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November 9, 2015

Buyers and Sellers: Use October Sales as Your Guide

We’re well into the Fall real estate season, and the holiday home stretch is just around the corner. October numbers will be the best guide for buyers and sellers as they respectively decide how much to offer and how much they want for their homes.

Here’s where we are right now in the market.

Single-Family Homes
Prices are still strong in the house market, with an average citywide price of $1,640,000 (down from $1,670,000 in October 2014). We saw 235 houses sell in October, with an average overbid of 11%. But there seemed to be fewer buyers willing to engage in extreme overbidding; only 50 single-family homes saw 20%+ over the list price.

The highest-profile overbid happened at 242 San Jose Avenue (technically in Noe Valley but kind of more Mission). Listed for $2,995,000, the property sold for cash for $3,800,000, and had one of the best exteriors I’ve seen in a while:

You may be guessing that cash buyers haven’t faded away. They’re still out there and accounted for 18% of all house sales last month.

The most expensive home sold last month was a former four-unit building now being used as a 6BR/7.5BA single-family home on Chestnut Street in Telegraph Hill that changed hands for $10,690,000:

On the other end of the spectrum, 28% of all homes sold for less than $1,000,000. Neighborhoods like the Outer Sunset/Parkside, Crocker Amazon, Excelsior, Outer Mission and Portola were frequent areas for under-$1M sales.

For the first time in a while, more houses sold than condos in October. $1,200,000 was the average condo price citywide for the 229 units sold, and the average price-per-square-foot clocked in at $996.

Again, the average overbid wasn’t stratospheric by any means—8.5%, with only 40 condos trading for 20% or more above the list price.

Cash sales popped up a little more often, and accounted for almost a quarter of all transactions.

Everyone’s favorite luxury building over at the Millennium Towers played host to the highest on-market sale. A 2BR/3BA, 2230-square foot view condo sold for $4,250,000.

But 40% of sales were in the under-$1,000,000 category with Ingleside Heights, downtown, Van Ness/Civic Center and SoMa/South Beach offering the most inventory.

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