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The Latest on the Real Estate Market in Presidio Heights!

The Latest on the Real Estate Market in Presidio Heights!

I have lived in Presidio Heights for almost 20 years now and have seen changes in the composition of people who live in this beautiful leafy neighborhood. As more people move out of their homes and downsize, younger families have moved in to buy, and some, to renovate homes. It is a great place to live with an unbeatable location near the Presidio and the charming shops of Sacramento Street.

The San Francisco real estate market is beginning to change as a greater number of properties come on the market. Price reductions have increased due to overly exuberant sellers who initially priced their homes too high. While the luxury market has slowed overall, with job vacancies at a record high and good job and income growth, the San Francisco real estate market has stayed relatively strong.

Let’s see what property sales have been like in Presidio Heights for the past year.

Home Sales

According to the Multiple Listing Service, 16 homes have sold in this neighborhood over the past year (ending October 8, 2018) at an average price of $8,347,688, up from $6,615,000 in the prior year. The highest and lowest sales prices in the past year were $18,500,000 for a 11,700 square foot 9 bedroom home and $4,300,000 for a smaller 4 bedroom home. The average time on the market for these homes has been 38 days this past year, much less time than the prior year’s 57 days. Volume is down slightly with 2 fewer homes having sold this past year than the prior one.

Condo Sales

Over the past year (ending October 8, 2018 ), 23 condos have sold in this neighborhood at an average price of $2,141,375, slightly down from an average of $2,266,519 in the prior year. The highest and lowest sales prices in the past year were $4,975,000 for a 5 bedroom condo  and $537,500 for a studio. The average time on the market for these condos has been 25 days this past year, longer than the prior year’s 19 days. Volume is up with 7 more condos having sold this past year than the prior one.

The above numbers do not include any off-market sales that may have occurred. Whether or not this is a good idea, was discussed by me in a previous blogpost.

Conclusion

Not surprisingly with the recent very hot market, home values have increased in Presidio Heights over the past year. However, the value of condos has remained about the same. Since there were some smaller units, including the 385 square foot studio that sold earlier this year, this may have skewed the average price of condos lower than it normally would have been. The neighborhood continues to be highly sought after and the value of all properties, but particularly homes, has done very well. If you are looking to sell your home or condo with someone who is very familiar with the neighborhood, please don’t hesitate to contact me!

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