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July 11, 2022

June House Market Down In Volume, Overbids Still Up

Exterior of 1360 22nd Avenue in the Sunset

San Francisco single-family home sales in June saw a year-over-year dip in volume and price. But those sales also reflected buyers’ willingness to overbid in May in big ways.

Sales volume dropped by 26% this past June, with 230 homes closed vs 311 in June 2021. And the average price for a house in June was $2,269,212 , down 8.25%, from June 2021.

Only nine percent of house sales were all cash, which is different from the past few years when cash sales accounted for almost a quarter of single-family home sales.

But buyers didn’t shy away from big overbids. Though the average overbid was 12%, forty percent of reported house sales closed for 20% or more over the list price.

Of course, sellers and agents are still underpricing significantly. For example, the average two-bedroom house in the Sunset/Parkside was $1,534,563, and that average was more like $1,943,455 for a three-bedroom. So it becomes fairly obvious after a while to seasoned house hunters that the list price is just a starting point for a much higher sale price. Case in point was the Central Sunset’s 1300 22nd Avenue (photo above courtesy of BarbCo). This standard Marina-style home with a bonus bedroom and bath down listed for $1,295,000 closed in June for $2M.

Many San Francisco buyers continue to seek single-family homes that will offer space to work from home and a yard. They don’t care as much at the moment about being near freeways or tech shuttles due to hybrid work situations. Though the market for homes listed at $3M+ is definitely more sluggish, everything below that price point seems to be moving pretty briskly.


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