Bernal Heights Real Estate Market Soars Nine Percent Over 2016
BernalHeights.com Releases 2017 Market Recap
SAN FRANCISCO, Feb. 12, 2018 /PRNewswire/ -- 2017 was yet another record year for real estate in Bernal Heights, one of San Francisco's most beloved neighborhoods. BernalHeights.com reports that the median sale price soared to $1.476 million, a nine percent gain over last year and almost double the median sale price from only five years ago ($775,000 in 2012).
The Bernal Heights market had been slowing over the past three years, but that trend reversed in 2017. The median price per square foot for single-family houses broke the $1,000/foot barrier and settled at $1,022/foot by year-end. One hundred and ninety-five homes were sold in 2017, which is 14 percent more than last year and the most since 2005.
Four homes joined the $3 million club, an exclusive group that only nine families can claim in the history of Bernal, with the crown belonging to 88 Montcalm ($3.85 million). There were 30 homes sold between $2 million and $3 million this year and only 65 ever.
We believe the Bernal Real Estate market will remain strong as San Francisco wage growth and employment are high, but may slow somewhat due to macroeconomic factors related to a reduction in the tax deductions, rising interest rates and the volatility of the stock market.
The $750,000 cap on the mortgage interest deduction and the $10,000 cap on state and local property and income tax deductions will make home ownership slightly less attractive in general and will affect most new buyers in Bernal. Many home buyers' down payment funds are tied closely to the stock market and recent market volatility introduces uncertainty.
The National Association of REALTORS forecasts mortgage rates will average 4.6 percent throughout the year and reach 5.0 percent (for a 30-year fixed) by the end, further reducing buyers' buying power.
Taxes are not a primary driver, but rather an added benefit for most people searching for a primary residence in Bernal Heights and this change will have a minor impact, if any, on housing prices. Stock market volatility and rising interest rates are the greatest risk to appreciation this year.
Bernal Heights is a very attractive neighborhood because of its proximity to the city, views, weather, distinct vibe and relative affordability when compared to Noe Valley, Glen Park and Potrero Hill.
This report first appeared on BernalHeights.com and was written by Michael Minson and Danielle Lazier.
Media Contact:
Michael Minson
Level Up Group, a Keller Williams SF Team
415.606.2625
[email protected]
LevelUpGroupSF.com
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Bernal Heights Sees Impressive Gains
The median sale price in Bernal Heights is now $1.476M for a single-family home, nine percent higher than 2016.
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SOURCE BernalHeights.com
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