This was the second time in market history that San Francisco’s average sales price for single-family homes topped the $1.9 million mark — surpassing the previous 10-year record high set three months earlier in Q4 2017. At $1.961 million, the city’s average sales price for the first quarter was an 11 percent increase from the $1.761 million posted a year ago. San Francisco had a total of 388 homes sold this quarter, basically mirroring last year’s first quarter sales volume trends. But in comparison to the previous quarter, this figure was a 37 percent drop from the 616 homes sold in Q4 2017.
San Francisco’s steady economic outlook and widespread purchasing power continue to elevate the single-family home market in nearly all parts of the city. The average home sold after 25 DOM, moving 30 percent (or 10 days) faster than Q1 2017. Homes selling in the $1-2 million range had the most activity this quarter, accounting for 54 percent of San Francisco’s sales volume.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10 Lake Street’s average home sales price went up 65 percent year-over-year, selling for an average of $4.095 million in Q1 2018. Glen Park and Corona Heights average sales prices increased by 58 percent and 48 percent, respectively, coming in at $2.624 million and $3.1 million this quarter.
SALES PRICE CHANGE
San Francisco homes that required no price change had the largest profit margins of all Bay Area markets, and on average, sold 18 percent over asking. Alternatively, those with price reductions sold for 8 percent less than the original list price.