SF Property Report-Spring '15 Update (June 15th-Summer Update this week!)
Welcome to the SF Property Report. It's been a very busy Winter / Spring this year in San Francisco. The market never really stopped right through the holidays. Even in positive market environments in years past the market has settled in for a winter nap but not this year.
There are far more buyers than sellers in San Francisco. All market areas within the 7 x 7 confines (roughly) of the city are hot right now. One week marketing periods for properties in the classic market areas in the North side of the city are commonly bringing 10+ offers with buyers who are currently ready and waiting for the next thing to hit the market, whether it meets all of their needs or not. Close is close enough with with housing "crisis" that's the result of the rapid expansion of the local economy that broke loose in the fall of '12.
South of Market has new developments selling out quickly with prices that at this point may not go below $1,000 a square foot. For the most part, sales are happening significantly higher than that. The average sales price for new and existing condominiums in the South of Market area is $993 per square foot!
Luxury homes in any well regarded market area are incredibly hot. Renovated and move-in ready are the properties that will sell in one week with multiple offers. Strong offers with multiple offer situations usually go through a two week marketing period. Usually.
These rising new condominium prices have also dramatically affected the rest of the city. One bedroom condominiums and TIC's got very hot at the end of 2014. Where they started the fall with list prices in the $500k+ to over $600k for most units, they ended the year considerably higher. Very little was available for the young tech buyer under $700k
Market areas like the Portola and Bayview are now considered viable options. First time buyers can get an affordable single family home and remodel to suit their tastes. The 3rd street light rail in the Bayview and the massive development in Hunter's point are changing perceptions rapidly.
I'd be happy to give you a market specific report for your property. Just call or email and I can generate a quick report that will give you a very accurate range of value. Let me know how I can help! Thanks for reading-Matt