The San Francisco single-family home market is barreling through the fall, with few weak spots despite higher interest rates and an unpredictable new presidential administration.
September and October saw 376 houses close at a median price of $1.7M. These numbers represented 10% year-over-year (YOY) volume and 6.25% median price increases. Buyers are obviously feeling good about investing in single-family homes in the city.
And buyers are down with the eternal selling pattern in San Francisco, which typically involves overbidding for popular properties. The average citywide overbid was 9%, with approximately 100 homes changing hands for 20% or more above the list price. Here’s a look at some of the sky-high overbids::
761 12th Avenue | Inner Richmond
List: $1,488,000 | Sold: $2.1M
(41% over asking)
1818 Lake | Lake Street
$3,850,000 | $4.7M
(22%+)
15 Loma Vista | Buena Vista/Ashbury Heights
$1,995,000 | $3,011,000
(51%+)
361 Upper Terrace | Buena Vista/Ashbury Heights
$3.2M | $4,250,000
(33%+)
486 Sanchez | Eureka Valley
$3,995,000 | $4.8M
(20%+)
2752 Buchanan | Pacific Heights
$2,295,000 | $3,120,000
(36%+)
Almost a quarter of all house sales were cash transactions. Indeed, most buyers who have the wherewithal to put more than 20% down or pay in cash are doing just that to minimize high mortgage payments.
Luxury buyers were active, purchasing 38 houses for $4M or more, with 22 changing hands for more than asking—including three of our high-flyer overbids above. The most expensive in the bunch was 2855 Pacific, a six-bedroom Georgian-style home on a 5,100-square foot lot initially listed for $17,850,000 in April 2022. The home was re-listed in September for $16M and closed for all cash at the end of October for $15,250,000. Yup, sometimes this business is all about timing. (Photo courtesy Sotheby’s International Realty)
What inventory is out there as we get closer to Thanksgiving and an inevitable market slowdown? There are just over 300 houses on the market for a median list price of $1.7M. It’s worth noting, however, that 181 homes are in contract at a median list price of $1.3M—indicating that buyers are seeking properties in slightly lower price ranges.
[All data courtesy of the San Francisco Multiple Listing Service from September-October 2024]