2015 was another robust year for the San Francisco real estate market. With near all-time low mortgage interest rates available and the limited inventory of homes for sale – competing buyers pushed up prices for the 4th consecutive year.
Some of the most impressive gains were in the highly sought after neighborhoods of Noe Valley, the Mission District, and Bernal Heights. Prices were up in the 2% to 8% range for condos and 7% to 12% range for single family homes. During 2015, homes in these neighborhoods sold very quickly typically within 2 to 3 weeks of hitting the market. Roughly 85% sold over their respective list price. For attractive, well located properties overbids were very common averaging about 15%.
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 give us a call or stop by our office at the corner of Dolores & 22nd Street.