The ongoing strength of San Francisco’s condominium market carried into the start of the year, with its average $1.3 million sales price up 5 percent year-over-year, making it the highest figure in city history. This also marked the sixth straight quarter in which city units have averaged more than $1.198 million—illustrating a prolonged pattern of both predictability and strength. This activity occurred while 471 units moved—the highest Q1 figure since 2014 and a 9 percent year-over-year gain. The average 38 DOM showed a slightly slower rate of turnaround than the 34 seen in Q1 2016. All these factors point to a market that, while seller-leaning, is consistent enough to afford opportunities to those willing to make a large investment that shows no signs of depreciation.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
Double digit percentage gains were had in the majority of the city’s condominium sectors. Among the most impressive were year-over year gains of 49 percent in South of Market, 39 percent in the Inner Richmond, and 20 percent in Mission Dolores.
SALES PRICE CHANGE
The stabilized pricing seen over the past two years has created for a market in which buyers and sellers both have a good idea of what to expect. As such, units were priced in line with demand: Those who required no price change netted a healthy 5 percent on top of initial listing and those who tested the market recovered 93 percent of their initial ask.