SAN FRANCISCO, Calif. – October 31, 2014 – San Francisco’s luxury housing market continued to do well in the third quarter with sales rising nearly 19 percent from a year ago, according to a new market report by Coldwell Banker Residential Brokerage, the Bay Area’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 139 homes sold for more than $2 million in the city during the July through September quarter compared to 117 sales during the same period in 2013, an 18.8 percent increase. Third quarter sales did fall short of the 194 transactions in the second quarter, due largely to a drop in inventory and a normal seasonal decline.
Meanwhile, the median sale price of a luxury property in the third quarter of 2014 was $2.65 million, down 4.6 percent from the same period a year ago. The median also was off from the second quarter’s level of $2,725,000.
Other key market indicators were positive in the third quarter of 2014 with homes selling faster and for a higher percent of the asking price on average compared to the third quarter of 2013.
“San Francisco’s luxury housing market remains robust with continued strong demand from very well-qualified buyers,” said Mike James, president of Coldwell Banker Residential Brokerage. “Luxury buyers still see good value in real estate, and with the Bay Area’s economy continuing to grow, I’m optimistic that strong demand for high-end homes will continue to grow as well.”
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 five-bedroom, five-bath approximately 4,700-square-foot home in Presidio Heights that sold for $9.5 million;
- Homes in zip code 94123 (Marina) boast the most luxury sales in the quarter with 26, followed by 94114 (Noe Valley) with 16, 94115 (Pacific Heights) and 94105 (Embarcadero/SOMA) with 12 each, and 94109 (Russian Hill) with 10;
- Homes sold in 42.1 days on average during the quarter, down from 49 days a year ago and 51.8 days the previous quarter;
- Sellers received 107 percent of their asking price on average, up from 103 percent a year ago but down from 110 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 925.771.5285.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 57 office locations and more than 3,900 affiliated sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.