2015 Neighborhood Record Sales
As the new year begins it’s a great time to look at the 2015 neighborhood record sales to see what neighborhoods are in the highest demand. Overall the median sales price for a single family house in San Francisco County has increased 12% from last year making it $1,245,000. The neighborhood with the highest median sales price in 2016 was District 7. District 7 is located the Northern region of San Francisco and includes the Marina, Cow Hollow, Pacific Heights and Presidio Heights. The median sales price for a single family home in this neighborhood increased 29.8% compared to last year. The median sales price for a single family home in 2015 was $6,010,887 with an average price per square foot of $1,493 sq./ft. The number of Days on Market averaged 28 days.
Taking a closer look at District 7 Pacific Heights was the neighborhood with the largest increase of 44.5% compared to 2014. In 2014 a single family home cost on average $5,281,720 and in 2015 the average was $7,632,328. The price per square foot went from $1,246 in 2014 to $1,610 in 2015. This could be skewed because of the $31 million sale on Broadway. The Marina had the second largest increase of 24.9% compared to sales in 2014. The average cost for a single family house in 2015 was $4,075,726 and the average price per square foot is $1,424. Cow Hollow had the lowest DOM selling on average in 19 days. The annual increase in 2015 was 23.3% and the average price per square foot is $1,480. Presidio Heights had the lowest increase of only 3.6% year over year. Even thought the average price for a single family home remained flat they sold on average in 19 days. The average price is $6,245,375 and the average price per square foot is $1,480.
So far in 2016 we have only had 3 single family homes close in San Francisco. If it’s any indicator on how 2016 is going to be then it looks like it could be another strong year! In the Inner Sunset 1387 14th Ave was listed for $1,199,000 and 8 days later sold 38% over asking for $1,655,000. In the Central Sunset 1626 32nd Ave was listed for $995,000 and 14 days later closed 43% over asking for $1,425,000. The third sale was in Diamond heights and after 73 days of being on the market it closed $48,008 below the asking price for $1,650,880. As you can see the trend continues of homes priced low and selling way over asking. If you would like to receive a market snapshot to follow your neighborhood trends sign up here.