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Presidio Heights Real Estate Market Trends
The housing market in Presidio Heights exhibits a moderate level of competitiveness, marked by nuanced growth and a relatively balanced landscape for both buyers and sellers. As of September 2023, the median sale price of a home in the area was $3.4 million, showing a modest increase of 3.2% over the prior year. This nominal growth may point to a stable but still buoyant market where prices are not exceedingly inflated.
Interestingly, the median sale price per square foot in Presidio Heights stands at $1.37K, a substantial increase of 20.2% compared to last year. This suggests that while the overall price for homes has seen modest growth, the value of square footage has significantly increased, possibly indicating a premium on space in this neighborhood.
Homes in Presidio Heights are taking a bit longer to sell compared to last year, with an average time on the market of 41 days as opposed to 31 days in the previous year. While the area remains somewhat competitive, with homes generally selling in about 43.5 days, it is notable that the pace has decelerated slightly. Some properties do receive multiple offers, and homes on average sell for approximately 1% below the listing price. These go pending in around 44 days, while hot properties can sell for about 4% above the list price and go pending in roughly 25 days.
There has been a decline in the number of homes sold—5 homes were sold in September this year, down from 9 in the same month last year. This reduction could be an effect of various factors, including but not limited to, economic conditions, interest rates, and perhaps even inventory constraints.
Like any other housing market, Presidio Heights is subject to a wide array of external influences ranging from local economic indicators to broader market forces. Those contemplating entering this market, either as buyers or sellers, would benefit from keeping abreast of these trends and possibly consulting a real estate professional who specializes in the area.
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