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Of all the talk about a shift, balancing, correction, or the real estate economics descriptor du jour, Bernal Heights seems to be oblivious to the conversation.
In fact, Q3 2016 is marked as the highest median sale price for the neighborhood ever. With a median sale price of $1.4M for single family homes, it eeks past the previous record of $1.39M set in Q1 2015.
Bernal has been cooling over the past five quarters, with modest gains and even some losses quarter over quarter. In fact, just a year ago, median sales price in Q3 was down $145k from it’s peak in Q3 this year.
Historically, the Spring has seen the strongest price gains, but this year, it’s the Fall that’s making the headlines.
Another way to look at real estate price appreciation is by Price per Square Foot. In Bernal Heights Real Estate, a new record was set this quarter at $1,048/ft for single family houses. A year ago in Q3, the market was averaging $876/ft, a massive drop from the previous high of $1,028/ft.
It’s typical to see around 50 homes traded each quarter, with Q1 having the fewest units sold. Unit sales are trending fairly typically, with 47 homes sold in Q3.
The outlook for the remainder of 2016 and the first half of 2017 is strong. Danielle Lazier and I have several Bernal homes that went into contract in Q3 but will close and report in Q4. Buyer turnout is still strong at open houses and we’re still seeing multiple offers over asking; however, buyers are pickier than before. They are passing by or reducing their offer prices for homes that are not presented as well as they should be.
Now more than ever, pricing and presentation are crucial to a successful, record-breaking sale.
If you’re considering selling your home and would like an objective, data-based analysis of your home’s value, let us know. Danielle and I specialize in Bernal Heights. We live, work and play here and have helped hundreds of Bernal families reach their real estate goals.
You can check out your home’s price at BernalHeightsHomeValues.com.
Contact Michael at 415.606.2625 or michael@michaelminson.com.
This article originally appeared at michaelminson.com. Michael and Danielle are co-owners of Keller Williams San Francisco.
