Originally published March 3, 2014.
Update, March 10, 2014: Turns out, according to Redfin, that the paper of record got a few facts wrong.
“The reporter misquoted us by saying “Redfin estimates that, on average, homes in San Francisco are selling for 60 percent to 80 percent over asking price.”
The quote was corrected and changed to…“Redfin estimates that, on average, 60 percent to 80 percent of San Francisco homes are selling for prices over the original asking price.”
A piece in the NYT confirms what we already know, but adds some interesting frenzy facts:
Landon Nash, a real estate broker, said it was not uncommon for open houses to see hundreds of people shuffle through and conclude with a 20-person bidding war. People are waiving mortgage contingency clauses and home inspections — and paying cash.
In December, almost 40 percent of the home sales were all cash. Redfin estimates that, on average, homes in San Francisco are selling for 60 percent to 80 percent over asking price. Most are gobbled up within 16 days of being listed, down from 61 days five years ago, when the nation’s real estate market was still soft. READ MORE.