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September 4, 2018

San Francisco Market Slows Down in Summer 2018

The San Francisco market experienced a palpable slowdown this summer. For every five homes that slammed into contract in week or two, there were two that inexplicably sat on the market a bit longer.

But prices remained high, and even jumped from summer 2017. Single-family homes saw an average price in excess of $1.9M, up from $1,680,000 last summer. And the average condo price jumped from $1,255,000 to $1,293,000—with price- per-square foot averaging $1,122.

Overbidding was the norm, with buyers paying 25% over the list price most frequently for condos in Noe, Eureka and Cole Valleys, Mission Dolores, and the Mission. These are definitely the most popular areas for buyers seeking condos in locations near restaurants, shops, freeways and Muni/BART rail lines to downtown.

Extreme overbidders spread out a bit more around the city when it came to single-family homes. Competition was fierce in the Sunset/Parkside, Miraloma Park, Sunnyside, Noe Valley, Glen Park, Bernal Heights, Potrero Hill, Excelsior, and Portola.

Buyers looking to max out at $1M for a house over the summer were successful in Bayview, Outer Mission, Ingleside Heights, Visitacion Valley, Silver Terrace and Excelsior. One-bedroom condos were popular in this range, with the exception of a few two-bedroom units that sold in the Central Richmond.

You can expect a big inventory boost right after Labor Day, and lots of buyers hitting the open house circuit as they make a push to get into a property before the end of the year.

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