A: It’s a tale of two cities in San Francisco right now.
Houses in Noe Valley, the Sunset, and the Richmond are hot. Stories of well-prepared homes selling a million or two over list with 10-plus offers abound.
In Noe, $2,000 per square-foot is the new norm and $3 million is the new $2 million. A two-unit on Dolores Street listed at $3.3 million received 20 offers, the winner pushing past $5.3 million.
My clients’ preemptive purchase of 818 Douglass St. — one of the most perfect houses I’ve seen in a while — was ratified within 30 hours of a Super Bowl Sunday preview, non-contingent, at over $2,100 per square-foot (and there was an even higher offer).
Why? Buyers want charm, walkability, and a place to call their own — now, before it gets further out of reach. City single-family home prices in March: $2.1 million median, averaging 25% over list, with 92% of homes selling over. The Sunset leads all districts at 30% over list with nearly 90% selling over.
At the other end: downtown and SoMa condos close 2 to 3% under list at a $730,000 median. Buyers are loath to take on high HOA dues, and the Pandemic’s hollowing out of SoMa and downtown still lingers. The broader condo recovery is real — half the City’s condos now sell over list — but condition and location have never mattered more.
Kevin K. Ho, Vanguard Properties
415-297-7462, kevin@team-kho.com