The city’s condominium market experienced its second highest average sales price ever recorded in the last 10 years during the fourth quarter. At $1.328 million, the average condo unit in San Francisco sold for 6 percent more than it did in Q3 2017, and 8 percent more than the previously $1.229 million seen in Q4 2016. The city also saw an increase in its condo sales volume as well, with the 675 units sold in Q4 rising by 33 percent quarter-over-quarter and 13 percent year-over-year.
The last time San Francisco had this many condos sell over a three month period was during the second and third quarters of 2013, when sales volume reached 757 and 690 respectively. The average condo sold after 34 DOM in Q4, which was 13 percent faster than this time last year.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
A nearly $5 million condo sale in the Financial District helped boost the neighborhood’s average to $2.11 million this quarter, the highest in the city. However, it was Glen Park that saw the largest year-over-year gain with its $1.84 million average up 79 percent from Q4 2016. Twin Peaks and Noe Valley had average sales prices climb 47 percent and 34 percent, respectively.
SALES PRICE CHANGE
Condominium units that didn’t require a price change this quarter netted 6 percent on top of the original list price. Whereas, sellers who had to change the price of their condo listing, received 8 percent less than their asking price.