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October 5, 2022

September 2022 Report: San Francisco House Market

333 Laurel exterior

September single-family home sales were pretty anemic. I’d say that the San Francisco house market has cooled off significantly, thanks to higher loan interest rates, a stock market fizzle and general buyer anxiety about where the real estate market is heading.

A total of 169 single-family homes changed hands in September, compared to 188 in August—a 10% volume drop. But we are back to pre-pandemic volumes. To put it in perspective, 144 homes sold in September 2019, with much higher volumes in September 2020 (257) and 2021 (238).

And the September average house price was $1.9M, slightly lower than August’s $1,929,481 average.

There was a bit more heavy overbidding in September, however. Thirty-five homes sold for 20% or more over asking, up slightly from the 28 homes that traded at that level in August. September’s big overbids were largely concentrated in the Central Richmond, Outer Parkside and Parkside, signaling that many house buyers are not prioritizing proximity to downtown or the freeways like they once did in pre-pandemic times. The top overbid was over at the Inner Sunset’s 1339 11th Avenue, a 1920’s home ripe for kitchen/bath updates listed for $1,195,000. Final sale clocked in at $1,825,000.

The least expensive home sold was a tenant-occupied fixer on 19th Avenue in the Inner Sunset for $610,000. And the most expensive was the English Tudor estate on a quarter-acre lot at 1615 Monterey Blvd in St. Francis Wood. Originally listed for $6.5M, the sale closed for $6,275,000.

The $3M+ luxury market saw only 20 sales, with more than half closing for over the list price. Buyers went crazy for Presidio Heights’ 333 Laurel, a four-bedroom with no garage listed for $3.1M that sold for a whopping $3,818,000. (Photo courtesy Sotheby’s International Realty)

Pro Tips: Seize The Day Edition
Seize it if you land a qualified buyer who’s willing to pay a reasonable price for your home. Consider that there are currently 426 active house listings on the market, and more than half of those homes have been on the market for 21 days or more. Also, there’s no guarantee that the Spring market will be better.

Buyers: Seize it if you find a great long-term home in a good location at a price you can afford. Motivated, serious sellers may become a rare species next year, and inventory might be lower.

[All data courtesy of the San Francisco Multiple Listing Service.]

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