San Francisco Real Estate Trends that might shock you!
As we finish the first quarter of 2016 we are starting to see a shift in the real estate market. Many sellers have unrealistic expectations and buyer’s feel like they are buying at the top of the market. So far in the Marina, Pacific Heights, Presidio Heights, Cow Hollow, Russian Hill, Nob Hill and Telegraph Hill there have been 18 Single Family homes sold in 2016. Of the homes that sold 7 were under the asking price, 3 were at the asking price and 8 were over the asking price. The average over the asking price was 105% with the highest offer 109% over the asking price. That is a significant change from the first quarter of 2015. In 2015 there were 22 Single-family homes sold in the first quarter. Half of the homes sold went over the asking price. The average over the asking price was 120% with the highest being 155% over the asking price. For Condo/TIC/Coops in the same neighborhoods we have had 87 sold in the first quarter of 2016. Of those sold 22 (25%) were under the asking price, 18 (21%) were at asking price and 47 (54%) were over the asking price. The properties that sold for over the asking price averaged 105%. In 2015 there was more inventory with a total of 106 condo/tic/coops sold in the first quarter. Of those sold 16 (15%) were under the asking price, 17(16%) were at asking price and 73 (69%) were over the asking price. The properties that sold over the asking price last year averaged 112%. Condo’s are always in higher demand because of the lower price point but we are seeing a decline in both market segments with an overall decrease in bids going over the asking price. As new inventory becomes available with new construction we could see even more changes.
If you would like to stay updated on the san francisco real estate trends follow my blog as I give you insights each quarter. Shortly to follow will be an update on new construction and where sales are in 2016 compared to 2015.