San Francisco is notoriously a boom-and-bust town. But this spring, the real estate market was at its boomiest.
In the single-family home market, where extremely limited inventory and the fear of a flood of newly minted AI millionaires pushed buyers to the brink, homes regularly sold within days. Others were snapped up before they even hit the market. The momentum was so swift that appraisers had to look at homes in contract rather than recent sales just to keep up.
Offering millions over asking became a thing, with the city seeing sales across a variety of neighborhoods, not just the north side, for anywhere from 40% to 90% over the listed price…