It's somewhere between comical and meaningless in San Francisco. The operation of the algorithm is painfully apparent and AFAI most heavily weights trailing sale price per square foot and sale price over list, as compared to presumed 'comps,' all three of which factors are frankly piss-poor indicators in this market and city.
As a proxy at a glance for such comps it's at least an indicator of when (as is common) list price is far below expected sale price, and an arguably cruel fiction designed to attract interest (in my tier: from the desperate).
(If you don't live in SF, sales at 30-50% (100s of K) over asking are common again, after a brief cool down at the beginning of this year.)
As a proxy at a glance for such comps it's at least an indicator of when (as is common) list price is far below expected sale price, and an arguably cruel fiction designed to attract interest (in my tier: from the desperate).
(If you don't live in SF, sales at 30-50% (100s of K) over asking are common again, after a brief cool down at the beginning of this year.)