It’s that time…
Top 10 Overbids Of the Week
|165 Vasquez Avenue||3/1.25/N/A||12||$1,050,000||$1,703,000||62.19%|
|1846 38th Avenue||2/1.00/N/A||12||$898,000||$1,255,000||39.76%|
|3537 Lawton Street||3/3.00/N/A||11||$1,095,000||$1,525,000||39.27%|
|1534 17th Avenue||3/1.00/N/A||10||$995,000||$1,350,000||35.68%|
|2039 47th Avenue||3/2.00/N/A||0||$895,000||$1,204,000||34.53%|
|176 Valmar Terrace||2/1.00/N/A||8||$599,000||$802,000||33.89%|
|153 Wool Street||2/2.00/N/A||1||$1,098,000||$1,450,000||32.06%|
|257 Richland Avenue||3/1.00/N/A||14||$999,000||$1,315,000||31.63%|
|1698 Armstrong Avenue||3/1.50/N/A||25||$895,000||$1,173,000||31.06%|
|229 Stanyan Street||3/2.50/N/A||13||$1,399,000||$1,825,000||30.45%|
You might think a lot of emphasis is placed on the overbid and the shock and awe of these, and it is…and it should be. But stop for a minute and look at the bigger picture that is still unfolding. These ridiculous overbids happen by way of multiple offers. What does that mean in lay terms? There is more than one buyer interested in any one home at any one time. Usually, there are about 20-30 people interested, and in situations like this anywhere from 5-15 people actually throw their offer into the hat. And for the most part, these homes are nothing fancy, especially the top dog 165 Vasquez…it’s a “Fabulous Fixer” that sold for $1.7M.
Take it a step further and think about the “Outer” Avenues. The Western shore of San Francisco. The “Outerlands”. The sand dunes. The desolation. The edge of the Continent. The place nobody wanted to be, because it is “always foggy” (When I have listings out this way, people actually come up to me and ask, “Is it ever sunny out here?”…no joke). As it turns out, it’s the most popular place to buy in San Francisco at the moment (close second would be Bernal Heights). Why is that? It’s one of the few areas in San Francisco you can still get a single family home under $1.3M…barely.
Think back to 2014 when the average home in the Outer Avenues could be had for under $900,000 , and look at the four overbids on this top 10 list in the avenues, all trading well over $1.2M. It’s nuts! But it’s reality.
As a reference point, to make sure I wasn’t delusional, I pulled the averages for the Outer Sunset and Outer Parkside 2014, 2015, 2016, and 2017. Have a look…
Type Units Sold | List Price | Sqft | LPPSF| DOM | Sales Price | SPPSF
Single-Family | (142) | $759,918 | 1358 | $595 | 34 | $854,982 | $670
Single-Family | (142) | $844,974 | 1365 | $645 | 25 | $1,012,097 | $771
Single-Family | (141) | $918,479 | 1398 | $689 | 29 | $1,080,833 | $808
Single-Family | (28) | $910,195 | 1237 | $778 | 31 | $1,076,107 | $906
It’s all very interesting…
Units Sold – almost identical every year.
List price – Creeped steadily up.
Average size of the home – down.
List Price – Up.
Days On Market – Hovering around 30.
Sales price – Climbing (remember 2017 is not even close to done).
And the last and easy to decipher for even the most data challenged person (like myself) Sales Price Per Square Foot – up nearly $240 per square foot on average.
Moral of the story, it’s hot in the Avenues right now. And the small to mid-size single family home market is sizzling. It might be time for you to sell, so give me a shout.
Anyhow, that’s it. Have a great holiday weekend! Enjoy the sun, surf, snow, greens, trails, whatever it is you love to do, and I’ll be back next week.