The San Francisco market continued its steady pace through the first quarter of the year. Single family home values performed consistently, as compared to the first quarter of last year, while the number of transactions increased by 4%. Market time remained consistent at two to three weeks. The upper tier of the market (over $1.7MM) had the shortest market time, about one week less than the lowest tier (under $1.1MM). Overbidding also remained consistent with last year, coming in at an average of 12% over list price. The middle tier ($1.1MM-$1.7MM) had the greatest amount of overbidding, averaging 14% over list price.
Condominium values posted a healthy gain of 5% in the first quarter, compared to the same period last year. This gain occurred despite an influx of nearly 1,000 new condominiums. The number of transactions remained consistent with last year, as did market time (approximately 25 days). Overbidding decreased slightly, coming in at an average of 4% over list price, versus 6% last year.
MEDIAN SALE PRICE
The median sale price for both condominiums and single family homes has continued its upward trend. Condo prices have increased 6% year over year.
MEDIAN NEIGHBORHOOD VALUES
Bernal Heights/Glen Park condos are fetching 10% above list followed by Castro/Duboce Triangle and Buena Vista/Cornona Heights with 9% above list price. Pacific/Presidio Heights tops the list for price per sqaure foot and sells for list price rather than above.
Single Family Homes
The Sunset neighborhood has seen a 17% above list price followed by 13% in Excelsior/Portola and 12% in both Ingleside Terrace/Lakeside and Westwood Park/Sunnyside. Pacific/Presidio Heights continues to lead with the highest price per square foot followed closely by Russian Hill, though both of these sell for list price rather than above.