The luxury real estate market in San Francisco is always exciting, and this season is no exception. This rings especially true for the neighborhood of North Beach, which is listed as one of 10 “Great Neighborhoods in America” by the American Planning Association. If you're thinking of buying or renting a property in North Beach, it's important to be aware of trends that are shaping the market.
Why North Beach real estate may be right for you
If you're looking for a posh neighborhood that offers the best of two worlds, North Beach real estate (including North Beach condos) is a great option. North Beach is conveniently located near downtown but has a relaxed, luxurious feel. Additionally, North Beach's architecture is beautiful and historic. The neighborhood is also well-known for its nightlife and its mom-and-pop shops.
If you work in the city, you can easily walk or bike to work from North Beach real estate. And if you want to explore San Francisco's many neighborhoods, North Beach is a great starting point. You can easily walk to Chinatown, Russian Hill, and the Financial District.
Buying North Beach real estate
Buyers should note that the current median list price of North Beach real estate is trending downward, meaning now is a great time to purchase San Francisco real estate. The median list price for San Francisco real estate is $1,250,000 as of March 2022, which is down from the $1,499,000 high seen in May 2020. On the other hand, the median list price for North Beach real estate is $1,595,000, higher than the two-year low seen last fall but far less than the peak list price of $2,995,000 seen in June of last year. Overall, the median list price for North Beach real estate is on a slight downward trend.
Buyers of San Francisco real estate should note that as of March 2022, there are 1611 listings on the market, approaching the two-year peak of 1807 in September 2020. As for North Beach real estate specifically, home listings are on the rise, with 39 in March 2022 — the highest number since November 2020 (which saw 45 listings). The two-year peak for North Beach real estate was just 65 listings; thus, buyers should be ready to be competitive.
The market still strongly favors sellers, and buyers are competing for the limited supply among high demand. The median days spent on the market for North Beach real estate have been approximately 40-55 since the beginning of the year, so buyers will want to move quickly. Buyers can also expect to close their purchase quickly after their offer is accepted.
Selling North Beach real estate
Based on 2021 trends and the fact that the San Francisco market still strongly favors sellers, it is highly likely that you will be able to obtain multiple offers and that your property may sell for above listing price. Based on 2021 data, nearly 73% of homes sold in the area sold above the listed price. Looking specifically at luxury properties, the number of luxury homes with sale prices at or above $5 million increased 124% over 2020's results, while the number of homes that sold between $3 to just-below-$5 million increased by 85%! These trends are expected to continue throughout 2022, so it is a great time to be a seller of North Beach condos and other North Beach San Francisco real estate.
With the high demand for luxury homes, sellers can rest assured their property will sell quickly, even if it isn't in tip-top shape. Buyers are far more willing to waive contingencies such as home inspections or minor repairs in order to ensure their offer is accepted. However, if you want to receive the best possible offers for your North Beach condos and other North Beach San Francisco real estate homes, it is worth taking time to make repairs and upgrades to the curb appeal at the very least, in order to stand out from the competition. Homes in the best shape traditionally sell for even more than other comparable sales that have not made such upgrades and repairs. You can hire the inspector yourself and make the repairs ahead of listing if you so choose. Another way to ensure top return on investment is to consider popular upgrades such as kitchen, bathroom, or flooring remodels.
When you are ready to sell, it makes sense to work with a local expert, such as Eric Altree. In fact, the vast majority of sellers make sure to work with a real estate agent when selling. Further, regarding your bottom line, the National Association of Realtors has noted that the median of agent-sold homes sold for $58,000 more than those that were offered as "For Sale By Owner" (FSBO). If you choose to sell without the aid of a real estate agent, even if your property sells above your list price, you may be leaving money on the table. Real estate agents have the expertise and experience to ensure you obtain the best possible sale price for your home. With the likelihood of multiple offers, it helps to have an experienced professional on your side to aid you in price negotiations. Eric can also assist with marketing your property so that it reaches the right audience and generates the most interest.
Searching for San Francisco luxury real estate?
Out of all the stylish neighborhoods in San Francisco, North Beach is a highly sought-after corner of the city. With its proximity to Chinatown, the Financial District, and downtown, it’s no wonder buyers are clamoring to live in North Beach properties.
If you’re considering a move to this vibrant neighborhood or anywhere throughout the city, reach out to experienced local realtor Eric Altree. Eric and his team can help you find the perfect home to fit all your needs — whether you’re looking for a studio apartment or a spacious four-bedroom home. Contact Eric today with all your questions about San Francisco luxury real estate!