A record breaking $40-million sale of a home in Pacific Heights helped pump up San Francisco’s average sales price to a record setting $1.896 million in the second quarter—its highest peak in market history—and an 8 percent increase over the $1.761 million posted in both Q1 2017 and Q2 2016. Inventory moved more quickly this quarter with the city’s 630 total number of homes sold being up 3 percent from the previous year, and selling in an average of 26 DOM which was also slightly ahead of Q2 2016. As San Francisco’s housing story counties, Q2 was another quarter where many eager buyers were quick to snap up the properties available to them in this market.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
With a $40 million sale and another at $13.9 million in Pacific Heights, there’s no question this neighborhood led the way during the second quarter of this year. As expected, it also had an impact on its average sales price of $9.820 million which resulted in a 68 percent spike from the previous quarter. However, Pacific Heights wasn’t the only neighborhood to see such high-end sales come through in Q2—as Presidio Heights also had a home close for $15 million as well as one for $7.5 million in Cow Hollow. A handful of homes priced within the $4-6 million range also sold across several other parts of the city as well.
SALES PRICE CHANGE
Sellers aggressively tested the market’s ceiling this quarter and for some the risk played out quite favorably. Those who required no price change at all netted 18 percent on top of initial list price—the highest upward change amongst all seven counties and a 15 percent from Q2 2016. On the flipside of that equation, sellers who also tested the market ended up seeing a 9 percent drop on initial list price.