Just when you thought maybe things would cool, Fall hits, listings are gobbled up, Overbids continue, multiple offers are the norm, pickin’s are still slim (even though at last check 100 new properties hit MLS today), and Facebook goes and signs a whopper of an office deal right next to Salesforce, around the corner from LinkedIn, and gives its commuter employees reason to rejoice and plant roots firmly in San Francisco.
I suspect this will play a role in our very basic supply/demand conundrum of the last 15 years, and counting.
As for our current market, here goes…
Single Family Homes:
August’s median sales price continued its predictable seasonal backing off from its Spring peak, dropping 6.4% to $1,380,000 from May’s $1,475,000. However, in the same time frame last year prices dipped 7.4%. Prices are still up 10.4% above August, 2016.
Since August, 2012, the median sold price in San Francisco is up 81%.
Inventory continues to be at its lowest level, 1.6 months, since last December. This is the ongoing result of fewer homes coming on the market while sales stay fairly constant. The number of new listings on the market year-to-date is down 7% from 2016 while the number of sales is up 3.3%.
The incredibly tight supply coupled with strong demand kept the level of overbids high as well, down a bit from July but still at 114%, and 79% of single family homes sold above the list price, up from 75.9% last August.
Condo/Loft/TIC’s:
Median sold prices are up 10.8%, to $1,175,000, compared to August 2016. And, while not as great a rise as with single family homes, the median sold price is up 62.5% compared to August 2012’s $723,000.
In August, 63.4% sold above list price and the median bid was 3.2% above list price.
The number of Condo/Loft/TIC listings are also down year-to-date compared to 2016, by 10.7%. And, like single family homes, sales are up, by 2.6%. Current inventory stands at a 2 months supply.
To see and share this in infographic form, see below.
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Let’s talk Overbids – The Top 10
| Address |
BR/BA/Units |
DOM |
List Price |
Sold Price |
Overbid |
|
|---|---|---|---|---|---|
| 1632 Pacheco Street | 5/4.00/N/A | 15 | $995,000 | $1,550,000 | 55.78% |
| 1932 Ortega Street | 2/2.00/N/A | 10 | $998,000 | $1,425,000 | 42.79% |
| 146 Beulah Street | 2/1.00/ | 14 | $949,000 | $1,350,000 | 42.26% |
| 52 Dawnview Way | 4/3.00/N/A | 12 | $1,250,000 | $1,750,000 | 40.00% |
| 177 Forest View Drive | 3/2.00/N/A | 18 | $1,149,000 | $1,580,000 | 37.51% |
| 136 Andover Street | 2/1.00/N/A | 10 | $1,099,000 | $1,502,053 | 36.67% |
| 1738 25th Avenue | 4/3.00/N/A | 11 | $1,398,800 | $1,800,000 | 28.68% |
| 2319 15th Street | 2/2.00/A | 10 | $1,195,000 | $1,525,000 | 27.62% |
| 217 Lowell Street | 2/2.00/N/A | 2 | $849,000 | $1,080,000 | 27.21% |
| 62 Santa Ysabel Avenue | 2/1.00/N/A | 39 | $998,000 | $1,240,000 | 24.25% |
Madness. Sheer madness, and I’ve been saying this for better part of a decade. It’s insane. So if you want to sell, check out my track record, and let’s get ‘er done in high fashion.
That’s all I have for you today. Finally some great weather out West Side of San Francisco, so get out and enjoy! Fall is in the air, cycling is great and getting crisp, surf is turning fun (water is warm too), and that means snow is on the way.
-Let’s be friends on Facebook, Instagram, Twitter, and/or LinkedIn…I’ll keep you updated on all things San Francisco Real Estate
–Recent Sales [theFrontSteps]
–The First Newsletter We Could Find (With Overbids)
–Facebook Takes All of 432,000 Square Feet Commercial Space at 181 Fremont in San Francisco-The Registry
–Facebook is dropping $35 million to lease a beautiful, earthquake-resistant skyscraper in San Francisco – take a look inside– Business Insider