The Lake Street District is a popular SF neighborhood. Its borders are the Presidio on the north, 26th Street on the west, California on the south, and Arguello on the east. A client of mine who lives in this district usually refers to her home as being in the Richmond. However, the Lake Street District, named after the main street that runs through it, commands much higher prices than the Richmond due to its elegant Edwardians and large Victorians plus its proximity to the Presidio.
Over the past year (June 2015 – June 2016), 17 homes have sold on the market in the Lake Street District. The average home sales price in this district for the past year is $3,017,412, compared to $2,676,458 for the prior year (June 2014 – June 2015). Therefore, the average sales price for a home in the Lake Street District has gone up 12% between the past year and the prior year. The highest sales price in the past year was $4,970,000 for a 7 bedroom home and the lowest sales price was $1,560,000 for a two bedroom home. The average time on the market for these homes has been at a relatively fast clip of 25 days but not as fast as the prior year’s 20 days. Seven more homes for a total of 24 sold the prior year.
Over the past year, there have been 34 sales of condominiums in the Lake Street District. The average sales price is $1,330,095, up about 8% from the prior year’s average of $1,227,086. The highest sales price in the past year was $1,800,000 for a three bedroom condo and the lowest price was $730,000 for a one bedroom condo. The average time on the market has been 34 days compared to 31 days the prior year. There were 21 “on market” sales this past year versus 29 in the prior year.
In conclusion, over the past year, the market has slowed a bit for homes and condos in this district; while the average price of homes and condos has gone up in the Lake Street District over the past year, more inventory on the market has resulted in a slightly longer average selling period. Though this slowdown has not been dramatic, we on the street can sense that something is different. As stated in my sales meeting this week, we are in a “transitional market.” If you are selling, it is more important now than ever to price appropriately to capture the interest of those qualified buyers. If you are buying, this may be the time to jump into the market.