Neighborhoods where the median sales price of a home was more than $1 million accounted for well over half of homes sold in the second quarter. District 7 (Marina/Pacific Heights/Cow Hollow) reported the highest median sales price – $3,100,000 – with 46 homes sold, followed by District 8 (Nob Hill/Russian Hill/Telegraph Hill) at $2,475,000 with seven homes sold, and District 6 (Hayes Valley/Western Addition) at $2,250,000 based on 11 homes sold. Among neighborhoods with median home sales prices in the $1 million to $1.6 million range, District 5 (Glen Park/Haight Ashbury/Noe Valley) recorded 112 completed home sales, followed by District 4 (Diamond Heights/Mt. Davidson/West Portal) with 88 homes sold and District 9 (Inner Mission/Potrero Hill/South of Market) with 83 homes sold during the second quarter.
There was plenty of activity and competition where home prices were below $1 million, In District 10 (Bayview/Excelsior/Visitacion Valley), 133 homes changed hands, followed by District 2 (Richmond) with 120 homes sold, and District 3 (Stonestown/Ingleside/Oceanview) with 49 homes sold.
Looking ahead, rising prices and tight inventory will continue to require homebuyers to be tenacious and patient – particularly if mortgage interest rates edge higher in the coming months. Buyers in today’s market require an iron constitution and an experienced REALTOR® to help them navigate and negotiate the competitive San Francisco real estate market.
While rising prices also may bring some additional sellers into the market, their numbers are not expected to be significant enough to relieve the inventory shortage. That could change should home prices continue to spike and elevate homeowners to “above-water” status. According to Jim Caldwell, Manager of San Francisco office on Union Street, “Homeowners who have been awaiting an opportunity to downsize for retirement or to right-size their real estate portfolio for tax or estate planning purposes may find a window of opportunity to sell in the coming quarters if the economic and real estate market stars align.”
