The overall San Francisco market has remained stable over the past few months since the September-October-November short selling season and moving upward in the first couple months of 2018. Surprising strength was 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. Low inventory at end of year pushed properties into contract that were languishing in late fall as more value conscious buyers saw an opportunity before prices trended upward. Similar strength was 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 also faired very well with selling prices staying stable in the $1,100 – $1,200 per foot range on average. The very upper end (over $4.0 million) was a bit more sluggish though with surprising examples selling at or above $5,000,000 and exceeding $1,300 a foot and with a quick resurgence in January and early February. In essence, the ultra premium properties in the best locations are holding the day even at very elevated prices and properties in marginalized locations are performing better than expected early in 2018 with low inventory and resurgent demand pushing competition.
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, a robust stock market (at least through the early February pullback) and good weather have kept the market strong and stable through early 2018. Expectations are for increased (but not heavy) inventory to begin in late February with the market moving upward through Spring when excess inventory might 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