San Francisco Home Sales With & Without Price Reductions
Over two-thirds of SF home sales accept offers relatively quickly at prices very close to or slightly over list price. Buyers respond quickly to these typically well-priced, well-prepared, well-marketed homes with strong and sometimes multiple offers. The sales that go through 1 or more price reductions average over 2 ½ months longer to accept offers, and sell at an average discount of 11-13% off original price. Not on chart: for every 5 listings that sell, another two expire without selling, usually due to being perceived as overpriced.
Note: Days on market for sales without price reductions are distorted by deals that fall through (and then sell to a 2nd buyer): most accept offers within 2-3 weeks of going on market.