San Francisco’s condominium sector was steadily in line with the market strength and success it’s seen over the course of the last year. The city’s average sales price for a condo was at $1.316 million this quarter, only a 1 percent change up and down from the previous year and quarter, respectively. With 527 units sold this quarter, San Francisco’s condominium sales volume was up 12 percent year-over-year. However, this figure was also a noticeable 22 percent drop from the 675 units sold in Q4 2017.
The average turn-around time for a condo to sell in the city was at 34 DOM in Q1 2018, moving at the same rate as last quarter, and 11 percent faster than last year. Condominiums in the $1-2 million price category resulted in 48 percent of all sales, or 252 units sold, this quarter.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
The average sales price for a condo in the Central Richmond sold for $1.7 million this quarter, up 76 percent from last year’s $964,000. In Haight Ashbury and Cow Hollow, condo averages rose 35 percent and 23 percent, respectively, reaching $1.708 million and $1.688 million this quarter.
SALES PRICE CHANGE San Francisco condos that required no price change in Q1, on average, sold for 6 percent over the asking price. Sellers whose units required a price reduction were able to recoup 92 percent of their original list price.