As has happened consistently for the past 5 years, Bernal Heights hit another record high median sale price for single family homes, clocking in at an astounding $1.458M. That’s a 7% increase over the median price of 2016 when it was $1.363M
74% of houses sold so far in 2017 have been between $1M-$2M.
We’ve had two new entrants to the $3M club – bringing the lifetime total to 5. As reported in Bernalwood., 88 Montcalm set a new Bernal Heights record price of $3.85M. This monster house, with 4 bedrooms, 5.5 baths and parking for two cars sold after only 5 days on the market.
We remain bullish that Bernal Heights home prices will continue to increase, but we expect the second half of 2017 to grow somewhat more slowly than the first half. July is off to a seasonally slow start as many buyers and agents take off to enjoy summer vacations. We anticipate an influx of homes to hit the market in September, October, and November which typically defines the Fall selling season.
Demand in Bernal remains exceptionally high, as homes here are perceived to be a better value for the money than our more expensive neighbors in Potrero Hill, Noe Valley, Glen Park and the Mission. And inventory is fairly fixed as very few new homes are built in Bernal these days. We expect to continue to see multiple offers over asking for well-priced, well-presented properties for the rest of the year.
At some point, we anticipate affordability will cause price growth to stall, but as long as wages and employment levels continue to show positive gains, Bernal Heights is well positioned as a relatively affordable, well-located, charming neighborhood with great weather to boot. The secret is out!
