Despite the low November sales volumes and poor economic outlook, many people did enter into purchase agreements last week in San Francisco.
Fifteen single-family homes went into contract from 11/17-11/21, according to the San Francisco Multiple Listing Service (MLS). The average list price was $995,000, and the homes ranged in price from $359,000 for a one-bedroom property in the Excelsior, to $2,749,000 for a four-bedroom home in Sea Cliff. Average days on market? 47.
On the condo front, 14 units went into contract, with an average list price of $718,000. The units ranged in price from $438,000 for a SoMa one-bedroom foreclosure sale on Clementina (which received seven offers—four of which were over the asking price) to $1,495,000 for a new-construction, three-bedroom unit on Filbert Street in Cow Hollow. The average days on market for these 14 units was 57.
Finally, the tenancy-in-common (TIC) market showed signs of life, with eight TIC interests going into contract. Average list price was $628,000, and the most expensive unit was listed at $1,000,000 for a two-level, remodeled TIC in a two-unit building in the Central Richmond. The average days on market for these eight TICs was 44.
The past week’s activity kind of sums up things for San Francisco real estate these days: Buyers are out there, but they’re taking their time writing offers. However, there is still plenty of time for buyers to do their due diligence, work through loan approval, and complete a property purchase before December 31st.