SAN FRANCISCO, Calif. – January 29, 2015 – San Francisco’s luxury housing market finished 2014 much the way it began with strong sales in the fourth quarter and robust buyer demand, according to a new market report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
Luxury sales jumped nearly 15 percent in the fourth quarter compared to a year ago, while sales spiked more than 22 percent from the previous quarter in 2014.
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 170 homes sold for more than $2 million in the city during the October through December quarter compared to 148 sales during the same period in 2014, a 14.9 percent increase. Fourth quarter sales also were far ahead of the 139 transactions during the previous quarter from July through September.
Meanwhile, the median sale price of a luxury property in the fourth quarter of 2014 was $2,707,500, down 6.6 percent from the same period a year ago but up from the third quarter’s level of $2.65 million.
Other key market indicators were positive in the fourth quarter of 2014 with homes selling faster and for a higher percent of the asking price on average compared to the fourth quarter of 2013. There were also more ultra-luxury sales over $4 million during the latest period.
“The luxury market finished 2014 much the way it began with very strong sales figures but not nearly enough listings to meet the robust buyer demand,” said Mike James, president of Coldwell Banker Residential Brokerage. “Our local economy continues to do well, homeowner equity continues to climb along with property values, and well qualified buyers are out there beating the pavement for homes. Those are all great ingredients for the luxury market. Now we just need more listings to sell in the new year.”
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, seven-bath approximately 7,100-square-foot home in Pacific Heights that sold for $14 million;
- Homes in zip code 94123 (Marina) boast the most luxury sales in the quarter with 29, followed by 94115 (Pacific Heights) with 21, 94118 (Richmond District) with 15, and 94114 (Noe Valley) with 13;
- Homes sold in 45.2 days on average during the quarter, down from 59 days a year ago but up from 42.1 days the previous quarter;
- Sellers received 107 percent of their asking price on average, up from 103 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.
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.
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