Homes in this city sold above asking price 92% of the time

July 21, 2016
by Riley McDermid
bizjournals.com

Daly City ranks No. 1 in houses sold over their asking price, according to the real estate site OpenHouse, which ranked six Bay Area neighborhoods as among the top 10 hottest housing markets in the country.

Crunching data from just last week, the survey found that homes in Daly City were sold above their asking price 92 percent of the time. Other hot local areas were South San Francisco, Fremont, San Mateo, Mountain View and San Jose. The average price of a home listed during that same period was $649,900, of which more than 90 percent sold above asking, according to OpenHouse data.

dalycity

You can see a map of Daly City’s activity, mapped weekly, here.

Curbed reports that a quick poll on a separate real estate site, Realtor.com, found similar results, although at an 86 percent ratio of homes sold over asking price in Daly City. Either way, both metrics are worth noting, because they likely speak to a larger trend.

“OpenHouse suggests that this is an indicator that San Francisco is starting to simply max out what even some of the wealthiest homebuyers are willing to pay,” Curbed reports.“Attention, it seems, wanders to cheaper nearby alternatives.”

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