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June 17, 2019

Spring 2019’s Most Competitive Neighborhoods for Buyers

The selling pattern in San Francisco has eternally been all about listing lower than the target price, and expecting well over asking. Spring 2019 has been no different. But some neighborhoods see clusters of overbids in the 20% or more range more than others.

If you’re a buyer looking for a house or condo in the city, it’s important to know where these hot spots are so you don’t spin your wheels in areas you ultimately won’t be able to afford.

I looked at house and condo sales from April to mid June 2019 to see where the big overbids have been happening the most frequently.

The single-family home market is seeing the most overbids of 20% or more in the Outer Parkside, Inner/Central/Outer Sunset, Golden Gate Heights, Midtown Terrace, Miraloma Park, Bernal Heights and Crocker Amazon. One of the most egregious overbids happened at 30 Fanning in Golden Gate Heights. The two-bedroom home over a garage was listed for $1,168,000 and closed for $1,855,000.

Leading the way in the condo market are Noe/Eureka Valleys, Corona Heights, Duboce Triangle, Mission Dolores, Russian Hill, and the Mission. My favorite overbid in this category was 3133 24th Street #8, a 2BR/2BA, 1222 sq foot contemporary condo at 24th and Folsom in the Mission listed for $1,395,000 that sold for $1,925,000.

The average price-per-square foot for condos in this time period was approximately $1200. But there are many sales that far exceeded that, including the one at 1998 Broadway #1605. The Pacific Heights penthouse in a 1960s building had amazing views and two-car parking and changed hands for $3.4M—or $2,446/sq foot.

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