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November 19, 2018

October Numbers Point To Healthy Market

There’s been plenty of chatter over the past few weeks about the shifting San Francisco real estate market. Fewer offers on properties, longer days on market, lackluster—or no—overbidding.

However, a look at October’s sales numbers points to a very healthy market that’s not very different from October 2017. I’ve always considered October to be the heart of the Fall real estate season because it reflects buyer activity from September and not the decidedly quieter summer months.

Here’s how October shaped up for our two most popular property types:

Single-Family Homes
The average price went down this October, days on market remained the same, and overbids of 20% or more happened less frequently. There were still some crazy overbids, such as the ones at 1654 25th Avenue in the Central Sunset (3BR listed for $1,095,000, sold for $1,675,000) and the fixer at 15 Park Hill in Buena Vista/Ashbury Heights (listed for $1.6M, sold for $2,620,000 in an all-cash transaction). But there weren’t too many other high-flying sales in October.

Average House Price
Oct 2018: $1,995,730 | Oct 2017: $2,011,680

Avge Days on Market
24 | 24

# Homes Sold
244 | 232

Avge Citywide Overbid
8.69% | 11%

# Homes Sold for 20%+ Over Asking
71 | 91

Condo sales were pretty similar during the past two Octobers. The high-flying overbids happened most frequently in Noe/Eureka/Cole Valleys—central neighborhoods with good retail areas and easy access to public transportation and tech shuttles. SoMa, South Beach, and Mission Bay condos continue to sell for asking or below. But the average price of a condo continues to be around $1.3M.

Average Condo Price
Oct 2018: $1,361,620 | Oct 2017: $1,315,319

Avge Days on Market
28 | 32

# Homes Sold
271 | 278

Avge Citywide Overbid
6.5% | 5.26%

# Homes Sold for 20%+ Over Asking
26 | 31

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