Feeding frenzy: SF buyers over-bid on 69 percent of homes sold in last 30 days

Seller’s market? Not two words have ever been truer than those when used to describe San Francisco real estate over the last month.

April and May heating up

March, 2016 real estate action brought speculation of a cooling market. But that cooling didn’t last long, according to OpenHouse, which tracks real-time market trends, for-sale and sold data for April 14, 2016-May 14, 2016 days show San Francisco insanity scaling new heights.

“In SF over the last 30 days, 69 percent of all buyers paid over the asking price for the home they purchased.” This over-bidding comes in addition to a current median list price of $1.15 million and a sale median of $1.28 million.

Sellers are also enjoying decreased days on the market (DOM) for their listings — no surprise in a situation where the average number of offers on a given home for sale is 4.8 (go ahead round on up to five). Yes, sellers are firmly back in the driver’s seat when it comes to single-family home sales.

Interestingly, the data also show the street enjoying the most bidding, general activity and popularity in the last 30 days: that honor goes to Mission Street.

Single-family homes hotter than ever 

These statistics fly in the face of March, 2016 reports suggesting San Francisco’s hot real estate market might be in a cycle of cooling and contracting. The San Francisco Chronicle noted “The Bay Area housing market perked up in March as usual, but the median price paid for a home posted its lowest year-over-year gain in four years.” Online brokerage Redfin reported to  Market Watch that Redfin properties attracting multiple offers dropped from 94 percent in March, 2015 to 77 percent in March, 2016.

But the March slow down didn’t really affect median priced single-family homes. Professionals noted price drops and longer DOMs for luxury properties and condos, but as Realtor Brian Tran of Vanguard Properties told Market Watch, “single-family homes [were] hotter than ever.”

This gallery below lays out the market data (via OpenHouse). The gallery above shows you some of our recent local sales that sold for over (way over!) asking. If you’re planning to sell your home in SF anytime soon, you’ll enjoy all of this. If you plan to buy though, prepare for battle.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Anna Erwert