Presidio Heights Real Estate Market Update:
Presidio Heights is one of the most prestigious neighborhoods in San Francisco. It offers large luxury homes, pristine parks, boutique shops, fine dining, and top-notch private schools. The homes here demand a premium price and even the luxury homes don’t sit on the market for long.
The inventory of single-family homes for sale in Presidio Heights has doubled the first quarter of 2015 compared to 2014. Even though there is more inventory the homes are in high demand and prices have increased 10% compared to last year. In 2014 the average price per square foot was $1,336 and in 2015 it is $1,475 per square foot or higher. In the past 4 months there have been 10 single- family homes for sale, 2 are currently active, 2 are currently pending and 6 homes have sold. Of the homes that sold 5 out of the 6 were cash buyers. The average home sold for $6,111,000 and the highest sale was $7.3 million. The average DOM (days on market) was 15 days and the shortest was 7 days.
In the first quarter of 2015, the condominium inventory in Presidio Heights has decreased by 80% compared to 2014. The lack of inventory has driven the price per square foot up to $1,173 compared to last year’s average $964 per square foot. The average time for a condo to sell is 10 days. They would sell faster but the agents set an offer date to get multiple offers and on average they sell 10% over the asking price. The condominiums in Presidio Heights have increased in value by 21.7% compared to 2014. Prices will continue to increase this year because of the high demand and lack of inventory. This would be the ideal time to sell if you live in a condo and want to buy a single-family home.