The Outer Sunset, Parkside and Outer Parkside led the single-family overbidding pack in the last quarter of 2016, with average overbids that far exceeded other neighborhoods.
Though the average citywide overbid was five percent, the Outer Sunset saw buyers paying an average of 19.5% over the list price, with the Parkside (19%) and Outer Parkside (17.5%) hot on its heels. Other high-flying neighborhoods included Miraloma Park (14%); Portola (13%); Central Sunset (12.5%); Sunnyside (12.5%); and Excelsior (11.5%).
These areas primarily offer single-family homes with average prices of below $1,500,000, a price point that finds much more extreme overbidding. On the other hand, more expensive neighborhoods with inventory in the $2,000,000+ range like Noe, Cole and Eureka Valleys only saw two- to four percent overbid averages.
Condo activity was far less dramatic, with an average citywide overbid of 3.5% in Q4 2016. Taking the top prize was Cole Valley (10.75%), followed closely by Eureka Valley (9.55%); Mission Dolores (8.43%); Noe Valley (8.35%); and the Mission (6.5%). Average prices ranged from $1,100,000-$1,400,000 in these neighborhoods.
Wondering how overbidding stats will affect your home’s list price when you’re ready to sell, or how much you should offer to pay on a property? I’d be happy to help you navigate the market, because that’s what I do for a living. Give me a shout at 415.823.4656 | ebermingham@zephyrsf.com and we’ll get you moving in the right direction.