$15 million plus homes take a snooze in January

December home sales slowed significantly, as expected during the holiday season. Only three single-family homes were sold in Pacific Heights, Lower Pacific Heights, Cow Hollow, and the Presidio. In total, January saw the closing of three single-family homes and 24 condominiums, tenancy-in-common (TIC) units, and stock cooperatives.

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Single-Family Home Sales

Total Sales: Three single-family homes closed in January.Price Range Per Square Foot: $1,148.54 to $1,508.98

• Most Expensive Home: 2620 Buchanan, after being on the market for over a year, finally sold for $12,600,000, at $1,508.98 per square foot. This large Victorian home, featuring a fully remodeled modern interior, spans 8,350 square feet with six bedrooms and eight bathrooms. Though it sold slightly below its asking price, it had previously been listed for $16,500,000 in 2022, making for a significant price reduction.

• Mid-Range Sale: 2512 Octavia, a modern Edwardian home built in 1983, sold for $4,500,000. This five-bedroom, four-bathroom property, located between Vallejo, Gough, and Broadway, sold at $1,323.14 per square foot. It spent 74 days on the market, a typical timeframe for high-end homes.

• Least Expensive Home: 1863 Pine Street, a gutted Victorian, sold for $2,165,000 at$1,148.54 per square foot. The 1,885-square-foot, three-bedroom, four-bathroom home sold close to its asking price after spending a cumulative 128 days on the market. Its price reflects its location near Gough Street and Lafayette Park on a busy street. The home shares a wall with an adjacent Victorian that has a nearly identical façade.

Cleaned_January_Sales_Data

Many single-family homes remain available. As usual, the most expensive listings are taking the longest to sell, with some being quietly removed from the market. Notable unsold properties include 2990 Broadway—once the most expensive listed home in San Francisco—along with the Decorator Showcase home at 1898 Broadway and 2800 Pacific at the crest of Divisadero and Pacific.

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Looking ahead to February, 22 single-family homes are on the market, with 17 of them listed for under 30 days. Prices range from $1.59 million for a fixer-upper with no garage at 2880 Bush Street to a luxurious eight-car-parking estate at 2567 Union Street, listed for $19.995 million.

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Condo/TIC/Stock Cooperative Sales

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Total units closed: 10 units, with prices ranging from $790,000 to $4,195 million.

Price Range Per Square Foot: $944.06 to $2,925.38 per square foot.

Average price per square foot: $1,125.82 (with 2121 Webster removed from the analysis, since the price was an outlier).

• Most Expensive Condo: 2121 Webster Street #502 at The Pacific sold for $4.195 million, or $2,925.38 per square foot. The unit features two bedrooms and two bathrooms.

• Least Expensive Condo: A one-bedroom, one-bath tenancy-in-common unit at 2364 Pacific #8 sold for $790,000 after spending 143 days on the market.

New Listings

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A total of 52 new units are on the market:

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• Lowest-Priced Unit: A 395-square-foot condo at 2162 Pine #203, listed for $450,000.

• Highest-Priced Unit: A stock cooperative at 2006 Washington Street #4, priced at $25.5 million. Another unit in the same building, the penthouse (#10), has been on the market for about a year, listed at $24 million.

• Highest Price Per Square Foot: 2121 Webster St #GPH1 at The Pacific, listed at $6,408.27 per square foot.

• Lowest Price Per Square Foot: A studio at 2353 Bush St, priced at $814.47 per square foot.

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Bedroom Breakdown of Available Units

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• Two-Bedroom Units: 20

• Three-Bedroom Units: 16

• One-Bedroom Units: 7

• Studios: 2

• Six-Bedroom or Larger Units: 5

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January_Condo_Sales

The market remains dynamic, with high-end properties continuing to face longer listing times. As we move further into 2024, buyers and sellers alike will be watching for shifts in demand and pricing trends.