The big news for the first quarter of 2015 is that sales volume dropped like a rock compared to Q4 2014.
But prices edged up even higher.
Bottom line: There were 41% fewer single-family home and 28% fewer condo sales in the first quarter of this year. Of course, the first quarter of any year is typically slower due to buyers and sellers recovering from the holidays. But given the frothy nature of the market right now, I would have expected a touch more volume.
Here’s a snapshot of how things went down in the two most popular segments of the real estate market:
Homeowners held back: Only 396 properties sold (down from 674 in the previous quarter)
Average sale price for a house: $1,578,576, up from $1,513,641
Luxury market ($2M+): Represented 21% of all house sales
Made a strong showing again, accounting for 28% of single-family home transactions
Under $1M: Less than half of all house sales were under the $1M price point, in neighborhoods
like the Central Richmond; Outer Parkside/Sunset; Ingleside; Sunnyside; Bernal Heights; Bayview; Excelsior; Outer Mission; Visitacion Valley; Portola and Silver Terrace.
Overbidding: And the nominees for the most insane house overbids in Q1 2015:
428 Collingwood, Eureka Valley
(3BR/2BA, 1625 sq ft)
List price: $1,195,000 / Sold: $1,875,000
3475 Jackson, Pacific Heights
(4BR/3.5BA, 3200 sq ft)
List: $3,995,000 / Sold: $6,175,000
99 Ellsworth, Bernal Heights
(2BR/1.5A, 1250 sq ft)
List: $850,000 / Sold: $1,425,000
37 Aztec, Bernal Heights
List: $1,395,000 / Sold: $2,049,225
Less dramatic inventory dip: There were 483 reported condo sales in Q1, down from 671 in the last quarter of 2014.
Average condo price: $1,224,082, compared to $1,100,323 in Q4 2014.
Luxury market: 11% of sales
Cash buyers: These buyers stepped into 20% of all sales.
Under $1M: The good news for buyers was that almost half of all condo sales were in this range, and most frequently happened in Pacific Heights; Mission Dolores; Hayes Valley; Lower Pacific Heights; Downtown; Van Ness/Civic Center; the Mission; Mission Bay; SoMa/South Beach.
Worth noting is that a good majority of these condos were one bedrooms.
Most insane condo overbids?
514 Elizabeth, Noe Valley
List: $1,095,000 / Sold: $1,555,000
61 Germania, Hayes Valley
List: $899,000 / Sold: $1,310,000
2931 Fillmore #A, Cow Hollow
List: $1,385,000 / Sold: $1,925,000
New construction:: Several sales offices are about to open their doors:
– The Rockwell (Lower Pac Heights) will offer 260 units across two towers
– 72 Townsend (South Beach) will be releasing 74 condos
– 400 Grove (Hayes Valley) is gearing up to sell 38 condos.
Pricing for these buildings is expected to be in the $1100+/sq foot range.