A look at last week’s single-family home and condo sales gives us a glimpse into the mindset of buyers and sellers as we head into the holidays. And it looks like some pretty hefty discounts are possible for buyers these days, particularly in the condo and high-end/$1M+ markets.
A total of 21 single-family homes under the $1M price point sold during the week of Nov 1-5th. Of these 21, nine were sold for over their asking prices. Five of the nine involved anywhere from $20,0000-$75,000 ranges above asking. However, of the six homes that sold for above $1M, only one sold for more than asking (that’d be a home on Bonview in Bernal Heights, listed at $975,000 and selling for $1,050,000).
The rest of the houses sold for substantially less. For example, there was a 5BR home in Sea Cliff listed at $3,295,000 and sold for $3,025,000. A 4BR home in Forest Knolls listed at $1,200,000 ended up selling for $935,000. And let’s not forget the Cow Hollow 4BR listed for $4,850,000, which sold for $4,400,000.
If you’re shopping in the higher price ranges, it might be possible to hang in there for the discounts.
Condo sales are firmly in the grasp of the under-$1M market, as 17 of the 22 units sold last week fell into this category. Discounts ran anywhere from $15,000-$40,000, but a fair amount of condos sold for $50,000 or even $100,000 less. The biggest slashes were again in the higher end of the market. A 3BR on Lombard listed for $1,499,000 changed hands for $1,350,000, and another 3BR unit in Pacific Heights listed at $1,775,000 ended up selling for $1,537,500.
Keep your eyes peeled for opportunities as the holidays approach!