With the tech economy booming and supply still severely low, such dwellings continue to be some of the most sought after in the Bay Area, as was evidenced by the average unit closing in just 28 DOM.
Although the 647 units sold were down slightly from the previous year, it was still a lucrative 40 percent rebound from the three-year low seen in Q1 2015. To the benefit of buyers, it should be noted that the still-low sales volume numbers don’t tell the entire story. While new condominium developments are on the rise and units have been selling at a brisk pace, these stats won’t be reported until those properties come up for resale several years from now.
SALES PRICE CHANGE
As in the home sector, the difference between listings and accrued values continued to sway in favor of sellers. The average unit that required no price change netted 112 percent of initial asking price. The condominiums that required a price change took in a strong 93 percent of the initial price.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
While strong gains were posted in nearly every neighborhood, the city’s north side of town continued to see massive gains as tech professionals are paying record prices to live in proximity to both work and nightlife. As a result, Presidio Heights, Telegraph Hill and the Financial District saw year-over-year gains of 51 percent, 37 percent and 32 percent, respectively.