It’s been a wild ride this year in the San Francisco real estate market! With very low inventory and high buyer demand, multiple offers have been the norm this year with numerous frenzied buyers coming to the table bidding up prices 10, 20 and sometimes 50 percent over the asking price! This ride is slowing down a bit as we approach the holidays. We are now seeing more price reductions and Back on the Market listings (when buyers fall out of contract). I just had a buyer ask me why the market seems to be slowing. The main reason is that more inventory has come on the market, making it less competitive between buyers since now they have more choices. It has taken sellers a while to realize that this is the time to sell, so many are listing their homes at once. We still have a strong market and it is still a seller’s market but it seems to be heading into more of a balanced market, creating more opportunities for buyers.
What’s up in the elegant, architecturally diverse Pacific Heights? Since January 1, twenty-five single-family homes have sold in this neighborhood. The highest priced home sold to date as of this writing was an $11,750,000 four bedroom, three and a half bath home on Scott Street. The lowest priced home was a three bedroom, two bath home on Perine Place which sold for $1,550,000. The average sales price since January is $5,547,096 . There are eleven homes that are currently active on the market, with three in contract, waiting to close.
As for condos, eighty-five condos have sold in this neighborhood since January 1st. The highest priced condo sold for $4,605,000 and was a three bedroom, three bath condo on Pacific Avenue. The lowest priced condo was a one bedroom, one bath condo that sold for $495,000 on California Street. The average sales price since January is $1,506,215. There are thirteen condos that are active and eighteen that are in contract.
These figures have been taken from the Multiple Listing Service. They do not include “off market” listings which have been occurring in this neighborhood and throughout the city. It’s still a good time to sell and is becoming a better time to buy since the frenzy has died down a bit.