Single family home values have posted a fourth straight month of double digit year-over-year gains. Purchasers continue to pay an average of 17% over list price, with purchasers in the middle tier ($1.1MM - $1.6MM) paying an average of 22% over list price. At least 10 homes last month sold for over 40% of the list price, with most located in the Parkside and Sunset neighborhoods. However, the overall number of sales last month came in 20% lower than the month before. This is likely due to a continued dearth of inventory, with the current supply coming in at approximately one month.
Condominium values have continued their course of improvement this year, posting a 7% year-over-year gain. This time last year, condominium values were showing a 5% decline year-over-year. Resale condominium inventory currently stands at about 2 months, in addition to approximately 700 new condominiums in actively selling developments. New condominium supply is currently at a 2-year low, and supply projections show a downward trajectory for the foreseeable future. This should allow for continued improvement in the condominium market, especially in neighborhoods with limited new supply.
MEDIAN SALE PRICE
MEDIAN NEIGHBORHOOD VALUES
CONDOMINIUMS
The Sunset district tops the list with 17% over list price followed by Buena Vista/Corona Heights and Alamo Square/NOPA with 14% above asking. With regard to price per square foot, Russian Hill is #1 at $1,228/SF followed by Nob Hill at $1,206/SF and Mission Bay at $1,095/SF. The most cost effective borough is Bayview/Hunters Point at $609/SF and 0% above asking.
SINGLE FAMILY HOMES
Sunset, Ingleside Terrace/Lakeside, Diamond Heights and Excelsior/Portola are achieving 27%, 23% and 20% (for the last two boroughs) above list price respectively. Topping the list for price per square foot are Pacific/Presidio Heights is getting $1,458/SF and Marina/Cow Hollow fetches $1,393/SF.
TOP FIVE SALES
CONDOMINIUMS
SINGLE FAMILY HOMES
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