Home prices topping out in Bernal Heights?

Home prices in Bernal Heights held steady during July. Last month 16 single-family homes traded hands at an average price of $1,074,313. The pace of sales remained quick. The homes that sold during July were on the market for an average of only 23 days before going under contract.

The average home price in this neighborhood has exceeded $1 million for the last 3 months. Check out the details here and here. The inventory of homes for sale in Bernal Heights (and just about every other neighborhood in San Francisco) has been extremely limited during 2013 and with the number of buyers easily outpacing the number of sellers, prices have been consistently bid up. Since January home prices in Bernal Heights have moved up roughly 33% and that’s on top of the gains achieved during 2012.

The big question is what’s next? Will prices continue to push higher? Eventually affordability will become an issue and with mortgage interest rates on the rise a note of caution hangs in the air. On the front lines of the real estate trenches a few subtle signs are starting to emerge that the market may be leveling out. If you are thinking about selling, now might be a good time to do so. Time will tell, stay tuned.

For now, here’s the info on the July sales. Have questions about the market? Feel free to contact us.

Address Type List Price Sale Price Date Sold Days on Market
34 Porter St 2BR/1BA $648,000 $678,000 7/4/13 10
565 Banks St 3BR/1BA $575,000 $681,000 7/23/13 24
217 Bocana St 1BR/1BA $599,000 $740,000 7/19/13 26
250 Elsie St 2BR/1BA $759,000 $745,000 7/11/13 46
135 Faith St 2BR/1BA $699,000 $807,000 7/9/13 22
4121 Folsom St 3BR/2BA $699,000 $840,000 7/11/13 9
36 Bronte St 3BR/2BA $799,000 $925,000 7/15/13 26
147 Peralta 4BR/2BA $799,000 $965,000 7/3/13 29
147 Park St 2BR/1.5BA $849,000 $975,000 7/3/13 13
111 Manchester St 2BR/2.5BA $995,000 $1,145,000 7/11/13 36
3595 Folsom St 3BR/2BA $1,099,000 $1,320,000 7/19/13 32
215 Elsie St 3BR/2BA $1,045,000 $1,325,000 7/31/13 13
349 Banks 3BR/3BA $1,249,000 $1,375,000 7/11/13 28
151 Peralta Ave 4BR/3BA $1,259,000 $1,510,000 7/3/13 12
263 Andover St 5BR/3BA $1,295,000 $1,558,000 7/31/13 19
364 Crescent Ave 4BR/3BA $1,275,000 $1,600,000 7/12/13 20
Average   $915,188 $1,074,313   23
Median   $824,000 $970,000   23

 

Sale prices and market data are based on information from the San Francisco Association of Realtors Multiple Listing Service.
MLS data is deemed reliable but is not guaranteed.

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