The San Francisco condo market stayed its course in April, with 308 closed sales at an average price of $1,424,495. That’s only slightly higher than March’s $1,419,644 average.
Most units in larger buildings continue to experience slower sales cycles. Only 72 condos closed in April in South of Market, South Beach, Yerba Buena and Mission Bay, for example, with most units selling for at or under the list price. That’s a pretty low volume for four neighborhoods packed with lots of units—but not surprising, given that the proximity to downtown offices is no longer a big priority for condo buyers. There were 272 condos on the market and 80 in contract as of May 9th in these areas, which means many more buyers have to step up to absorb the current inventory.
But remodeled condos with parking and laundry in well-established neighborhoods—particularly in the smaller, classic Edwardian or Victorian-style properties—are still attracting multiple offers and overbidding. Almost a quarter of April’s condo sales changed hands for more than 20% over the list price.
Take 171 Alpine Terrace, for example (see photo, courtesy Polaris Realty). The two-level, house-like 3BR/2BA floor plan was a magnet for buyers. Throw in the downtown views, exclusive-use yard, large view deck, and storage and the list price of $1,949,000 indeed seemed low for the package. It was! 14 offers later, the sale closed for $3,050,000.