San Francisco’s Indian Summer arrived early this year, shocking many with triple-digit temperatures reaching a record-breaking 106 degrees on September 1. As the city cools down, residents can now come out from hiding just in time to celebrate our city’s 37th Annual Fleet Week. From October 2-9, San Francisco will honor the men and women who serve in our nation’s armed forces by hosting a parade of ships, several air shows, and a Festival Center at the Marina Green. So what does this mean for property owners and renters inhabiting the Northern parts of our city?
This attraction draws in large crowds from all over, and this year is expected to be no different. Similarly, on the topic of things that remain consistent, the average home sales prices for both San Francisco’s Cow Hollow and Marina District neighborhoods were in line with what we typically see at the end of Summer—holding steady at $4,721,075 and $3,112,000, respectively.
Homes in the Marina District sold in an average of just 21 days on market (DOM), cutting the previous year’s average in half. Cow Hollow homes moved at a much slower pace, 38% slower from the previous year to be exact, spending an average of 70 DOM before closing. It appears condominium buyers for both neighborhoods were less patient and much quicker in their decision making process, as the average Cow Hollow condo closed after only 19 DOM, and those in the Marina District moved 5% faster YOY too.
Being that year-to-date, the number of condos sold in both Cow Hollow and the Marina District are down by 7% and 31% respectively from 2016, August proved to be a good time to pounce on what limited inventory was still available rather than wait until the typically busier Fall selling season.