Unlike many other real estate markets in the country, the San Francisco real estate market as well as the greater Bay Area real estate market generally has overbidding in place. And although the market has recently leveled off a little, many of its pockets still draw several offers and overbids. It still is a seller’s market.
Overbidding amounts to offering more – sometimes substantially more – than a given property’s asking price. According the San Francisco Business Times, the statistics as of August 2016 break down as follows:
San Francisco 9%
San Mateo County 5%
Marin County 2%
Contra Costa County 5%
Alameda County 8%
An additional note on the San Francisco real estate market and overbidding: new construction in San Francisco’s condo market has brought more inventory and continues to do so. That means there is more downward negotiation possible now but note that this entirely depends on the building, the condo itself, the location, and the amenities. For single family homes overbids continue in San Francisco.