We’re almost a month into 2022, and I’m starting to get a sense for where the single-family and condo markets are heading as we move toward the Spring.
Buyers are still going bonkers for single-family homes, especially those that are turnkey and located in prime neighborhood spots. A total of 92 homes closed from January 1-25th with average price of $1,957,395. A whopping 40% of those properties changed hands for 20% or more over the list price.
I was surprised to see that only ten sales were for all cash. It seems like the cash buyers weren’t really out in full force toward the end of 2021. And only 16 homes closed for under the list price.
Notable single-family home overbid: 2104 Divisadero (see photo, courtesy of Compass). This Pacific Heights 4BR/3.5BA Victorian was extensively renovated recently and listed for $4,350,000. The all-cash sale closed for $5,650,000.
Condos haven’t seen such a high-flying wave so far in January. The average condo price for the 110 units sold was $1,225,075, which is the lowest it’s been for a while. Almost half of the condos sold closed for under asking, though it’s important to recognize that the majority of these properties had been on the market for several months.
Only three condos sold for 20% or more over the list price, and only 15 traded for all cash.
Notable condo overbid: 753 Baker, a NoPa Victorian with 3BRs/1BA, 2139 square foot across two levels and leased parking. List price was $1,395,000 and the final price was $1,780,000. That’s about as dramatic as it’s been for condo overbids at this point in January.