San Francisco’s $1.833 million average sales price for a single-family home was up 13 percent year-over-year—or more than $200,000 per sale. The 612 homes sold this quarter was right on pace with the previous fourth quarter, and represented the highest quarterly sales volume of 2016. These strong figures can be partially tied to a resurgent buyer confidence once the financial sector found its footing in mid-November, ending a typical trend of buyer hesitation that exists prior to presidential elections. It might also explain a subtle uptick in the average 34 DOM, as many of the high-priced homes that sold this quarter had been on the market for much of 2016.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
Pacific Heights and Presidio Heights showed impressive year-over-year gains of 28 percent and 36 percent, respectively. This upward movement in Presidio Heights helped cap a fiscal year in which the area saw a 15 percent gain from 2015.
SALES PRICE CHANGE
San Francisco homes netted a Bay Area-high 12 percent on top of initial listing when no price change was required. Meanwhile, sellers who tested the market recovered a respectable 91 percent of initial asking price.