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November 16, 2020

SF House Market Meets Corona Challenge

85 5th Ave exterior

Corona may be surging again, but the virus certainly hasn’t obliterated the San Francisco single-family home market. Despite limitations on showing property (no open houses or broker tours!) and many people reportedly fleeing San Francisco for more far-flung locations, our house market remained strong and steady over the past six weeks.

The average price for the 382 houses sold was $2,022,151 (October 1-November 13), with a median price of $1,650,000. The average overbid citywide was five percent. However, 50 homes changed hands for 20% or more over the list price, proving that even a pandemic can’t seem to break our eternal list-low, sell-for-more pattern in San Francisco.

The overbidding frenzy hit the Central/Outer Sunset, Parkside/Outer Parkside and Central Richmond particularly hard, as buyers overbid significantly on multiple homes. It’s no secret that there are plenty of renters and condo owners who have been desiring a house with a yard in the city, and who are no longer as concerned about being close to downtown or South Bay transit now that they’re working from home for the foreseeable future.

Homes that sold for up to $2M were actually overbid by an average of nine percent, but that average dropped to 1.5% in the $2M+ range.

And never underestimate the power of a development opportunity in a coveted location. The vintage mid-century home with expansion potential at 85 5th Avenue, situated on a bucolic block of the Lake neighborhood (photo above, courtesy of Berkshire Hathaway-Franciscan), was listed for $1,998,000 and closed in early November for 38% over asking at $2,758,000.

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