After 4 years of substantial price appreciation, 2016 marked a notable cooling of the San Francisco real estate market. Home prices were still up but no where near the gains captured during 2014 and 2015.
Near our office, the popular neighborhoods of Noe Valley, the Mission District, and Bernal Heights fared pretty well. During 2016, home prices in these neighborhoods were up in the 2% to 7% range with the exception of single family homes in Noe Valley which fell 2%. With the cooling of the market homes took a bit longer to sell compared to the last few years. During 2016, most listings were on the market for about 3 to 4 weeks before going under contract. Roughly 80% sold over their respective list price. Overbids were significantly lower than prior years. During 2016, overbids generally fell in the 3% to 8% range.
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.