The San Francisco Bay area’s housing market remains ultra-competitive even as sales show signs of slowing down in other parts of the country. Recently, a four-bedroom, 2,400 square-foot and newly remodeled home sold for $3.5 million, more than 40% above its initial asking price of $2.5 million.
The home was on the market for just three days and in that time it fetched three offers – and all three were at least $500,000 above the asking price, Compass listing agents Richard Woo and Holly Phan said in an interview with KRON-4 News.
Woo said the home wasn’t priced too low, with the value based on comparables in the area.
“So when we saw the offer come in at more than $1 million over asking with no contingencies, it was amazing and we thought, is this real?” Woo said.
One of the standout features of the home is that it features a wall of windows that open up to offer a panoramic view of San Francisco’s skyline.
The seller reportedly bought the home for just $1.4 million two years ago.
Compass Chief Market Analyst Patrick Carlisle told KPIX News that 2021 has been one of the most ferocious housing markets in history. He said the ultra-tight inventory of listings has resulted in buyers bidding frantically on whatever homes do come up for sale.
“Though a fair number of new listings have come on the market, they’ve been snatched up faster than ever – maybe at the fastest rate in history,” Carlisle said. “Virtually every segment in the Bay Area has gone bananas.”
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