San Francisco’s condominium market was steady in the third quarter with its $1.253 average sales price up 2 percent from the previous year. Q3 2017 also marked the 16th consecutive quarter in which San Francisco condo units have averaged more than $1 million. Similar to the city’s housing market, it was also the highest third-quarter average sales price to take place in the last 10 years.
However, at 508 total units sold this quarter, San Francisco experienced an 11 percent drop in year-over-year sales volume. This tighter inventory also led to units selling at a slightly quicker pace, spending an average of 37 DOM prior to close.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
A $7.1-million condo sale in Nob Hill helped boost the neighborhood’s average sales price to $1.72 million, an 18 percent increase from Q3 2016. Corona Heights experienced the largest year-over-year gain in average sales price at 52 percent, while Presidio Heights’ $1.9 million average topped the Q3 list.
SALES PRICE CHANGE
Those who required no price change in Q3 took home an additional 7 percent on top of initial listing price. While other sellers who may have tested the market too high, ended up losing 7 percent from their initial asking price.