2014 was another banner year of double digit appreciation and record high prices for Bernal Heights.
The median increase in sale price for single family houses in Bernal increased 21% from 2014 over 2013. This followed a 23% median increase from the year prior.
The median sales price for a house was $1.16M this year.
Your intrepid real estate agents and data junkies analyzed the Bernal market using the infamous Bernalwood Microhood map as a way to further understand the market. Microhood names and designations are courtesy of our friends at Bernalwood.
Click here for the full Bernal Heights 2014 Market Recap Report. For the hardcore, you can also check out our raw data set.
Outlook–The view from the hill
- Bernal market is very strong–sellers remain in a great position
- As more inventory comes on market, prices are expecting to stabilize
- Expect $900+/sq. ft. or more to become the new median PPSF
- List prices will increase but overbidding will remain prevalent
Bernal Insights Overall – What did we see?
- Market is still very strong but may be cooling ever so slightly (21% increase in median price vs. 23% last year)
- Less inventory is keeping house prices high–10% fewer houses traded; median price is at an all-time high of $1.16M
- An increase in condo supply in 2014 may be the cause for the relatively more modest 10% median price appreciation in Bernal’s condo market
- Demand is still very high–83% of houses and 73% of condos sold over asking, with an average of 18% and 11% over list price, respectively
- Median price per square foot for houses is $811/sq. ft., condos is $786/sq. ft.
- Overbidding is the norm: 83% of houses sold over the list price, at an average of 18% over. 73% of condos sold over asking, at an average of 11% over.
Observations by Microhood – A deeper look
- Foggy Vista has the highest median sales price–80% of sales were $1.2M or higher; not surprisingly they also had the highest price per square foot
- Hill People of Powhattan were in a very close second to Foggy Vista for price per square foot
- Santana Rancho had the highest sale at 164 Peralta ($2.14M)
- Precitaville and Cortlandia tied for the highest amount of sales price variation ($1.45M between the highest and lowest sales price)–this indicates a high amount of disparity between neighbor valuations
- Cortlandia had the highest turnover–30 sales last year
- Fewest number of house sales in the La Lengua Autonomous Zone–not many houses over there, but the most number of condo sales in Bernal–15 condos sold
- Best values in Bernal tied for Alemanistan and the Lost Tribe of College Hill–both had a median sales price of $905k
- The Crescent has the lowest price per square foot at $567
Please let me know if you have any questions about the data, how it affects your home value or the market in general. I’m happy to help!
You can reach me at Michael@MichaelMinson.com or 415.606.2625.
Climb Real Estate provides this information to the public and our clients and does not guarantee its accuracy. Climb Real Estate does not necessarily represent the seller nor the marketing company in any way. For buyer representation, contact Climb or learn how to buy new developments.