Guess Which San Francisco Neighborhood Has Homes That Sell for the Most Over Asking Price?

hinthinthint

No commentary. Let’s just get to the grubby business. From the San Francisco Chronicle:

An astounding 90% of San Francisco homes sold at or over their asking prices in the second quarter of 2014, according to data compiled by Paragon Real Estate. The average in the city during the spring quarter was 11% over list price with only 26 average days on the market. As Paragon notes, these statistics may indicate the prevalence of agents underpricing homes in order to create bidding wars.

Some neighborhoods fared even better than that already high average, with top over-asking neighborhood Bernal Heights selling at an average of 24% over.

How about a chart to go with that?  Here is a chart:
By_Neighborhood1

Absurd though it might seem, Bernal remains on the moderate side when you look at home prices citywide:
Median_Price1

And you still get a pretty good deal for your money on a square-foot basis in Bernal— within the context of total citywide insanity. Plus, we’re still $5 per square foot cheaper than St .Francis Wood. Yesssssss!
AvgDolSqFt1

 

Finally, San Francisco created 2290 new units of housing in 2013, but added 26,700 new jobs during the same period. See above, rinse, and repeat.

IMAGES: Aerial photo by Telstar Logistics. Charts via Paragon

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7 Responses to Guess Which San Francisco Neighborhood Has Homes That Sell for the Most Over Asking Price?

  1. Byrd Bodega says:

    It really doesn’t matter unless you;re ready to sell.

  2. Snobby McGoogle says:

    Winning that contest don’t seem like such smart thing to me… but then, maybe I’m jest not rich enough to understand the true value of unaffordabiity… but you all knock yourselves out on that celebration there. Woohoo!

    • BP says:

      If you think this is a celebration, then I think you didn’t understand the point of that last paragraph.

    • Arno says:

      Well, another way to read the headline: home sellers in Bernal are not as greedy/savvy as sellers elsewhere when setting their asking prices.

  3. nsfw says:

    if i was retired and ever wanted to go somewhere else, i’d be selling yesterday.

    i think we see these percent increases and percent over askings at such a high rate in Bernal not because of anything particularly awesome about the neighborhood but because it had the most room to grow.
    Although this neighborhood was “discovered” in the 90’s, there were a lot of properties that were priced far under surrounding neighborhoods like Noe and Pot Hill and of course Mission Bay. Like a levy that broke, people decide the value of Bernal was too hard to pass up. And one after another people started to dog pile on top of each other. Now that we have evened out and are in the middle of the pack, there is no way these leading percentiles can continue.
    I don’t see any way the home value here would surpass Noe. The streets over there seem to have property that in general are in much greater condition and sorry to say it but 24’th street still offers way more and wider variety of services than Cortland.
    But hey, interest rates dropped again today and money is cheap. Who knows what will happen in ten years. Speaking of that. I need to call an agent and get my house appraised.

  4. Ye says:

    Yeah, it sucks that it is so expensive to live in Bernal, or any nabe in SF for that matter. Not sure why other people think it’s worth it but for my partner and I, it was the ability to live in a place where we could be who we want to be and appreciated for it by our neighbors. As for earlier comments; when my partner and I bought in Bernal a couple of years ago it wasn’t about comparing the nabe to surrounding areas in SF. It was about not having to move to a different city or region altogether. Just glad we made it here and have the feeling there are about a million other people who wish they could say the same.

  5. bldxyz says:

    “Finally, San Francisco created 2290 new units of housing in 2013, but added 26,700 new jobs during the same period. See above, rinse, and repeat”

    Yep. That’s the main point. Far more demand than supply, and — oh, surprise! prices go up? (sarcasm intended).

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