Limited inventory during the shelter in place (SIP) market seems to be motivating many buyers to overbid on properties—particularly when it comes to single-family homes.
Of the 186 houses sold from March 17th-May 5th, approximately 70% closed for above list price. Clusters of homes in the Outer Mission, Bernal Heights, Miraloma Park, Outer Parkside and Central Sunset saw overbids of well above twenty percent.
Miraloma, for example, saw five of the seven homes sold there change hands for 20%-40% over asking. This included 266 Bella Vista (photo, above), a three-bedroom/one-and-a-half-bath home with 1460 sq ft which was listed for $1,295,000 and closed for $1,820,000 on April 21st.
The condo market is not as blustery, with 57% of units sold during the SIP closing for above list price. Only 13 condos sold for 20% or more above asking. Neighborhoods like SoMa, South Beach and Mission Bay generally have been seeing units trade for at or below asking.