Pacific Heights is the first neighborhood I lived in when I moved to San Francisco in 1987. As you can imagine, SF was very different then; it had more of a small town feel. My husband, who is from New York, used to sarcastically call it a “cow town.” I guess compared to Manhattan, it was back then, before it became the sophisticated city it is today. We felt lucky to snag an apartment in Pacific Heights with its proximity to Fillmore Street which had more locally owned shops then. Pacific Heights has retained its reputation as an upscale sought after north end neighborhood with attractive parks and enviable architecturally significant mansions as well as large apartment buildings for the well-heeled.
Home Sales
According to the Multiple Listing Service, 42 homes have sold in this neighborhood over the past year (year ending September 20, 2017) at an average price of $6,835,583, up almost 10% from $6,262,091 in the prior year. The highest and lowest sales prices in the past year were $21,800,000 for a 7 bedroom view home and $2,300,000 for a 2 bedroom home. On average, they sold for at or slightly below the sales price. The average time on the market for these homes has been 47 days this past year, a little longer than the prior year’s 37 days. Still, volume is up with nine more homes having sold this past year than the prior one.
Condo Sales
Over the past year (year ending September 20, 2017), 171 condos have sold in this neighborhood at an average price of $1,700,134, down about 10% from $1,872,275 in the prior year. The highest and lowest sales prices in the past year were $7,250,000 for a 3 bedroom condo and $298,629 for a studio. On average, they sold for 3% over the sales price. The average time on the market for these condos has been 35 days this past year, slightly longer than the prior year’s 33 days. Still, volume is up with 26 more condos having sold this past year than the prior one.
Conclusion
While home prices have increased in Pacific Heights over the past year by almost 10%, condo prices have gone down by that same percentage. The reasons for this decrease in the average price of condos were twofold. The first thing is that more smaller condos sold this past year than the prior year, bringing the average down for the year ending September 20, 2017. Also, in the prior year, several of the penthouse condos at the new high-end development, The Pacific, sold for record numbers, as high as $3800 per square foot for a penthouse condo that closed at $11,750,000. This likely brought the average price for condos up in the year ending in September 20, 2016. So, in the end, since there were some record sales in the prior year and lower sales in this past year, the 10% average decrease really reflects the type of inventory sold. While it is taking slightly longer to sell homes and condos in this neighborhood, the market is still very strong, even with the new September inventory.
If you know of anyone who is considering selling, definitely give me a call since this looks like an opportune time!
