San Francisco is home to the three most competitive neighborhoods for homebuyers in the United States, according to new research from real estate website Redfin. The Sunset District is the most competitive neighborhood in the country, based on measures like average number of offers, the percentage of homes that sold above asking, and the percentage of offers that were all cash. The Sunset's hot, hot status is thanks to its abundance of single-family homes, good schools, and relative affordability, with a median sale price still hovering under $1 million, at $955K (though we'd wager that a fair amount of the neighborhood's 28.8 percent all-cash offers went to flippers). Sunset homes spent an average of 14 days on the market and received an average of 5.5 offers each. Nearly 88 percent of properties in the Sunset went for over asking in 2014, and 54.2 percent had multiple offers.
The Castro came in second for competitiveness, boasting an average of 3.3 offers on each home sold, 28.2 percent of which were all-cash offers. Next came Bernal Heights, where homes can sell for as much as 30 percent over asking. Bernal homes had an average of 3.6 offers each, 78.1 percent went above asking, and 19.4 percent were all-cash offers.
Although San Francisco doesn't have any other neighborhoods in the top 10, other Bay Area cities like San Jose (Almaden Valley's holding down number 6; Cambrian Park, number 8) and Oakland (Ardenwood, number 7) make the list. San Francisco doesn't turn up again until number 22 (Glen Park), followed closely by Westlake at number 23 and Noe Valley at 25. SF does not, by the way, lay sole claim to the (dubious) distinction of having the highest number of competitive neighborhoods in the top 30. We're matched by Washington, DC, which also has six neighborhoods on the list.
· The Most Competitive Neighborhoods for Homebuyers 2014 [Redfin]
· Flipping Out Archives [Curbed SF]