Maggie's Market Minute: SF fog isn’t cooling this market
If you’ve been following the San Francisco housing market lately, you’ve probably seen the wild headlines about homes selling WAY over the asking price. Let’s look at these dramatic numbers and break down what’s actually happening on the ground.
THE BREAKDOWN
In June alone, 45 homes sold for $1M+ over asking price. While that sounds like a headline straight out of a ultra-luxury report, here is where it gets interesting:
It’s not just a luxury story: 62% of these homes were listed under $3M.
Neighborhood hot spots: Noe Valley, Eureka Valley, Glen Park, Richmond District, Presidio Heights, Pacific Heights, Cow Hollow, Marina are leading the charge with the strongest demand.
Single-family focus: 80% of these big over-asking sales were single-family homes.
WHERE THE MONEY IS CONCENTRATING
Zooming Out: A Bigger Trend
To put this year in perspective, let’s compare it to 2022 (which was previously considered the strongest market year in a decade):
In all of 2022: Only 33 listings total sold for $1M+ over asking.
So far this year: We’ve already hit 133 listings.
The Takeaway
What the SF market is telling us right now is that there is strong demand stretching well beyond traditional luxury segments in key neighborhoods. Overall buyer enthusiasm is strong, and inventory in highly desirable pockets continues to draw significant competition.
There's something about summer that makes you want to open every window, add a pop of color to a room, and let a little more light in.
Whether you're getting your home ready to list, refreshing a room you've been meaning to update, or just looking for a little inspiration, I put together a few of my favorite summer color palettes and design ideas. Take a look below!
So grateful to celebrate another year ranked among the top 1.5% of agents nationwide!
A big thank you to my clients and everyone who continues to refer business my way. I couldn’t do it without your trust and support.
Curious about how these numbers affect your specific neighborhood, or thinking about what your next move might be?
Let me know. I can help.
Cheers,
Maggie
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 01527235, 01527365. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
