Fewer buyers cared to overbid dramatically for condos in the first quarter of 2017—with a few exceptions when it came to two-level units, or nicely renovated ones in prime locations.
The average condo price for the 524 units reported sold in the Multiple Listing Service (MLS) was $1,270,736, up slightly from the $1,218,956 average in the first quarter of 2016.
Buyers paid a citywide average of $1,027 per square foot, with 24% of all sales changing hands for all cash.
The good news for condo hunters is that almost half of all sales were $1,000,000 or less. And only 45 condos sold for $2,000,000 or more, including a four-bedroom penthouse at the Four Seasons downtown for which buyers paid $9,000,000.
House-like, bi-level condos consistently attracted overbidding buyers. Why? These properties are the next best thing for buyers preferring single-family homes, particularly in well-established neighborhoods. For example, the two-level, three-bedroom condo at 1183 Dolores listed for $1,695,000 went into contract within three days of coming on the market and sold for $2,050,000. Similarly, the completely detached 521 2nd Avenue in the Inner Richmond was essentially a single-family home that sat at the rear of the lot. Listed for $1,595,000, it quickly sold for $1,975,000.
South of Market, South Beach, Mission Bay and Yerba Buena sales were fairly flat over the past quarter. For the first time in years, buyers paid an average of one percent under asking. However, the price per square foot is still a healthy $1,100.
New construction sales are going strong at more than a dozen buildings around San Francisco. These include such high profile properties at The Rockwell (1688 Pine), 1545 Pine (The Austin), 1450 Franklin, Lumina (201 Folsom), and One Mission Bay. Average prices per square foot generally start at $1,200 and go up from there.