neighborhoods, make sure to leave enough room for overbidding. And if you’re about to put your house on the market, best to list lower than your expected sale price.

2 responses to “Bernal, Sunset Top List of Most Competitive Neighborhoods for Buyers”

  1. Gwen McClure says:

    Eileen, I always enjoy reading your newsletters!! They’re filled with interesting and fascinating information. Thank you!

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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