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March 6, 2023

SF House Market Report: February 2023

3957 26th Street Exterior

San Francisco single-family home market showed signs of life in February, with a median price that edged up and a decent showing of closed sales. We moved out of the holiday doldrums with buyer activity picking up in the middle of January.

Here’s the latest on how the house market did in February:

Median and average prices: The median price was $1,465,000, a year-over-year slide of 23%. (But higher than January’s $1,351,000 median.) The average price for a house in February was $1,815,353.

Volume check: 92 houses closed last month, around the same as in January. But this was a 37% drop from February 2022’s number of closed sales.

Buyers were 50/50 on overbidding.  Half of all homes sold did so for above the list price, with ten closing for 20% or more over asking. 3957 26th Street in Noe Valley saw the largest overbid (photo above courtesy Corcoran Icon Properties). The one-bedroom Victorian that needed an overhaul was listed for $1,095,000—low enough to convince 21 buyers to write offers, thinking they had a shot. But never underestimate the value of a Noe Victorian with development potential. Final sale price? $1.6M, around what these types of properties are worth.

The average days on market was 34. But it took a lot longer for some homes to get into contract and go pending. Congrats to the sellers at 315 Topeka in Silver Terrace for getting over the finish line with that sale. First listed for $1.2M at the end of August 2022, the property went into contract in mid-December. But that contract didn’t hold and the property returned to the market. A new buyer transpired in mid-January 2023, and the sale closed last month for $1,083,000 after a total of 140 days on the market.

Luxury buyers are still in demand. Only ten homes sold in the $3M+ range in February.

Highs and lows. The most expensive home sold in February was 2863 Green in Cow Hollow. The renovated, four-bedroom house was initially listed for $10,995,000, but changed hands for $9,995,000 after 38 days on the market. On the other end of the spectrum was the Bayview fixer at 1473 Palou that sold for $575,000.

Neighborhood with the most sales. That would be Bernal Heights, with nine closings.

Current mood. Gearing up for Spring. Local listing agents reporting particularly busy open houses throughout February.

Pro Tips
Don’t skimp on the basic sale preparation like painting, cleaning and staging as we head into Spring. You’ll want to stand out in a good way alongside the competition.

Buyers: More inventory is coming soon as the big Spring real estate season arrives. Make sure you’ve squared away your financing if you’re ready to start writing offers.

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

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