Fueled by substantial employment growth, a booming stock market, an influx of international investors, and near all-time low mortgage interest rates 2014 was another huge year for the San Francisco real estate market. For the third year in row home prices were up across the city. Some of the most impressive gains were in the popular central neighborhoods of Noe Valley, the Mission District, and Bernal Heights. With the number of buyers easily outpacing the number of sellers homes in these neighborhoods were scooped up quickly generally within 2 to 3 weeks of hitting the market. Last year, roughly 80% sold over their respective list price. Overbids were commonplace typically in the 10% to 15% range. Exceptional properties were bid up even higher with some going for 20% or more over list.
Here’s a quick snapshot revealing the median home prices and year-over-year gains for these neighborhoods. Need help navigating our challenging market? Feel free to drop us a line or stop by our office at the corner of Dolores & 22nd Street.