The second quarter of 2014 isn't over yet, but every sign from April and May's home sales in San Francisco indicates it will be a record-breaker. In April and May of 2014, the median house sales price shot past $1 million to reach a heart-stopping $1.1 million. Condos weren't far behind with a median of $930,000. Just over three years ago, in the first quarter of 2011, the median house sales price was a mere $660,000. Back in late 2007 and early 2008, at the height of the last market peak, the median house sales price was $895,000 and condos were at $625,000.
In April, 89% of homes sold went at their asking price or above, and the average sales prices were 11% over asking. Just two years ago, homes that went over asking were only going for 2-4% over. At-or-over asking sales were on the market for an average of 28 days before accepting an offer. Homes that took a price cut, on the other hand, went down an average of 10% from their original asking price and were on the market for an average of 92 days.
· Prices Jumping Again Across San Francisco [Paragon Real Estate]