The cool, foggy embrace of autumn is ready for us, as 2021 starts to ease into its final stretch.
The year is far from over, of course; but in housing terms, the hot summer buying period is drawing to a close, and the months ahead offer a more measured realty environment. (Although San Francisco being what it is, even the slower months are still a lot to keep up with.)
If you’re wondering how the Richmond has fared so far this year, we took some time to break down every neighborhood home sold on MLS so far in 2021. There are always homes offered without such listings that fall through the cracks of such a canvas, but this still gives us a solid base to work off of:
1: Since January 1, 134 homes have sold in the Richmond, plus an additional 47 on Lake Street (which MLS lists separately, though most people treat it as simply part of the larger Richmond). The first sale went down on January 4, with the most recent closing just on Wednesday. Of those, the majority–104 in all–were condos.
2: The San Francisco Planning Department estimates that the Richmond overall packs in a little more than 30,000 homes, meaning that in nine months, 0.6 percent of all the homes in the neighborhood traded hands. Which admittedly doesn’t sound like a lot when we put it that way–but statistically speaking, that’s a lot of buying.
3: The cost of a Richmond home in 2021 has ranged from just $625,000 for a one bed, one bath condo in January, all the way up to a whopping $8.25 million for a five bed, 5,500-plus square foot house that sold on Lake Street just two weeks ago. For comparison, the median home value (which is not the same thing as a home’s market price, especially in San Francisco) for the Inner Richmond is about $839,000, while for the Outer Richmond it’s $880,500.
4: In terms of days on the market, one Lake Street house lingered for 167 days before finally netting a buyer in March. Usually sellers will pull a house that sits unsold for months for fear of the property appearing undesirable, but some simply stick it out. This particular case was a strange example, as it wasn’t really a house at all but merely a shell with a “gutted” interior, marketed as an opportunity to customize an expensive dream home; they were asking for $4.9 million, but settled for just over $4.5 million.
5: As for the properties that spent the shortest time on the market, 14 Richmond homes have sold in less than one day this year. Yep, that actually happens. Sometimes, of course, so-called “zero-day sales” are actually the product of tricky realtors manipulating the data–but other times people really do just jump on hot properties that fast.
That’s a lot to keep track of. But thing about a premature post-mortem like this is that there’s still plenty of time ahead for more surprises before the year truly closes out.