House Market Bouncing Off the Walls This Spring

Limited inventory is leading to a somewhat frenetic single-family home market in San Francisco this spring. It seems like there are many buyers running around with more than 20% down to offset higher interest rates, which is is fueling overbidding situations.

320 houses sold over the past six weeks for a median price of $1,770,000. The sweet spot is the $1.5M-$3M range, for which a majority of homes closed. Houses spent an average of 23 days on market.

Buyers haven’t held back from big overbids. In fact, 33% of all homes sold in this time period changed hands for 20% or more over the list price, with most homes selling for over asking. Here’s a look at our most dramatic overbids; all but two hail from the west side of town—the hot spot for overbidding:

754 27th Ave | 3BR/2BA, 1680 sq ft
Central Richmond
List: $1,198,000 | Sold: $1.9M (59% over)

1335 28th Ave | 3BR/2BA, 1300 sq ft
Central Sunset
$1,095,000 | $1,651,000 (51%+)

264 3rd Ave | 3BR/2BA, 2050 sq ft
Inner Richmond
$1,995,000 | $2.7M (35%+)

2359 15th Ave | 3BR/1BA, 1450 sq ft
Inner Parkside
$1,195,000 | $1,788,888 (50%+)

1818 Great Highway | 3BR/3BA, 1680 sq ft
Outer Sunset
$2,695,000 | $3.5M (30%+)
(Photo with horse above courtesy Compass)

45 Romain | 2BR/1BA, 1234 sq ft
Eureka Valley
$1,395,000 | $2,160,000 (55%+)

1010 14th St | 3BR/2.5BA, 2250 sq ft
$1,995,000 | $2.8M (40%+)

There are more than 300 houses currently on the market at a median list price of $1.7M. Time to go shopping!

The post House Market Bouncing Off the Walls This Spring first appeared on Inside San Francisco Real Estate.