clock menu more-arrow no yes mobile

Filed under:

Even During the Summer Lull, Home Prices Continued to Rise

We are now well into the autumn home selling season, but data from the summer months is still trickling in. Paragon Real Estate's third-quarter real estate report just came out, and it shows that demand was rabid even during the traditionally slower summer months. Houses continued to sell for an average of nearly 10 percent over list price, and condos were selling for 4.3 percent over asking in quarter three. As Paragon points out, these over-asking sales point to "feverish bidding for new listings." Sales stayed strong over the summer, with houses listed for an average of just 29 days and condos listed for an average of 35 days.

Much of the overbidding and quick selling is a result of low inventory. So what San Francisco neighborhoods actually have homes for sale? The district that includes the Bayview, Excelsior, and Portola Valley had the most sales of single-family homes between September 2013 and September 2014. The 510 sales in those neighborhoods made up 21 percent of the city's totals and were also the cheapest properties per square foot in the city, coming in at only $544 per square. There were also quite a few homes sold in the Sunset/Parkside district, which came in second. Far fewer houses were available in the districts containing St. Francis Wood/Forest Hill, Ingleside/Oceanview, and Lake Shore.

The South Beach/SoMa/Yerba Buena/Mission Bay district had by far the most condo sales over the past year, with 795 properties changing hands. The district accounted for a quarter of all of the city's condo sales. It was also the priciest per square foot for either houses or condos in the city, clocking in at $1,379 per square. The region containing Noe, Cole, and Eureka Valleys; Mission-Dolores; and Ashbury and Corona Heights came in second, with 15 percent of sales. If you want to buy a condo in the Richmond/Lake District neighborhood, you'll have a harder time because there were only 116 sales there since last September.

· San Francisco Quarter 3 Real Estate Market Report [Paragon Real Estate]