Another look at Paragon’s mid-year report
Recently Curbed SF picked up our mid-year report, “Prices, Cycles and Trends in SF Real Estate: Of Seasons, Factors, Prices, Cycles & Trends in San Francisco Real Estate.” As Curbed noted, it seems to be confirmed that prices are continuing to rise, just about everything is selling at asking price or over, and most properties are on the market for less than a month before an offer is accepted.
Our research found that, in the second quarter, the city’s median house prices raised the roof. They tore up from $975,000 in the first quarter to $1.12 million in the second quarter. As Curbed notes, “Huge over-asking sales happened so often this spring that they became almost banal.” That said, some eye-catching figures include the Sea Cliff house that went for $1.4 million over asking as well as the Pacific Heights home that was sold for 70 percent over asking. A whopping 90 percent of homes sold without price reductions in the second quarter, with an average of sales for 111 percent of original asking price. We saw properties in Bernal Heights going for 24 percent – on average – over asking, and in the Sunset/Parkside, that figure was 18 percent.
Spring continues to be by far the biggest sales season. The accompanying chart illustrates leaps over the years, ranging from the first quarter of 2011 to Spring 2014. During this last spring, we saw the largest volume of San Francisco luxury home sales in history. Check out our Luxury Home Report here to learn more. During Spring 2014, the market was still singing the low-inventory blues – well less than two months’ worth of supply. This in addition to other factors led to the extremely quick sales we were discussing above.
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