If you have been into any open houses lately in Bernal Heights you would have a sense anecdotally that the real estate market has heated up. But, it’s interesting to look at the statistics and see what that means in hard numbers:
- 154 sales in 2012 as compared to 171 in 2011, a reflection of low inventory.
- Median sales prices of single family homes in the neighborhood shot up in 2012 to $773,000 the highest level since 2008.
- The increase in median home prices in 2012 of more than 10% was the largest annual increase since 2004.
But perhaps more notable is the activity at the upper end of the market.
- In the first quarter of 2013 there were eleven sales over a million dollars as compared to just four in the first quarter of 2012.
For those considering a remodel or buying a house with the intention of improving it, the increased activity seems to suggest that the risk of over improvement has lessened significantly in the neighborhood.
As has been the case for the past two years, the big question remains: when increased inventory will mitigate the upward pressure on the market? For the time being it seems that Bernal will remain steamy.