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San Francisco Home Prices Just Kept Going Up in Q1

By January, home prices in the San Francisco area had surpassed their 2007 peak levels, and they have just continued to go up from there. Nearly every neighborhood in the city saw a surge in pricing during the first few months of the year, and the median sales price rose from $912,000 in 2013 to a rather breathtaking $990,000 in the first quarter of 2014. Low supply helped push prices up: there were only 2,215 homes for sale during the quarter, down sharply from the 3,654 homes for sale during Q1 just three years ago. This meant that 90% of homes sold in February and March went without price reductions and that they were on the market an average of just 30 days.

Bernal Heights led all neighborhoods in selling homes over asking price, with sales prices averaging 21% over list prices during February and March. The areas around Hayes Valley/NoPa and Noe/Eureka/Cole Valleys weren't far behind, and across the city property sold for an average of 9% over asking. Although California and the rest of the U.S. saw home price recovery continue during early 2014, San Francisco continues to outperform nearly every other market.

· SF Home Prices Surpass Peak 2007 Levels, Hit Record High [Curbed SF]
· Prices Jumping Again Across San Francisco [Paragon Real Estate]