Real estate in some parts of the nation experiences the malaise of fall, buyers cooled off by chilly weather and shorter days, distracted by the impending holiday season. But not the Bay Area. This September, Bay Area property sales made improvements in three key areas: days on the market (DOM); listing prices; and, most importantly of all, sales prices.
ZipRealty recently released September 2012 data in comparison with 2011 for each county in the Bay Area. And that data shows a very hot market, with no sign of seasonal slowdown whatsoever.
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Want some local proof? Here are three San Francisco listings in which the sellers ask a million dollars or more above what they paid for them. In only one case, this first example, has the current seller been in the home more than 2 years.
Number one, Lower Pac Heights
On Buchannan Street in Lower Pac Heights, a splendid Victorian 5 bedroom offers evidence. Public records show it sold for $1,550,000 in 2005. Now it’s listed at $2,595,000—a substantial increase indeed, intimating the home rose over $100K a year in value every year since 2005.
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Number two, SoMa
Or how about the first ever re-sell of an Infinity Tower duplex? This unit at 338 Spear offers 3 bed, 3 baths, jaw-dropping views, and a price to match. After having sold for $1,760,000 2 years ago, this property is now listed at $3,200,000- an increase of over 80% in just 2 years.
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Number three, Cow Hollow
Or, this Cow Hollow listing, 3 bedrooms, easy walk to Presidio. Yes, the official write up hints at extensive remodeling (most of it in white, per photos). But that remodeling alone wouldn’t justify new price—we also need that crazy Bay Area real estate magic: according to sales history, the property sold $2,200,000 in 2010. Now, it’s $4,750,000.
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So we ask you, readers, what’s next? Low inventory forcing prices up in every corner of the Bay, no matter what the season… how much higher can they go?
Article source: http://blog.sfgate.com/ontheblock/2012/10/25/seasonal-slowdown-not-in-the-bay-area/