The real estate people at Downing & Company have compiled their most recent summary of Bernal Heights home sales, calculated before Bernal Heights was declared the Best Neighborhood in the Entire Galaxy. The report for December indicates Bernal inventory remains tight, with relatively few properties hitting the market. The result of low supply and steady demand is (surprise, surprise!) an average sale price of $1.14 million and rapid sales once homes become available. Downing & Company says:
Single-family home prices in Bernal Heights ended the year on a high note. During the month of December eleven (11) homes traded hands in this neighborhood at an average sale price of $1,135,364. This figure was relatively close to the average in November that clocked in at $1,163,250, which represented the highest average price during 2013. Keep in mind with the relatively small number of homes that sell each month in Bernal Heights the average and/or median figures are subject to fluctuations due to high and low end sales and should be taken with a grain of salt.
The interesting question to ask is what’s next for this neighborhood? Recently, Bernal Heights was named as the hottest neighborhood in the country by Redfin. Will prices continue to push higher or have they hit a plateau? It will be interesting to see how things unfold with all the hype surrounding this charming ‘hood. One thing is certain, its still a sellers market out there. The homes that traded hands during December sold very quickly. They were on the market for an average of only 24 days before going under contract.
Read Downing’s original post for a home-by-home breakdown of the sales shown in the image above.