San Francisco real estate sees its share of cash buyers, but they’re not popping up as frequently as they used to. For the past several years, cash buyers have represented a quarter of all single-family and condo sales.
However, the percentage has dropped to 16.5% for houses and 14.6% for condos in 2019.
Having the ability to pay all cash certainly gives you an advantage as a buyer. You’ll likely get a call back in a multiple-offer situation if your offer isn’t the highest. But being able to pay in all cash typically doesn’t exempt you from having to overbid like everyone else.
Here’s how things have shaken out in 2019:
Single-Family Homes
(All data based on reported cash sales in MLS, January-Oct 21, 2019)
Number houses sold for cash 316 (16.5% of total houses sold)
Average price $1,750,000
Average overbid 8.5%
Number homes with 20% or more overbids 96
Neighborhoods with most cash sales Central Richmond; Central/Outer Parkside; Central/Outer Sunset; Glen Park; Noe/Eureka/Cole Valleys; Bernal Heights
Most aggressive overbids
2566 Great Highway / Outer Parkside / List price: $1,498,000 / Sale price: $2,100,000 / 40%+
561 Darien Way / Balboa Terrace / $1,200,000 / $1,850,000 / 54%+
331 Vicente / West Portal / $1,995,000 / $2,900,000 / 45.36%+
205 Clipper / Noe Valley / $1,395,000 / $1,965,000 / 40.86%+
1517 Shrader / Cole Valley / $2,680,000 / $3,950,000 / 47.39%+
Condos
Number condos sold for cash 383 (14.6% of total sold)
Average price $1,477,000
Average overbid 4%
Number condos with 20% or more overbids 39
Neighborhoods with most cash sales Central Richmond; Cole Valley; Eureka/Noe/Hayes Valleys; NoPa; Pacific Heights; Financial District; Nob/Russian Hills; Mission; Mission Bay; Yerba Buena; South Beach
Most aggressive overbids
248 Cumberland / Eureka Valley / $1,195,000 / $1,740,000 / 45.61%+
752 Francisco / Russian Hill / $1,050,000 / $1,475,000 / 40.48%+