San Francisco Real Estate Market Trends
South Beach Zip Code is The Priciest in San Francisco
Now is the time to sell! Great news for the neighborhood! The Transbay neighborhoods of South Beach and Mission Bay has made some significant gains in 2017. In fact, according to SFGate, 94105, which makes up South Beach, won the priciest zip code in San Francisco by price per square foot.
Property Shark Map Gives You Median Prices Comparisons by Neighborhood
The median price per square foot from January 1, 2017- August 31, 2017 in South Beach was $1,209. This beat the popular neighborhoods of the Marina district at $1,188/sq. ft and the Castro at $1,157 sq. ft.
Quarter 3 South Beach Median Price Trends
The South Beach Market continued to trend upward to the end of the 3rd quarter. According to MLS, in the South Beach District, the median price per square foot increase 5.5% from 2016 to 2017 while there were a lesser number of listings sold. Median price also increased from $1,200,000 in 2016’s 3rd quarter to $1,310,000 in 2017’s 4th quarter. See below:
South Beach Median Price. Source: MLS
A Resilient Market
Last year, the median price South Beach at this time was $1,140,000 and now it is roughly the same figure. South Beach did see a slowdown right around this time last year – healthy inventory, rising prices and mortgage rates made buyers cautious about purchasing, prompting a dramatic seasonal lull at the end of 2016. See last year’s market report here. However, as evidenced, prices bounced back when inventory scaled back earlier this year. This market dynamic refueled housing demand and sellers had the advantage to “name their price”, stabilizng prices to what we’re seeing today. Sticker shock continues to be a buyer’s Achilles heel, but it has been proven that this is a nominal concern as we see more buyers stepping up to pay the price for home ownership in San Francisco.
SOLD by SFHighrises.com: The Metropolitan #602 Sold $61,000 Over Asking
Pricing is expected to continue to follow this upward trend, at least for the moment, while inventory remains low. If you have been considering selling your condo, now is the time to sell while prices remain high. Follow what the market does in the fourth quarter. Seasonally, it will quiet down, but there are a few indicators worth considering that will give us insight into 2018.
Quarter 3 for Transbay Disrict, San Francisco Real Estate Market Trends:
The combined areas of South Beach, Mission Bay and Yerba Buena did very well in the 3rd quarter with the average price per sq. ft. at $1,203. Demand for Mission Bay condos, especially at Arden and Madrone, continues even more because pricing is slightly better for Mission Bay buyers while new condo offerings in Mission Bay are averaging about $1,300-$1,400/sq. ft.