Luxury home sales in San Francisco more than doubled in the fourth quarter of 2012 compared to a year ago, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
The report is based on Multiple Listing Service data of all homes that sold for more than $2 million during the quarter in San Francisco.
A total of 119 homes sold for more than $2 million in the city during the October-December quarter compared to 57 sales during the fourth quarter of 2011. Sales were also up 60 percent from the third quarter of 2012.
The median sale price also climbed sharply higher last quarter, reaching $2,995,000, up nearly 14 percent from the previous quarter and nearly 10 percent from the same period a year ago.
The upper end of the luxury market also saw substantial gains with sales of homes over $3 million more than doubling from a year ago to 59 transactions, up from 24 in the fourth quarter of 2011.
“The luxury market in San Francisco closed out 2012 the way it began, with healthy sales gains, steadily rising prices and very strong buyer interest,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area.
Turley noted that some of the increase in sales could be due to luxury homeowners deciding to sell before the expected increase in the capital gains tax rate took effect in January. Additionally, demand remained strong from employees of Silicon Valley and San Francisco technology, social media, financial and biotech companies with stock option money to invest.
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in San Francisco during the quarter was an eight-bedroom, eight-bath approximately 6,800-square-foot home in the Gold Coast section of Pacific Heights that sold for $28,250,000;
- Zip code 94115 (Pacific Heights) had the most luxury sales with 21, followed by 94123 (Marina) with 20, 94118 (Inner Richmond) with 14, 94114 (Noe Valley) with 11, 94105 (Embarcadero) with 10, and 94121 (Outer Richmond) with nine;
- Homes sold in 74.6 days on average during the quarter, up from 73.8 days the previous quarter but down from 79 a year ago;
- Sellers received 100 percent of their asking price on average, up from 97 percent a year ago and 99 percent the previous quarter.
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, Coldwell Banker 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.