Buyers Move Fast, Prices Hold Steady in Pacific Heights

Condos stay competitive as single-family homes rebound with faster closings and strong demand.

After a busy winter, Pacific Heights real estate entered spring with strong buyer momentum, especially in the condo market. While prices didn’t surge, they held firm, even as homes moved more quickly across both property types. The takeaway? Buyers are acting fast, and remodeled homes continue to command premium pricing.

Condos: Still Competitive, Even with a Slight Price Dip

Condominiums in Pacific Heights saw a quick start to spring, with 29 units sold in both April and May, matching the high pace of March (25 sales). Median prices held steady at $1.9 million in April before dipping to $1.425 million in May, a potential reflection of more mid-range inventory hitting the market.

Despite the price adjustment, the market stayed competitive:

• Nearly all condos sold at or above asking, particularly in March and April.

• Updated units were sold quickly, often commanding higher price-per-square-foot numbers.

• Days on market (DOM) hovered in the low-to-mid 20s for March and May, with a slight slowdown in April (30.38 days).

  
  

The price per square foot peaked at $1,434 in April before easing to $1,127 in May, suggesting a shift in buyer focus from high-end units to more moderately priced options, though demand remained consistent throughout.

Single-Family Homes: Slow Start, Strong Finish

The single-family home market began spring with low volume, with just 6 homes sold in April, but rebounded sharply in May with 15 closings, the strongest month of the quarter. Median prices fluctuated slightly, from $7.65 million in March down to $6.8 million in April, before returning to $7.65 million in May.

Key trends:

• May’s average DOM fell to 32 days, down from 47 in April, reflecting urgency among buyers.

• 8 of the 15 homes in May sold above asking, indicating that demand remains strong for well-positioned properties.

Homes under $7 million saw particularly strong buyer activity and were mostly sold above asking price, becoming increasingly common in both March and May.

Price per square foot steadily climbed from $1,583 in April to $1,807 in May, matching the level seen in March. Luxury listings led the way, while well-priced homes and move-in-ready homes saw the fastest closings.

Takeaway

The Pacific Heights market shows strong, stable demand, especially for updated, priced right, and remodeled properties. With motivated buyers, most properties sold close to (or above) asking price, showing a stable pricing environment.

If you’re selling, this is a good time to bring your home to market, especially before summer inventory builds up. And if you’re buying, you’ve got to be ready. The best homes are moving quickly, and competition is still very real.