As 2015 recedes into the rearview mirror of history, let’s take a moment to evaluate the real estate year-that-was, by looking at Bernal Heights Microhood Sales Trends for full-year 2015 compiled by Bernal neighbors and realtors Michael Minson and Danielle Lazier.
Just as they did for 2014 (and once again with Bernalwood’s permission) Neighbors Michael and Danielle tracked recent home sales data according to the boundaries of Bernalwood’s official Bernal Heights microhoods map.
Neighbor Michael Minson reports on a refreshing new trend: the bonkers Bernal Heights real estate market is now somewhat less bonkers. He tells Bernalwood:
We’re definitely feeling a gradual slowdown in Bernal Heights, which is welcome news for the buyers we work with. The second half of 2015 saw a slowdown across nearly all metrics:
- The median sales price decreased $100k from $1.38M to $1.28M
- Overbidding reduced from 20% over asking to 17%
- Days on Market increased by nearly a full week (from 14 to 20 days)
The best looking homes in prime locations are still selling quickly, but there are fewer records being broken. Properties that are challenged in some way (like no view, no parking, bad layout or unsightly neighboring homes) are taking longer to sell and are not getting crazy overbids.
Fortunately for homeowners, we haven’t seen evidence of a declining market. Values are holding steady or showing modest gains. Days on Market increased by nearly a full week (from 14 to 20 days).
Here are the tables, in case you’re feeling especially data hungry:
DOM = Days on market
PPSF = Price per square foot
Here’s some more detail to visualize:
UPDATE: Also, FWIW, Paragon Real Estate shares this chart that provides a comparative perspective on home-price appreciation in Bernal Heights since 2011: