We’ve moved into the summer, and the busy spring real estate season is officially over. July and August typically see a slower pace as buyers and sellers focus on vacations vs. real estate.
June sales reflect the spring buyer mindset, and the San Francisco house market had a few bright spots across all price points. Here’s the latest on how this segment of the market did in June:
Volume check: June had the strongest showing this year, with 196 closed house sales. That means 7% more homes sold in June than in May. But this was also a year-over-year (YOY) drop of 17%.
Median price: June’s median price ($1,595,000) was slightly lower than May’s ($1,650,000). And June’s median was down by 14% YOY.
Overbidding was still tempered, with some hot spots. So here’s what happened in June 2022: 100 sales closed for 20% or more over list price, and 15 homes sold for 40% or more over asking. Fast forward to June 2023: 36 homes changed hands for 20% or more over the list price. Here were some of the top overbids (featured photo above of 611 Baker courtesy Vanguard Properties):
611 Baker | NoPa | $1,398,000 / $2,361,100 (67%+)
1659 33rd Ave | Central Sunset | $1,095,000 | $1,675,000 (53%+)
270 Precita | Bernal Heights | $1.4M / $2,011,000 (44%+)
2191 32nd Ave | Parkside | $1,195,000 / $1,718,888 (44%+)
2250 Cecilia | Inner Parkside | $1,199,000 / $1.7M (42%+)
1246 43rd Ave | Outer Sunset | $1,195,000 / $1,675,000 (40%+)
Luxury buyer activity picked up. 31 homes sold for $3M or more, with 11 of those closing for above list price. The standout overbid was 95 Robinhood, a large mid-century ocean view home on an oversized lot. Listed for $2,555,000, the sale closed for $3,250,000 (27%+).
Inventory check. There are 271 available single-family homes as of this writing, at a median price of $1,695,000. More than half of these homes have been on the market for 30 or more days at a median list price of $1.9M, and roughly 50 homes are in contract at a median list of $1,454,000.
Sellers: Well-priced homes with little to no buyer objections are selling quickly. Consider a price reduction if you’ve been on the market for a month or longer.
Buyers: Get comfortable with the true house values in your preferred neighborhoods. All that overbidding just means sellers and listing agents are pricing lower than the target value. In other words, a decent house in the Sunset listed for $1.2M is probably going to sell for much more.
[All data courtesy of the San Francisco Multiple Listing Service.]