Welcome to March in San Francisco
Around this time of year we typically see the number of listings gradually increase, leading into the hot summer season. As predicted, a total of 85 condo's were listed between SOMA, South Beach, Yerba Buena and Mission Bay this past month, with 26 sales coming in the 28 days February has to offer. This almost 1/3 sale to listing ratio is hotter than you would expect at this time of year, hopefully showing signs of stronger market. Over the past 18 months, price per square foot in these district 9 locations has been slowly falling. Listings have had to be very smart around their pricing strategy, as condo owners have been steadily taking more and more of a hit in the sales process.
The Biggest Movers
Madrone and Radiance saw 1 sale each, as well as Arden, keeping Mission Bay's competitive pace with SOMA, Yerba Buena and South Beach. With 1500 more doors projected to be built before the Golden State Warriors come to town in 2019, Mission Bay should continue in its growing popularity.
Mission Bay February Sales: 3
Mission Bay February Listings: 7
Avg Cost per Sq/ft in February: $1135
Cost per Sq/ft on SOLD listings: $1043
South Beach has seen 36 listings this past month, with a total of 11 sales. Rincon Hill continues its hot start to the year with 7 sales between 1st, Harrison and Lansing Street. As The Harrison continues to sell out, buyers are loving the standard of amenities this pocket of San Francisco offers. As the standard of amenities increases however, so do the HOA's. Some South Beach buildings HOA's are comfortably sitting in the mid $1000's per month. For an HOA detailed analysis, inquire within.
South Beach Sales: 7
South Beach Listings: 36
Avg Cost per Sq/ft in February: $1089
Cost per Sq/ft on SOLD Listings: $1050
The average per square foot on sold listings is slightly higher due to an outlier, but as usual the lower the sq/ft cost, the more we will see condo's selling. This typifies calculated buyers in a cool market.
Best Buy In south beach
200 Brannan Street #420
$1,750,000 / 1949 Sq/ft
$897 per Sq/ft
Free On-site parking
For More Info: 415 691 9272
SOMA leads the pack of the biggest movers, clearing 16 properties out of a total of 42 listings. As SOMA continues to gentrify with bars, restaurants and coffee shops popping up what feels like weekly, this trend should steadily continue. Not only does it cover the largest area in district 9, it also hosts the most residents.
SOMA Sales: 16
SOMA Listings: 42
Avg cost per Sq/ft in February: $1014
Cost per Sq/ft on SOLD listings:$968
With a major outlier in SOMA being $1532 per Sq/ft, most condo's on the market are in the $800-$900 range, making SOMA the most affordable of the district 9 condo neighborhoods. The closer you get to Market street on the northern border, and 2nd on the eastern, the higher cost per square foot. Yerba Buena falls into this category, averaging a whopping $1570 per Sq/ft. Some mega condo's have entered the market here, with a residence opening up at the Four Seasons for $5,995,000.
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