Luxury home sales in San Francisco continued to improve year over year with sales in the third quarter of this year jumping 53 percent from third quarter 2012, 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 116 homes sold for more than $2 million in the city during the July-September quarter compared to 76 sales during the same period last year. Sales in the most recent quarter were down from 158 in the second quarter, although a seasonal decline is not unusual.
The median sale price of a luxury property climbed 5.6 percent from last year to stand at $2,777,000 in the third quarter. The price was also up 5.2 percent from the second quarter’s median.
The upper end of the luxury market continued to be exceptionally strong in the most recent quarter with 51 sales of homes over $3 million, up from 29 transactions a year ago. And there were 31 sales in excess of $4 million, more than double the number last year.
Homes also sold faster and for a higher percent of the asking price on average last quarter compared to the third quarter of 2012.
“Luxury home sales in San Francisco continue to be very strong compared to a year ago, especially in the upper end of the market – the $3 million to $5 million range,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “As we begin the fall season the market is gradually slowing down a bit as we would expect. We’ve had such a red-hot seller’s market for so long, it may not be a bad thing long term to have the market balance out a little between buyers and sellers. I think that’s what’s happening now.”
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 six-bedroom, seven-bath approximately 8,800-square-foot home in Pacific Heights that sold for $18 million;
- Zip code 94123 (Marina) had the most luxury sales with 19, followed by 94114 (Noe Valley) with 17, 94115 (Pacific Heights) with 14, 94118 (Inner Richmond) with 13, and 94109 (Russian Hill) with 10;
- Homes sold in 49 days on average during the quarter, down from 73 days a year ago but up from 55 days the previous quarter;
- Sellers received 103 percent of their asking price on average, up from 99 percent a year ago but down from 105 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.