The overall San Francisco market has remained stable over the past few months since the late summer start to the September-October-November short selling season. Surprising strength has been seen across the board in the entry to mid-level single family home market (up to $2.0 million) in the west central and west neighborhoods (districts 2, 4, 1) to a surprising degree with low and reasonably priced homes selling in almost every case with multiple offers well over the asking price (in excess of 15% over in most cases). Condos have fared well but not nearly as well as single family properties. Similar strength has been seen in other historically moderately priced districts like Bernal Heights, Glen Park and surrounds, while mid priced homes in the heart of District 5 (Noe, Dolores Heights, Mission Dolores, Eureka, Cole Valley) up to $3 million have also faired very well with selling prices staying stable in the $1,100 – $1,200 range on average. The very upper end (over $4.0 million) has been a bit more sluggish though with surprising examples selling at or above $5,000,000 and exceeding $1,300 a foot. In essence, the ultra premium properties in the best locations are holding the day even at very elevated prices whereas properties in somewhat marginalized locations are languishing a bit if they are over priced.
The SOMA/South Beach/Mission Bay/Financial district condo market has remained stable but with far less heat. Most active have been the sub $2.5 million large view properties and the entry level condos (with less or no view) in desirable buildings (under $1.2 million) in strong locations.
Low inventory in the single family home market, ever increasing regional economic strength and good weather have kept the market strong and stable through the latter part of 2017. Expectations are for increased (but not heavy) inventory to begin in early 2018 with the market remaining stable through Spring when excess inventory may soften price pressure.
For a more detailed micro perspective of a specific property or neighborhood, please contact Rob Levy directly at 415-385-8011 or Rob@RobLevy.net