Off-Market Sales Slow Down in 2016

Off-market sales are accounting for a much smaller percentage of single-family homes and condos this year. Though a quarter of all properties sold in 2015 changed hands without the benefit of being entered into the Multiple Listing Service (MLS), those numbers have dropped off significantly in 2016.

Only four percent of San Francisco single-family homes sold off market, with condo sales accounting for only eight percent. And it’s clear that the high-end rules in off-market world, with average house prices clocking in at $2,578,084. The average off-market condo price was $1,507,278.

Noe Valley, Cow Hollow and Bernal Heights frequently popped up with several off-market sales, though most were scattered across the city. However, most of the condos sold outside the MLS were in new developments like 72 Townsend in South Beach and Arden in Mission Bay, along with larger buildings in South Beach such as The Beacon.

Most off-market properties sold at or just above their asking price, with a few exceptions. There typically aren’t too many “deals” in this sub-market, as buyers typically view quieter sales as opportunities to purchase a home without getting involved with bidding wars—and are often willing to pay a premium to get what they want.

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Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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