Welcome back to the â€œOver, Under, Atâ€ weekly feature. Itâ€™s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
*Just a reminder that new construction sales are rarely included in this list since they donâ€™t get posted on the MLS.
Well, last week we had 47 home sales in San Francisco, which was up from the previous week’s 20 sales. This week we have 37 sales – not great, but not bad either. The thing to note is that we are moving back to a situation where the majority of homes are selling for over the asking price.
Frankly, I’m not surprised. San Francisco is and always will be a desirable place to live.
While the average overbid is no longer a few hundred thousand dollars over asking price, homes are still selling for over the list price. How much over? Well – this week we had a property sell for $180,000 over the asking price, and we also had one sell for just $100 over the asking price, and yes, that one does count as “over asking.” As for averages, this week the average overbid was still about $50K over the asking price. Not bad while the rest of the country is facing a downturn.
Here’s a quick breakdown of closed San Francisco home sales for the week from February 2-8, 2008:
Single Family Homes –
19 Homes Sold
15 Homes Sold
3 Homes Sold