According to the realtors at Downing & Company, the average home sales price for Bernal Heights approached $1 million last month:
Eleven (11) single-family homes sold in the Bernal Heights neighborhood of San Francisco during October. With ultra low interest rates and more buyers than sellers in the marketplace combined with the limited inventory of homes offered for sale – prices continued to move up.
The average sale price for October came it at $989,409 – a two year high for this neighborhood. The homes that traded hands last month were on the market for an average of 37 days before going under contract. All of these homes sold above their respective list price and all were conventional sales, meaning no short sales or bank-owned foreclosures.
Understandably, these eye-popping statistics will cause much teeth-gnashing among aspiring Bernal home buyers — and quiet euphoria among existing homeowners.
Yet in either case, the usual caveat still applies: Monthly average home sales say more about the available inventory mix for a given month than they do about longer-term price trends. (A little less than a year ago, the average sales price in Bernal was $655,000.)
That said, thanks to a tech-fueled local economy, favorable geography, and Bernal’s glamorous reputation, home prices here are clearly heading upward. To assess the trends, I’ll conspire with some of our local realtors to pull together a year-end real estate summary in the weeks ahead.
IMAGE: Downing & Company