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July 25, 2018

Condo Market Plateaus in Q2 2018

The San Francisco condo market seemed to plateau in the second quarter. Yes, the average second quarter condo price of $1,360,962 was a four percent jump from the previous quarter. But big overbids were less common, and the average days on market count was almost a month.

When it comes to the condo market, it’s most helpful to track activity by number of bedrooms. So here’s how things went down in the second quarter:

1BR condos
# sold: 261
Average price: $906,145
Average price per square foot: $1,053
Average overbid: 5.21%
25%+ overbid hot spots: NoPa, Hayes Valley, Eureka Valley
Least expensive sold: A 1980s unit in probate in Crocker Amazon with carport parking ($448,888)
Most expensive sold: An 1128 sq ft unit with panoramic bridge/Bay views, private deck on Vallejo Street in Pacific Heights ($1,850,000, all cash)

2BR condos
# sold: 351
Avge price: $1,455,150
Avge price per square foot: $1,161
Avge overbid: 7.65%
25%+ overbid hot spots: Inner Mission, Mission Dolores, Eureka/Noe Valleys, Haight
Least expensive: Unit on Alemany in Bernal Heights, next to 280 ($650,000)
Most expensive: Two-story penthouse at the Ritz-Carlton Residences downtown ($5,950,000)

3BR condos
# sold: 145
Avge price: $2,028,412
Avge price per square foot: $1,161
Avge overbid: 7.34%
25%+ overbid hot spots: Inner Richmond, Noe Valley, Corona Heights, Mission Dolores, Lower Pacific Heights, NoPa, Pacific Heights
Least expensive: Crocker Amazon condo with 1254 sq feet and parking ($800,000)
Most expensive: A corner custom shell penthouse with grand views at newly constructed The Pacific (2121 Webster) in Pacific Heights, where the new owners can create their dream unit ($8,501,000)

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