Last month, we highlighted 136 Santa Marina in Bernal Heights, which saw a rare price reduction after only three weeks on the market. At the time, we commented that the growing number of listings with price reductions was evidence that the San Francisco housing market is finally starting to cool.
We hold by that assessment, but corrections happen slowly at the top. Sure enough, 136 Santa Marina sold quickly after the price drop. The strategy worked out well for the seller, who said the price bid back up to the original asking price. It went down like this:
4/22/2016: Listed at $1,249,000
5/12/2016: Price dropped to $1,169,000
5/15/2016: In contract
6/8/2016: Sold for $1,250,000