October 20, 2017

Buyer Frenzy in San Francisco Intensifies for Homes Priced Between $2 Million and $3 Million

Pacific Union Chief Economist Selma Hepp takes a deep dive into the most recent San Francisco housing market data.

Executive Summary:

  • While overall home sales in San Francisco slowed in September, buyer competition heated up for homes priced between $2 million and $3 million.
  • Eighty-two percent of homes priced between $2 million and $3 million sold for more than asking price, with average premium at 19 percent.
  • Despite the September sales decline, overall sales in 2017 are on par with the same period last year.
  • San Francisco inventory is falling at one of the fastest rates in the Bay Area.
  • The decline in the city is driven by a large drop-off in condominium sales, especially in Districts 5, 9, 1, and 7.
  • Across all districts, sales of homes priced below $1 million fell by 9 percent, while sales priced between $1 million and $2 million increased by 6 percent; sales priced between $2 million and $3 million increased by 18 percent; and sales priced above $3 million increased by 15 percent.
  • Fifty-one percent of San Francisco sales are priced between $1 million and $2 million.
  • Districts 3 and 4 have the most competition among buyers, while Districts 1 and 7 saw the relatively highest increase in buyer competition from last year.
  • Districts 7 and 5 have had the biggest gain in condominium sales this year.

To read the full post click here: http://pacunion.us/2hQsb3x


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.