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July 11, 2016

Prices, Volume Jump in Q2 2016

The San Francisco market saw a boost in average prices and volume in the second quarter, particularly when it came to single-family homes.

It was another busy Spring for single-family homes, as volume jumped up an astonishing 76% over the first quarter. The average price was $1,736,534, up 3.5% from the previous quarter. And buyers overbid an average of nine percent, proving that houses in the city are still in high demand.

Days on market and price-per-square foot were roughly the same across both quarters for houses.

The condo market also fared well, with 37% more condos sold in the second quarter for an average price of $1,248,358 (only slightly higher than Q1’s $1,229,359). The average condo overbid was just shy of five percent, but days on market remained the same (35), as did the average price per square foot ($1,035).

Though there’s talk of a softening condo market, I’m not seeing that translating into lower prices. What I am seeing, as we head into the third quarter, is longer days on market (especially for units in large buildings), fewer offers and less wild overbidding. But in many instances, sellers are getting the list price or more even after their units have been sitting on the market a while.

There is certainly more competition due to new construction offerings, though buyers need to get on board with paying $1200+/sq foot for new units.

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