When supply is this thin, sellers routinely field more than one offer, and the deciding factor between similar prices becomes which buyer is least likely to fall through. A cash buyer with no financing condition and verified funds removes that worry entirely.
In a market with more listings to choose from, the same cash offer carries less leverage because the seller has options and time, so the advantage of paying cash rises and falls with how few comparable homes are actually on the market.
A seller in North Park should still confirm the funds through their lawyer before treating any offer as a sure thing, cash or otherwise. Get your hand-reviewed valuation from Joel Dyck.