This remains one of the more predictable markets, as San Francisco’s average condominium sale has stayed within a price range fluctuating by only $100,000 for the past eight quarters. The average 39 DOM did jump slightly here, which coupled with stabilizing prices, should give buyers a bit more of a say in the negotiating process. The completion of several major condominium projects in late-2016 and early-2017 could also begin to open the market up slightly in favor of buyers.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
Presidio Heights finished out a strong fiscal year—up 17 percent from the 2015 fiscal year—with Q4 2016 posting a 43 percent gain in Q4 2016. South of Market, Laurel Heights and Yerba Buena all also posted gains of more than 30 percent from Q4 2015.
SALES PRICE CHANGE
Units that required no price change netted 5 percent on top initial asking price, while sellers who tested the market recovered a strong 93 percent of initial listing. The balance between these trends would indicate that condominiums are for the most part being priced in accordance with buyer expectations.