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July 8, 2024

SF House Market Report: Q2 2024

839 Noriega

Single-family home buyers weren’t shy about throwing money at properties in the second quarter. This didn’t surprise me, as Q2 typically sees peak market activity. Overbidding was the norm and inventory remained limited.

Here’s a closer look at what happened over the past three months:

Volume was up. 624 houses sold in Q2, which was a 13% increase over Q2 2023.

The average price was up, too. With a $2,230,000 average price, the last quarter bested Q2 2023 by 6.7%.

Buyer overbidding hit a peak in spring. Only 115 houses changed hands for under the list price. The rest pretty much sold for over the list price, including almost 200 homes that closed for 20% or more over asking. One standout was 839 Noriega, a 3BR/2BA detached Golden Gate Heights house with ocean views listed for $1,295,000 that closed for $2,250,000—74% over the list price. (Photo courtesy BarbCo)

Cash sales were not uncommon. A quarter of all house sales saw buyers paying in cash. That’s one way to get around higher interest rates.

The luxury market gained traction. 60 houses sold for $4M or more, compared to 43 in Q2 2023. It’s worth noting that most of these sales closed for under or at list price, with a few exceptions. One eyebrow raiser was the newly renovated, modern Glen Park home at 387 Beacon that last sold in 2021 for $2.3M as a fixer. This time around, Beacon was listed for $4,999,000 and closed in early June for $6.2M.

Inventory check. There are 225 homes on the market at an average list price of $3.1M. 138 properties have been sitting on the market for 30 or more days at an average list price of $4M. And 164 homes are in contract for a $1,832,000 average list price.

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

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