Residential real estate is booming throughout the Bay Area. Even more locally, San Francisco real estate is white hot, with a year-over-year price gain of 19 percent in February. Naturally, then, as one of the most glamorous neighborhoods in one of the nation’s hottest real estate markets, home sale prices in Bernal Heights are up, up, up too. That’s exciting news for current Bernal homeowners, but it is also also troubling to others (and Bernalwood will represent the latter point of view in a separate post to follow soon).
Still, until someone figures out how to repeal the ironclad laws of supply and demand, the market is what it is, and so we bring you this summary of March 2013 Bernal Heights home sales, prepared by Downing & Company:
As the seller’s market continues, it’s getting more expensive to buy a home in Bernal Heights. During March prices were up for the third month in a row. The rate of home price appreciation in Bernal Heights is starting to mirror the recent gains achieved in the nearby (very hot) neighborhoods of Noe Valley and the Mission District.
Eleven (11) single-family homes sold in Bernal Heights last month. The average sale price came in at an impressive $938,091. This figure compares to the average in February of $829,429 and the average in January of $820,125.
The homes that sold during March were on the market for an average of 31 days before going under contract.
A few notes: 719 Anderson Street and 3 Bennington Street were sold as fixer uppers. The home at 21 Bessie Street was a short sale. The home at 347 Mullen Avenue totals 3,000 square feet and was built in 2011. The lot this home sits on was purchased for $399K in June of 2008.
For whatever its worth, if you knock out that outlying $2mm house at 347 Mullen — the most expensive home sale in recent Bernal Heights history — the March average recalculates to $832,000, which is still uncheap.
There’s more specific sales detail on each of the Bernal homes shown above at Downing & Company.