When I moved to San Francisco in 1987, I was met by my boyfriend, Michael (now my husband), who picked me up from the airport and initially whisked me off to Ocean Beach. We sat on the rocks above the Cliff House and looked out at the seals. The next place he brought me to was fashionable Pacific Heights. There he showed me a lovely apartment on Jackson Street that he had found for us while he was waiting for me to fly west. I have fond memories of living in Pacific Heights and loved that we were walking distance to the active city vibe of Fillmore Street. I recall that a taxi driver who drove me from the airport on a subsequent trip home to SF pointed out a tall, elegant building on Steiner and Jackson (2500 Steiner) as we arrived in Pacific Heights. He told me that each unit took up a whole floor. Then in a sotto voice he said, “They cost a million dollars!” In 1987, it seemed like an impossible amount of money. Now the co-ops in that building can easily cost in excess of $15 million.
Let’s take a look at home and condo sales in Pac Heights over the past year.
Home Sales
According to the Multiple Listing Service, 36 homes have sold in Pacific Heights over the past year (ending July 29, 2024) at an average price of $5,573,111, down 14% from the prior year’s average of $6,474,663. The highest and lowest sales prices in the past year were $12.5 million for a 5-bedroom home on Broadway and $2.375 million for a smaller 3-bedroom home on Clay. The average time on the market for these homes has been 46 days this past year, less than the time of the prior year’s 72 days on the market. Volume is slightly up with 9 more homes having sold this past year than the prior one.
Condo Sales
Over the past year (ending July 29, 2024), 109 condos have sold in this neighborhood at an average price of $1,873,512, slightly up from an average of $1,759,824 in the prior year. The highest and lowest sales prices in the past year were $17.5 million for a 5310 square foot 5-bedroom penthouse condo on Webster and $399,549 for a 477 square foot studio condo on Clay. The average time on the market for these condos has been 41 days this past year, about the same as the prior year’s 42 day average. Volume is slightly down with 6 fewer condos having sold this past year than the prior one.
The above numbers do not include any off-market sales that may have occurred. Whether or not selling off market is a good idea, was discussed by me in a previous blog post.
Conclusion
Interestingly, single family home prices have gone down by an average of almost a million dollars in the past year in this neighborhood yet condo prices have gone up on average slightly more than $100,000. Both homes and condos are selling at a decent clip within at least 46 days which tells me that the market in this neighborhood is still strong while not off the charts. If you would like to discuss this market further, don’t hesitate to give me a call.
