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September 5, 2019

Sellers Still On a Roll in Summer 2019

The San Francisco market showed no signs of slowing down this summer. Sellers were in the driver’s seat as buyers continued to grapple with competitive, multiple-offer situations on many properties. And the list low, sell-for-more pattern continues.

Prices held steady, with the average single-family home costing $1.9M, and condos at $1.4M (and $1,173/square foot).

The Parkside was a magnet for large overbids of 25% or more this summer, attesting to the continued appeal of single-family homes among buyers. For example, the summer sun didn’t tire out the buyers who offered a whopping 48% over asking for 3326 Vicente—a three-bedroom house listed for $1.1M that sold for $1,620,000.

The Sunset, Oceanview, Miraloma Park, Glen Park, Noe Valley, Cole Valley, Bernal Heights, Excelsior and Portola also led the way for most single-family homes with overbids in excess of 25 percent.

And the neighborhoods with the most big overbids for condos were the usual suspects—Noe/Eureka/Cole Valleys, Corona Heights, and Mission Dolores.

There definitely seems to be an urgency among buyers to purchase a home before the IPO money begins to flow more steadily into San Francisco. I’m also hearing chatter about a potential recession in 2020, which is likely convincing some sellers to move sooner rather than later.

You can expect a big inventory boost right after Labor Day, and lots of buyers hitting the open house circuit as they make a push to get into a property before the end of the year.

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