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September 30, 2019

High-End Market Sees Softening in San Francisco

The high end of the San Francisco real estate market appears to be softening—or sellers are overreaching on their initial list prices, and coming back down to earth after their properties fail to sell quickly.

Examples of the softening have popped up in September. Take 571 Noe, a renovated 3BR/3.5BA Victorian in Eureka Valley that first hit the market in early 2018 for $4,290,000. The listing expired, and the property returned to the market in May 2019 for $4.2M. The sale closed last week for $3.8M.

Or take 3107 Franklin. Last purchased as a fixer of sorts for $2,180,000 in May 2017, the newly renovated home went on the market this past June for $3,890,000 and closed escrow about a week ago for $3,480,000.

2814 Clay saw a similar, well-under-asking outcome. The 6BR Pacific Heights house was first listed in May for $4.5M and closed escrow in mid September for…$3.2M.

A quick look at the latest single-family home and condo numbers for sales in the June-September 2019 timeframe definitely supports a luxury market slowdown. Of the 88 houses that sold for $3M or more, 31 changed hands for below the list price. The condo story is even more glaring, with more than half of the 21 units in this price range selling for under asking.

Sleepy summer residual sales—or a trend that’s steadily picking up speed?

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