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Is Paying $1 Million Over Asking Becoming the New Normal?

Practically everything in San Francisco is selling over asking price these days, but lately properties selling for $1 million over asking have been popping up. There was the Noe Valley 4-bed that went for $1.31 million over last month and last week's mindboggling $1.4 over in Sea Cliff. Another Noe Valley house quietly sold for more than $1.1 over last week as well. The three-bedroom Victorian near the top of 23rd Street is filled with period details and recently received new central heating, exterior paint and other upgrades. Part of the reason things are selling for so much over asking is that they are often listed low to incite bidding wars, and this one was no different. It was priced at only $1.788 million when the neighborhood's median list price is $1.795 million and this place is on the larger and more updated side. The house sold for $2.9 million and went into contract after only two weeks. · More Than Two Thirds of SF Homes Now Sell Over Asking [Curbed SF]
· Last Week's Biggest Sales: $1.31M Over Asking in Noe Valley [Curbed SF]
· Sea Cliff Mid-Century Sells for Jawdropping $1.4M Over Asking [Curbed SF]
· 4449 23rd Street [Redfin]