As the holidays approach, the neighborhood feels quieter as people head out of town to be with family. What is happening with the real estate market in San Francisco? It took a turn as interest rates began to rise at the end of April this year. For Presidio Heights, this rise does not appear to have affected our neighborhood as much as some others.
However, I personally felt the impact when I listed the lower condo in my two-unit building in mid-April. https://233presidioave.com/ In the earlier super hot market, I would probably have received multiple offers; however, though interest was not as strong, I still received an offer after 12 days. Fortunately, it was a good one and there is a nice couple living in my building below.:)
Let’s take a look at home and condo sales in our neighborhood over the past year.
According to the Multiple Listing Service, 8 homes have sold in our neighborhood over the past year (ending November 28, 2022) at an average price of $8,059,750, almost the same as the prior year’s average of $8,041,652. The highest and lowest sales prices in the past year were $15,750,000 for a 6,985 square foot 6 bedroom home and $3,818,000 for a smaller 4 bedroom home. The average time on the market for these homes has been a relatively quick 24 days this past year, less than the time of the prior year’s 44 days on the market. Volume is down consistent with the current market with 15 fewer homes having sold this past year than the prior one.
Over the past year (ending November 28, 2022), 25 condos have sold in this neighborhood at an average price of $2,568,864 slightly up from an average of $2,296,522 in the prior year. The highest and lowest sales prices in the past year were $4,050,000 for a 2335 square foot 3 bedroom condo and $1,200,000 for a 1228 square foot two bedroom condo. The average time on the market for these condos has been 23 days this past year, slightly longer than the prior year’s 19 days. Volume is about the same with 1 less condo 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 selling off market is a good idea, was discussed by me in a previous blog post. You can compare these sales to sales in 2020 – 2021 in my prior blog post.
Reviewing this data reveals that the average price of homes and condos in Presidio Heights hasn’t changed much from 2021 to 2022 at least when looking at properties sold on the market. Once properties went on the market, they sold very quickly, showing the market’s strength in Presidio Heights. While many neighborhoods throughout the city have seen a slowdown in sales and properties taking much longer to sell, our neighborhood has shown some resilience.