Local Market Updates
Median Sales Price of San Francisco vs Westwood Park
Amidst the fluctuations driven by market conditions, space limitations, and demand dynamics, Westwood Park stands out as a more budget-friendly alternative compared to the broader San Francisco area. With its median sales prices offering a fairer option for homebuyers, Westwood Park presents an attractive proposition within the city. Contrasting the median sales prices between San Francisco and Westwood Park underscores this affordability, as the former commands higher prices due to its heightened demand. Notably, in 2023, San Francisco experienced a 6.7% decrease in home prices compared to the previous year, with properties selling at a median price of $1.2 million. Meanwhile, Westwood Park saw a more significant decline of 21.7% in median home prices, with properties selling at a median price of $1.6 million, indicative of the localized fluctuations within the broader real estate landscape of San Francisco.
Days on Market of San Francisco vs Westwood Park
The duration a house spends on the market is influenced by several factors, including market conditions and neighborhood dynamics, which can either extend or shorten the selling period. Notably, in San Francisco, homes typically sell within an average of 52 days, whereas in Westwood Park, houses tend to sell much faster, with an average selling period of just 17 days. This discrepancy underscores the significant impact that specific market environments and neighborhood characteristics can have on the efficiency of real estate transactions.
Percent of Original Price of San Francisco vs Westwood Park
The “Percent of Original Price” is a metric calculated by dividing the final sale price of a property by its most recent listing price.
In general, factors such as high demand, limited housing supply, and the desirability of a neighborhood can influence whether properties sell below or above their most recent listing listing price.