This San Francisco Home Sold For $1 Million Over Asking Price

A San Francisco home shocked real agents when it sold for $1 million over its asking price just three days after it was listed.

According to KPIX, the newly updated 2,400 square foot, 4 bedroom home, with a two-car garage is located in a quiet neighborhood near Mt. Davidson, west of Twin Peaks.

Real estate agents Richard Woo and Holly Phan listed the home for under $2.5 million but three days later they had secured the sale at $3.5 million.

“We were all very surprised, because they were not just over – they were way over,” Woo told KPIX.

“We expected more, a little bit more, but we didn’t expect a million dollars more,” Phan added.

The home does have stunning views and close proximity to hiking trails, but the overbid might be part of a growing trend descending upon the Bay Area at large, according to Patrick Carlisle, the chief market analyst for Compass.

“It’s been one of the most ferocious markets in history this past year,” Carlisle told KPIX. “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. Virtually every segment in the Bay Area has gone bananas.”

Data from the California Association of Realtors shows the sales of homes in San Francisco County have increased by 27.5% and the median home prices have risen by $72,000 in the last month.