This week’s top overbid, 546 Head, is a real looker, even though the sellers marketed it as a real fixer; if the new owners do overhaul this one we hope they spare some of the woodwork, because there’s just not enough of that stuff to go around these days.
Market watchers will notice yes, compared to the 40, 50, sometimes 60 percent overbids we saw over the past 12 months, this was a very slow week–almost retro, you might say.
Is this the much, much anticipated housing market contraction we’ve been prepped for? Or just a usual summer slump?
The first week of July a year ago saw 100 SF homes sold for more than $1.28 million, a median overbid of just over 17.9 percent.
This past week saw just 67 sales; the price was basically flat at $1.29M, but median overbid was down to a mere 11.6 percent.
But a couple of weeks out of a couple of years doesn’t tell us much, so for comparison this same week 2019 was 101/$1.35M/12.9 percent, and 2018 was 91/$1.32M/11.8 percent. (As usual we’re skipping over 2020 because…come on.)
The question on everyone’s mind now is the usual: Will any of this actually push home prices down, and will any decline actually matter to the average buyer? Well, let’s keep watching this space and we’ll soon find out.
| Address | BR/BA/Units | DOM | List Price | Sold Price | Overbid |
|---|---|---|---|---|---|
| 546 Head Street | 2/1/N/A | 10 | $750,000 | $958,000 | 27.73% |
| 175 Guerrero Street | 2/1/ | 11 | $1,199,000 | $1,523,000 | 27.02% |
| 982 Junipero Serra Boulevard | 4/3/N/A | 6 | $1,895,000 | $2,380,000 | 25.59% |
| 772 8th Avenue | 2/2/1 | 13 | $1,150,000 | $1,420,000 | 23.48% |
| 380 Capistrano Avenue | 3/2/N/A | 20 | $1,395,000 | $1,715,000 | 22.94% |
| 4162 17th Street | 2/2/ | 1 | $1,150,000 | $1,400,000 | 21.74% |
| 1521 Sutter Street | 2/2/206 | 14 | $995,000 | $1,200,000 | 20.60% |
| 2903 Harrison Street 2903A | N/A/N/A/N/A | 15 | $1,995,000 | $2,380,000 | 19.30% |
| 846 York Street 848 | N/A/N/A/N/A | 13 | $1,295,000 | $1,525,000 | 17.76% |
| 1400 Funston Avenue | 3/2/ | 41 | $1,250,000 | $1,450,000 | 16.00% |
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