The city’s $1.33 million average sales price for condo units was 6 percent above the year-over-year price of $1.26 million. This also marked the fifteenth consecutive quarter in which city units have averaged more than $1 million, indicating a prolonged pattern of both predictability and strength. The second quarter has proven to be a performer and this trend continued with 659 sales, up 11 percent year-over-year. The average 33 DOM was also an improvement from the 34 in Q2 of last year.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
Double digit percentage gains were made in almost every one of the city’s condominium sectors. Among the most impressive was a 69 percent year-over-year gain in Russian Hill, where the average sales price came in at $2.52 million (second highest in the city)—followed by Jordan Park/Laurel Heights at $1.766 million, and the Inner Sunset at $1.71 million. Presidio Heights posted the highest average sales price for condominiums in Q2 at $2.57 million, but was actually 11 percent less than where it was during this same time last year.
SALES PRICE CHANGE
The stabilized pricing in the condominium market 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, there was no change between Q2 this year and last. Those who required no price change netted a healthy 7 percent on top of initial listing price, while other sellers recovered 92 percent of their initial asking price.