San Francisco Condo Pricing for September 2017
San Francisco Condo Pricing for September 2017 continue its upward trend as the Fall market begins. Between August 2016 and August 2017, median prices citywide went up 10.7%. That’s $117,000 up form last year. Strong buyer demand increased condo sales activity as the second half of 2017 began. 3-4 bedroom condos also contributed to the price increase – as more TIC units goes through condo conversion, these units tend to increase in square footage and luxury amenities.
Condo pricing showed tremendous positive growth in the greater Transbay area as well. The median price jumped 14.6%, since August 2016 to $1.3 million, averaging about $1,164/sq. ft.
A few of my summer sales demonstrates the trends:
Madrone 623 | 2BD/2BA | $1,285,000 | $1,176 sq. ft.
Metropolitan 604 | 2BD/2BA | $1,260,000 | $1,124 sq. ft.
Esprit Park 354 | 1BD/1.5BA | $936,000 | $1,094 sq. ft.
Metropolitan 803 | 1BD/1BA | $795,000 | $1,404 sq. ft.
Residence 803 at The Metropolitan was a record breaking sale for the highest price per square foot for that particular floor plan, the 01 stack. Although the unit was staged and reconditioned before it went for market, my gut was telling me to move the staging around to enhance the floor plan usage. Sure enough, right after I rearranged its presentation, I received an offer for a price that my seller was looking for. The wait for a high offer was worth it and we closed at $795,000. The last unit that sold in this stack went for $45,000 less this past May in 2017.
Pacific Union is #1 in condo sales citywide this summer. Our average selling price for condos this summer was $1.734 million. At Pacific Union, we are the eighth fastest growing firm among brokerages with above $1 billion dollars in sales.