The summer may have quieted down the market a bit in San Francisco, but that doesn’t mean prices are softening or that buyers have backed off from extreme overbidding (25%+ above the list price). In fact, we have three cases this month of irrational overbidding, too (50% or more over asking).
Of the 74 sold houses so far in August, 23 of them sold for 25% or more over asking. However, the condo market is definitely not experiencing parallel activity. Only six of the 62 units sold traded hands for more than 25% over asking.
Houses on the west side made a strong overbidding showing this month. Thirteen of those 18 houses sold for 25% or more above the list price were located in the Sunset, Parkside, Richmond and Golden Gate Heights. Buyers for the tenant-occupied house on Capp at 22nd Street in the Mission paid $1M in cash for what’s presumably a development opportunity.
Here’s how things have gone so far in August 2015:
Extreme Overbidding (25%+ over asking)
Houses:
763 36th Ave / Outer Richmond
List Price: $788,038 / Sale Price: $985,000 (25%)
554 45th Ave / Outer Richmond
$1,125,000 / $1,500,000 (33%)
2080 14th Ave / Golden Gate Heights
$899,000 / $1,302,080 (45%)
1490 39th Ave / Outer Sunset
$798,888 / $1,050,000 (31.5%)
1623 39th Ave / Outer Sunset
$999,000 / $1,325,000 (32.63%)
2312 32nd Ave / Parkside
$849,000 / $1,080,000 (27%)
2311 32nd Ave / Parkside
$925,000 / $1,175,000 (27%)
2167 25th Ave / Parkside
$985,000 / $1,340,000 (36%)
1540 36th Ave / Central Sunset
$1,095,000 / $1,408,000 (28.5%)
1568 36th Ave / Central Sunset
$1,150,000 / $1,565,000 (36%)
1467 Funston / Inner Sunset
$1,175,000 / $1,560,000 (32.77%)
2165 17th Ave / Inner Parkside
$995,000 / $1,300,000 (30.65%)
600 Myra Way / Miraloma Park
$899,000 / $1,160,000 (29%)
49 Eagle / Eureka Valley
$1,049,000 / $1,360,000 (29.65%)
12 Carson / Eureka Valley
$1,649,000 / $2,260,000 (37%)
37 Faith / Bernal Heights
$799,000 / $1,000,000 (25%)
636 Carolina / Potrero Hill
$899,000 / $1,200,000 (33.5%)
1633 Oakdale / Bayview
$599,000 / $776,000 (29.55%)
1133 Russia / Excelsior
$628,000 / $787,777 (25.44%)
51 Somerset / Portola
$849,000 / $1,160,000 (36.63%)
1651 Treat / Bernal Heights
$1,295,000 / $1,810,000 (40%)
Condos
1572 Church #A / Noe Valley
$928,000 / $1,255,000 (35%)
4318 17th St #2 / Corona Heights
$995,000 / $1,260,000 (26.63%)
565 14th Ave #1 / Mission Dolores
$995,000 / $1,250,000 (25.63%)
2075 Sutter #527 / Lower Pacific Heights
$995,000 / $1,300,000 (30.65%)
560 Missouri 1 / Potrero Hill
$995,000 / $1,402,560 (41%)
638 19th St. #15 / Dogpatch
$1,199,000 / $1,500,000 (25%)
Irrational Overbidding (50%+ over asking)
(All houses)
676 Capp / Inner Mission
$1,300,000 / $2,300,000 (77%)
218 27th Avenue / Lake Street
$895,000 / $1,612,000 (80%)
27 Cutler Avenue / Outer Parkside
$569,000 / $880,000 (55%)