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June 13, 2016

What You Can Buy: 21 Days or More on the Market


There’s plenty of single-family home and condo inventory on the San Francisco market right now, and you may be surprised to know that more than half of those properties have been on the market for 21 days or more. That means offer dates have come and gone, and sellers will have some decisions to make as time goes on.

The high end of this 21+ days on market (DOM) portion of the market is well represented: The average price of a house is $2,976,744, and $1,584,750 for a condo.

Neighborhoods like the Outer Richmond, Glen Park, Noe Valley and Pacific Heights pop up frequently on the single-family home list. There are four homes sitting on the market in the $4,000,000-$5,000,000 range, and storied Pacific Heights has quite a few houses listed from $7,000,000-$28,500,000. There are also several available homes in the southeastern end of town priced in the $800,000s, which tends to be high for the area as a starting point.

New construction offerings dominate the condos that have been sitting, which include 2655 Bush (The District); Arden in Mission Bay; 72 Townsend in South Beach; the Millennium Tower; 555 4th Street (The Palms) and 1650 Broadway (The Luxe). All these projects are actively seeking buyers.

Worth mentioning are the two most expensive condos on the market right now. Two combined units at the Four Seasons are listed as one for $8,200,000. And the Clock Tower Penthouse at 461 2nd Street is asking $8,500,000; it comes with exclusive use of the top three adjoining tower levels, including the interior of the Clock Room itself (see photo, above).

If your budget is in these price ranges, it’s a great time to go shopping.

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