We spend a lot of time on this blog talking about insane overbids, but that’s not the whole story of the San Francisco market. I’ve always believed in sharing the data most agents won’t. Case in point: 1187 Stanyan Street, a large, 5-bed, 4,000 sq ft modern home in Cole Valley. It hit the market for $5,495,000, but after 50 days, it just closed for $5,000,000. That’s a $495,000 discount, and not on a fixer. This was a 2006-built contemporary.

So, what does this tell us? It’s not a signal to panic, but it’s a very clear message that pricing strategy is everything. The days of putting just any number on a property and expecting a line out the door are behind us, for now. This sale shows the market has a ceiling. For sellers, it’s a sign to be realistic. For buyers, it’s a reminder that not every home is a frantic bidding war; there are opportunities out there.

If you’re trying to make sense of these mixed signals in the market or figure out your own strategy, get in touch. We can talk about what it means for you. No pressure, no sales pitch.

For more Underbid Sales in San Francisco, head to The Goods.