Market Conditions in San Francisco – South Beach
After 24 months of heated trends, the luxury markets appear to be normalizing.
Despite normalization, condo sale prices in South Beach are higher than they were a year go.
In June 2015, the average sales price was $1,179,560. The average sales price in May 2016 was $1,440,127. That is a 22% increase in one year.
The biggest factors of San Francisco real estate demand are employment and new wealth creation.
Compared with April and May of 2015, luxury homes are generally taking longer to sell in San Francisco. However, more homes are selling above asking price.