St. Francis Wood is a neighborhood with a formal upscale feel to it, with larger than average sized tree-strewn lots and spacious traditional homes to go with them. It is in the eastern part of San Francisco, bordered by West Portal to the north and west, Balboa Terrace to the south, and the neighborhoods of Sherwood Forest and Monterey Heights to the east. This neighborhood is one of the country’s most successful examples of a City Beautiful “garden suburb.” For those fortunate enough to live in St. Francis Wood, there are the added pleasures of regulation tennis courts for residents’ use, an enclosed playground for neighborhood children, and a well-organized homeowners’ association which meticulously maintains the landscaped parkways and commons.
I have clients who live in St. Francis Wood and they love it. They are doctors with two small children and the family vibe of the neighborhood is very satisfying to them. Friendly neighbors and the proximity of good schools for their small children were key selling points. They also loved this location since their new home provided them with an ocean view. It is the type of neighborhood that when a home comes on the market it sells quickly if it is priced right (an art and a science I can tell you about!). It was originally designed to include homes only, unlike other neighborhoods which have a variety of housing and commercial establishments.
According to the Multiple Listing Service, 18 homes have sold in this neighborhood over the past year (year ending July 31, 2017) at an average price of $2,996,278, up almost 20% from $2,507,214 in the prior year (year ending July 31, 2016). The highest and lowest sales prices in the past year were $4,280,000 for a 5 bedroom home and $2,020,000 for a 3 bedroom home. The average time on the market for these homes continues to be at a very fast clip of 17 days this past year, about the same as the prior year’s 18 days on the market. Still, volume is up with 18 homes sold in the last year, four more than in the prior year.
As discussed in a recent office sales meeting, for many neighborhoods in San Francisco, inventory is low resulting in short average selling periods and higher prices for homes where buyer demand is still strong. The low inventory seems like it is more than just a summer slowdown as it has been the case for most of the year.
So if you are selling, contrary to what you may think, this is actually a good time to put your home on the market. As we move into the fall, more inventory should come on but there is high buyer demand right now and your home will have less competition now than in the fall. Let me know if you would like my assistance or just need some advice!