As you no doubt recall, Bernalwood’s 2014 Official Guide to the Subdistricts of Bernal Heights (shown above) was created to map the cultural and topographical geography of our neighborhood in a way that’s both tongue-in-cheek and also kind of somehow vaguely true. What you may not recall, however, is that the Official Subdistricts were specifically created as a playful response to a realtor who had attempted to create her own (less homegrown) sub-map of Bernal Heights.
Well, now that concept has come full-circle.
Neighbors Michael Minson and Danielle Lazier live in Bernal Heights, and they work as realtors. So when Neighbors Michael and Danielle approached Bernalwood seeking permission to use Bernalwood’s Official Subdistrict Map as a framework to analyze 2014 Bernal Heights real estate trends, we had to say yes. Because they are certified Bernalese. Because data. Because economics. Because morbid curiosity.
And what are the results? Well, when Neighbors Michael and Danielle mapped 2014 residential sales against the Official Microhoods of Bernal Heights, they got a year-in-review infographic that looks like this:
They also offer this executive summary:
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.
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.
Real Estate Graphic: via MichaelMinson.com