Half of all active single-family homes and 70% of all condo listings in San Francisco have been sitting on the market for 30 days or more.
And there’s a reason for this: The average list price for these market sitters is much higher than the average list price of properties that are actually going into contract.
Here’s the back story:
Single-Family Homes
Active listings: 273
# on market for 30 days ore more: 143
Avge list price (30+ days): $3.8M
In contract: 191
Avge list price: $1,890,000
Longest days on market (DOM): The Pacific Heights Gold Coast mansion renovated in 2004 listed for $32M that’s been on the market for 564 days (and previously listed for 270 days at $35M-$39M). (Photo courtesy Sotheby’s International Realty)
Condos
Active listings: 705
# on market for 30 days ore more: 494
Avge list price (30+ days): $1,577,000
In contract: 171
Avge list price: $1,142,377
Longest market-rate DOM: A two-level, two-bedroom Nob Hill view penthouse initially listed for $7.3M but now holding steady at $5,995,000 after 692 days on the market.
Obviously homes for $20M take longer to find buyers. But if you have a house or condo on the market that’s listed well above the average price of in-contract homes, keep in mind that it will take longer to sell. And you may have to do a few price cuts before you land that buyer.
Also, you should be referencing comparable sales that have closed over the past six months. Those sales will reflect the most current market conditions.
[All market data courtesy of SF Multiple Listing Service]