The San Francisco single-family home market closed out the year by setting the highest average sales price for the Bay Area at $1.921 million in Q4. This figure was not only up 14 percent from the $1.68 million average in Q3 2017, but was also 5 percent more than last year’s benchmark of $1.833 million. In fact, San Francisco’s average sales price for a single-family home this quarter was the city’s highest recorded average for all quarters in the last 10 years.
A total of 615 homes sold in San Francisco this quarter, remaining flat from the previous year, but grew by 9 percent from Q3 2017. On average, homes went into contract after spending 25 DOM, resulting in a 28 percent faster pace than this time last year — a clear indication of a market where buyers are forced to make quick and confident decisions in order to secure a swift transaction. Overall, the city had 20 transactions close in the $5 million and above category in Q4 2017.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
Telegraph Hill topped the list with an average sales price of $8.19 million in Q4. A $13.75 million sale closed in December, helping to boost the neighborhood into the no. 1 position. Pacific Heights’ average sales price was down 25 percent year-over-year despite having a 16.5 million closing occur in the final weeks of 2017. Presidio Heights saw its average sales price climb 34 percent from the previous year to reach $7.8 million.
SALES PRICE CHANGE
For San Francisco sellers testing the market’s ceiling in Q4 it paid off as those properties not requiring a price change took home 17 percent on top of the initial asking price. This was the highest upward change amongst all seven counties in the Bay Area. Opposite of that, properties that required a price change were only able to recoup 89 percent on the original list price.