According to their research, home prices in Bernal Heights continue to appreciate at a nosebleed-inducing pace, despite their February prediction that prices may have plateaued.
Bernal’s very limited housing supply, coupled with continuing strong demand, continues to drive prices up. During the first six months of this year, with a total of 94 homes trading hands, the median home price in Bernal Heights has grown by 7%, to $1.46 million, they report.
The study found that 74% of houses in Bernal Heights sold so far in 2017 were in the $1–2 million dollar range, with "two new entrants to the $3M club, bringing Bernal's lifetime total to five. The record-setter: 88 Montcalm Street, a 4-bedroom, 5.5-bathroom house that went for $3.85 million.
"We remain bullish that Bernal Heights home prices will continue to increase, but we expect the second half of 2017 to grow somewhat more slowly than the first half," wrote Minson and Lazier.
As is the custom, "an influx of homes" are expected to hit the market in the fall, but with inventory in short supply, "we expect to continue to see multiple offers over asking for well-priced, well-presented properties for the rest of the year," they predicted.
Minson and Lazier used the Bernal Heights microhoods map to take a granular look at prices in different areas of the neighborhood. The result is reflected in this chart of median home prices per square foot:
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