Cancel culture is hitting San Francisco real estate this summer. Sellers aren’t getting the prices they want or need, and are increasingly pulling their homes off the market.
135 single-family home sellers yanked their homes off the market in June after an average of 67 days on the market. Many homes were on the high end of the price spectrum, with an average list price of $3.9M.
And 217 condo owners canceled their listings after their properties spent an average of 70 days on the market. The average list price for these homes was $1,480,000. The highest volumes of canceled listings were in the Central Waterfront, Downtown, the Inner Mission, South Beach, South of Market and Yerba Buena—areas that have many larger buildings that haven’t been as popular with buyers over the past few years.
The prize for the most staying power goes to 93 Cumberland (photo above courtesy Compass), otherwise known as The Light House. Located across from Dolores Park, the building was transformed from a church into multiple, unique condos several years ago. The owner paid $6.1M for the 4BR/3.5BA, 5332 sq ft unit in 2017. After re-listing for $5,995,500 and then reducing the price to $5,395,000, he canceled the listing after 369 days on the market.
I didn’t investigate every sale history, but I’m betting that a good portion of these homes were last sold in the past five years—and their owners are not ready to accept less than what they may have paid.