While the $1.762 million average home sale was the second-highest in market history, it was down 4 percent from the record posted in Q2 2015. With an average of 28 DOM, homes also moved more slowly this quarter than a year prior and multiple offers were less prevalent. The slight price dip can also be attributed to sub-$1 million homes increasingly becoming the most broad-based desired purchases in the city. The 609 homes sold this quarter was almost identical to what we saw a year prior. AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10 Russian Hill remained strong, with a 45 percent year-over-year gain and its average home commanding nearly $4 million. This was in line with the ongoing trend of much of the northeast corridor posting strong gains. SALES PRICE CHANGE
Homes that required no price change netted the Bay Area-leading 15 percent gain on initial listing. While down slightly from the massive 19 percent appreciation in Q2 2015, this number still exemplifies how in-demand properties are in this low-inventory market. As for sellers who tested the market, received 89 percent of the initial asking price.