Bay Area “gone bananas:” San Francisco home sells for $1M above asking price

Someone really wanted this house.

A four-bedroom near San Francisco’s Twin Peaks neighborhood sold for $1 million more than its $2.5 million asking price — after just three days on the market.

“We were all very surprised, because they were not just over – they were way over,” Compass agent Richard Woo told KPIX 5. “We expected more, a little bit more,” said colleague Holly Phan. “But we didn’t expect a million dollars more.”

The newly renovated 2,400-square-foot home, which has a chef’s kitchen and a wall of windows that offer a panoramic view and two balconies, is at 464 Lansdale Avenue near Mount Davidson.

The sale is further evidence that Bay Area pricing “has gone bananas,” said Patrick Carlisle, chief market analyst at Compass.

Median home prices in San Francisco jumped by $72,000 to $1.82 million in October from September, while the number of sales surged almost 28 percent, according to the California Association of Realtors.

“It’s been one of the most ferocious markets in history,” Carlisle told the TV station. “We have been seeing some very spectacular overbids, not only within the city, but around the Bay Area.”

Low inventory is also pushing up prices.

“Though a fair number of new listings have come on the market, they’ve been snatched up faster than ever – maybe at the fastest rate in history,” Carlisle said.

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[KPIX] — Victoria Pruitt