The 613 homes sold were up 3 percent year-over-year and 53 percent from the otherwise tame tally seen in Q1 2015. Despite skyrocketing prices, average DOM also dropped noticeably, with the average home selling in just 24 days.
This record-setting quarter was defined by seller’s taking note at the conclusion of Q1—that buyers were willing to pay previously-unheard of prices—as was seen in the city’s seven sales over $10 million and additional 13 sales over $5 million.
SALES PRICE CHANGE
San Francisco homes that required no price change netted 19 percent on top of initial asking price. This was not only the highest figure among all seven counties we represent, but one of the highest seller-gains we’ve ever seen. As for sellers who tested the market, their 91 percent take on initial listing was still impressive given the prevalence of sky-high pricing.
AVERAGE SALES PRICE BY NEIGHBORHOOD – THE TOP 10
The massive 93 percent gain in Pacific Heights was largely skewed by one very large, $31 million sale. However, obtaining the highest single sale in the entire Bay Area within a quarter is still a strong achievement for the neighborhood. Haight Ashbury also saw an 86 percent gain as its luxury sector blossomed. The 51 percent gain in Alamo Square was another strong feat.