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The real estate glory days have returned to San Francisco.
The median price for a home in the city is back at the $1 million mark, according to the SFGate.com real estate blog On the Block.
It appears that the data from April reveals a median price increase of 32 percent from 2012, according to the Business Journal. That’s higher than the average list price of $799,000, which means “too many buyers [are] vying for too few properties,” the blog reported.
Supply and demand means that a home that sold at auction in 1998 for $106,500 in Twin Peaks is now listed for $995,000, the blog reported.
In general, sellers are getting 112 percent of their asking prices for San Francisco homes, according to Redfin.
A seller’s market — but could it get any hotter?
Yes. Another home, bought in November 2012 for $875,000, is back on the market, less than a year later — for an asking price of $1.2 million. Will it sell for a 100 percent profit? It could — which is saying something.
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Article source: http://www.nbcbayarea.com/news/local/SF-Median-Home-Price-Tops-1-Million-211448041.html