Multi-million-dollar sales up 5.8%, median price up 10% from last year

Luxury home sales and the median sale price in San Francisco edged higher in the third quarter compared to a year ago, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading luxury real estate services company.

A total of 55 homes sold for more than $2 million during the quarter from July through September, up 5.8 percent from the same period a year ago.  Additionally, the median sale price of multi-million-dollar properties jumped more than 10 percent to $2,975,000 compared to the third quarter of 2009.

While the market moved higher over last year’s level, sales did decline from the second quarter of this year when 76 luxury properties changed hands. However, the median sale price increased by 2.1 percent from the April through June period.

Other market indicators improved in the third quarter. It took an average of 70 days to sell a multi-million-dollar home in the city, down from 85 days during the same period last year. Sellers received an average of 97 percent of their asking price, up from 96 percent last year. And 27 homes sold for $3 million and above, up sharply from 19 a year ago.

The figures were derived from Multiple Listing Service data of all homes sold in San Francisco for more than $2 million during the second quarter.

“We’re seeing solid improvement in the luxury market in San Francisco, along with other high-end communities around the Bay,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “In the past, high-end buyers – the so-called smart money – are often the first to declare a market bottom and jump back in because they have the cash and the means to do so. It will be interesting to see if the rest of the market follows suit.”

Some key findings from the third quarter Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in San Francisco was an five-bed, six-bath 7,615-square-foot Cow Hollow property that sold for $7,581,250;
  • Zip code 94123 (The Marina and Cow Hollow) had the most multi-million-dollar sales with 12, followed by 94115 (Pacific Heights) and 94118 (Presidio Heights) with nine each, and 94109 (Nob Hill) and with six;
  • It took an average of 70 days to sell a multi-million-dollar home in the city, up from 72 days the previous quarter but down from 85 days during the same period last year.

The San Francisco Luxury Market Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.

Coldwell Banker Residential Brokerage serves San Francisco with five offices. For more information, please call 925-275-3085.