San Francisco condo prices were up three percent year-over-year in the first quarter of 2018, with an average citywide condo price of $1.3M and price-per-square foot of $1,100.
The usual array of well-established, popular neighborhoods like Hayes Valley, Eureka Valley, Mission Dolores, NoPa and Russian Hill commanded the largest overbids. But it was Noe Valley that attracted the steepest and most frequent overbidding.
Condos spent an average of 34 days on the market, though homes in the most central, desirable neighborhoods typically slammed into contract within a week or two—especially if they benefitted from unique features like two-level, house-like floor plans, deeded gardens or views.
Almost half of all condo sales in the first quarter closed for $1M or less. A majority of these were one- and two-bedroom properties in Hunters Point, South Beach, South of Market, Mission Bay, Van Ness Corridor, downtown and Diamond Heights. The gap between the list and sale price was generally narrow.
The same held true for the luxury condo market, with most properties in the $2M+ range selling slightly above, at or below list price. One exception was 3973 19th Street in Eureka Valley; the 3BR/2BA two-level unit listed for $1,895,000 closed 30% above asking for $2,450,000.
Buyers were much more willing to pay well over the list price in the $1M-$2M price range. Condos in this category in the Inner Richmond, Haight, Hayes Valley, Eureka Valley, Mission Dolores, NoPa, and Russian Hill saw frequent and high overbids. King of them all was Noe Valley; almost half of the condo sales there sold for 20% or more above list price. Noe is still ground zero for buyers looking for an attractive neighborhood with easy South Bay freeway access, tech shuttle stops, Muni/BART access, restaurants, services and some of the best weather in the city.
A little more than a quarter of all condos were purchased in all-cash transactions. Buyers scooped up units with cash most often in Pacific Heights, South Beach and Yerba Buena.
The prize for most expensive condo sale in the first quarter goes to the 3BR/2BA, 3200 square foot unit with amazing Bay and Bridge views at 2190 Broadway #9E. The “blank canvas” of a unit was ripe for updating and changed hands off market for $4.4M.