March proved to be another month of growth in sales for 2014 in Northern California’s luxury home market. Looking at figures based on Multiple Listing Service data, the April reports from around Northern California bring us some exciting updates:
From the East Bay Luxury Home Report, million-dollar home sales in the East Bay soared 30 percent over March 2013 sales. While sales year-over- year have increased dramatically, prices took a small dip – down 1.6 percent from a year ago. Month-to-month, prices have increased 4.6 percent on the median sale price, up $1,283,000 from $1,226,750.
Marin’s Luxury Home Report reveals huge rallies with more than double the high-end transactions in March, and up 47 percent from March 2013. Good news for Marin home sellers continued when it was revealed that sale price was also up 26 percent to $2,654,000 from the previous month, and 34 percent from a year ago when median prices stood at $1,972,500.
Sacramento also shows a trend increase year-over-year where first quarter 2014 high-end home sales have increased 19 percent. With the increase in high-end sales transactions, sale prices also saw a slight bump from first quarter 2013. The median sale price of a luxury property climbed to $955,000 – up 5.2 percent from a year ago.
San Francisco Luxury Home Report states a similar gain to Sacramento. First quarter luxury home sales jumped 27 percent from the same period a year ago. The median sale price of luxury homes saw an increase of 5.7 percent to $2.9 million in the first quarter of 2014 from the same period a year ago.
Lastly, the Silicon Valley Luxury Home Report follows suit with luxury home sales up almost a third of the total luxury home transactions from March 2013. The median sale price of Silicon Valley luxury homes also rallied to $2,040,944 – up nearly 6 points from a year ago.
With the first quarter of 2014 now in the books, we are excited to see what second quarter reports will deliver!
Full April luxury Real Estate Market Reports can be found here: