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January 8, 2018

SF Condo Market Mixed in 2017

The San Francisco condo market was not quite as jubilant as its single-family home counterpart in 2017. Yes, there were the random instances of 25%+ overbids, and an eight percent, year-over-year increase in the average condo price. But we basically saw a repeat of 2016, with prices flatlining.

The average citywide price of a condo in the fourth quarter of 2017 was approximately $1.3M—up from $1,210,000 in Q4 2016. We also saw the average price-per-square foot end up at $1,052, which was a four percent increase year over year.

Two-level or standalone condos—pretty much anything “house-like”—were magnets for multiple offers and extreme overbids, especially in neighborhoods where houses with comparable space were out of reach for many buyers. For example, the detached, 2BR/1.5BA, 1539 square foot Victorian condo at 263 Duncan Street in Noe Valley listed for $1,149,000 sold for $1.6M.

Though the citywide average overbid in the last quarter was only four percent, neighborhoods like the Inner Richmond, Hayes Valley, and Noe/Eureka Valleys saw the biggest concentration of extreme (25%+) overbids. In more dense areas like South of Market, Mission Bay and South Beach that have more inventory, many condos sold for at or below the list price. Of course, there was one exception over at 461 2nd Street #C322. The one-bedroom, two-bath unit with 1,524 square feet first hit the market earlier in 2017 for $1,395,000, but no buyers materialized. However, re-listing in the Fall for $995,000 did the trick; the unit sold for $1,250,000 (25% over asking).

Here are some other fun condo market facts for Q4 2017:
Average price you can expect to pay, depending on how many bedrooms you want:
1BRs: $863,936 | $1,029/sq ft (214 sold)
2BRs: $1,358,617 | $1,084/sq ft (326 sold)
3BRs: $1,854,371 | $1,048/sq ft (154 sold)

Off-market: There were 42 reported sales for an average price of $2M.

Most expensive condo sold: A full-floor 3BR view coop at 2298 Pacific #7 for $7,325,000 in cash.

Least expensive non-below-market-rate, non-senior-zoned condo sold: 95 Red Rock Way in Diamond Heights, a 474-square foot studio with updated kitchen and bath, for $445,000 in cash.

New construction: Several projects sold out their inventory in 2017, including Summit 800 (182 residences); Luxe in Pacific Heights (34); 6 Mint in SoMa (22 units). Buyers looking for new construction condos should focus on Mission Bay, SoMa, The Mission, Dogpatch, South Beach, Hunters Point, Hayes Valley and the Van Ness corridor. Units in high-rise buildings sold for an average of $1300/sq foot, and mid-rise buildings for $1234/sq ft.

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