San Francisco’s luxury housing market closed out 2013 on a roll with high-end home sales climbing 20.8 percent in the fourth quarter from the same period 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 145 homes sold for more than $2 million in the city during the October-December quarter compared to 120 sales during the same period in 2012. Sales in the most recent quarter were also up from the 116 transactions in the third quarter.
The median sale price of a luxury property in the fourth quarter was $2.9 million, up 4.4 percent from the third quarter but down 2.2 percent from the fourth quarter in 2012, when the median stood at $2,965,000.
The upper end of the luxury market continued to be strong in the most recent quarter with 69 sales of homes over $3 million, up from 59 transactions a year ago and 51 sales in that price range the previous quarter.
Other key market indicators were positive as well in the latest quarter with homes selling faster and for a higher percent of the asking price on average compared to the fourth quarter of 2012.
“San Francisco’s luxury housing market had a great year in 2013 with sales increasing consistently on a year-over-year basis, especially in the upper end of the market, and prices moving higher,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “The only thing that kept sales from going even higher was the severe shortage of homes on the market.”
“We continue to have an imbalance between the supply of homes for sale and the extremely strong demand from buyers in San Francisco,” he said. “There are signs that is gradually starting to change with more inventory expected to come on the market in the weeks ahead. Hopefully that will bring the market back into a healthier balance in 2014, which will be good for everyone – buyers and sellers alike.”
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 seven-bedroom, six-bath approximately 11,450-square-foot home in Pacific Heights that sold for $13.3 million;
- Homes sold in 57 days on average during the quarter, down from 74 days a year ago but up from 49 days the previous quarter;
- Sellers received 103 percent of their asking price on average, up from 100 percent a year ago and the same as 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.