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No Surprise: SF's Housing Market Was Bonkers This Spring

Throughout the spring quarter, every sign seemed to indicate that San Francisco's market remained red-hot and insanely competitive. Now the numbers have been tallied and suspicions have been confirmed: Prices continued to rise, virtually everything sold at asking or over, and most properties were on the market for less than a month before accepting an offer. For the past few years, spring has brought huge increases in San Francisco sale prices. This year was no exception; the city's median house price shot up from $975,000 in the first quarter to $1.12 million in the second quarter, according to Paragon Real Estate's compilation of sales reported to the MLS.

Huge over-asking sales happened so often this spring that they almost became banal, although standouts like the Pacific Heights home that went for 70 percent over asking and the Sea Cliff house that went for $1.4 million over caught our attention. 90 percent of homes in the second quarter sold without price reductions, and homes sold at an average of 111 percent of their original list price. In Bernal Heights, properties went for 24 percent over asking on average and in the Sunset/Parkside they sold for an average of 18 percent over asking.

Inventory remained extremely low, with well less than two months' worth of supply throughout the spring. This low inventory and the high level of competition for homes on the market led to extremely quick sales. Houses were on the market an average of 30 days or less every month throughout the spring. Those that sold for asking or above took only 26 days on average to sell during the quarter. These numbers were even lower than those of last year's wild spring, when houses were selling in 37 or 38 days on average.

Spring typically brings the biggest price jumps in San Francisco. But with inventory remaining low and the economy continuing to boom, this spring's surge sets the city up for a record-breaking housing market through 2014.

· Bay Area's Spring Home Price Surge Strikes Again [Curbed SF]
· Prices, Cycles and Trends in San Francisco Real Estate [Paragon Real Estate]
· Pac Heights Home Sells for Jaw-Dropping $1.405M Over Asking [Curbed SF]
· Sea Cliff Mid-Century Sells for Jaw-Dropping $1.4M Over Asking [Curbed SF]