San Francisco’s luxury housing market closed out the spring home buying season very strong with high-end home sales climbing more than 24 percent in the second quarter 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 243 homes sold for more than $2 million in the city during the April through June quarter compared to 195 sales during the same period in 2014, a 24.6 percent increase. Second quarter sales were also up sharply from the 152 transactions in the first three months of 2015.
Meanwhile, the median sale price of a luxury property in the second quarter was $2.8 million, up 2.8 percent from the same period a year ago when the median stood at $2,725,000. Additionally, the second quarter median was 10.8 percent higher than the first quarter’s level of $2,526,750.
All other key market indicators were positive during the most recent quarter with more ultra-luxury homes selling, properties selling more quickly and sellers receiving a higher percentage of their asking price.
There were 96 sales over $3 million in the second quarter, up from 78 a year ago, 45 sales over $4 million compared to 33 last year, and 29 sales in excess of $5 million, up from 24 last year in the same quarter.
“San Francisco’s luxury housing market was extremely hot in the second quarter as we wrapped up the spring home buying season,” said Mike James, president of Coldwell Banker Residential Brokerage. “The good news for buyers, though, is that inventory is slowly starting to bubble up a little. This could give buyers a little more to choose from as we make our way through the summer.”
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, seven-bath approximately 16,000-square-foot home in Pacific Heights that sold for $31 million;
- Homes in zip code 94114 (Noe Valley) boasted the most luxury sales in the quarter with 35, followed by 94118 (Inner Richmond) with 25, 94123 (Marina) with 21, 94109 (Nob Hill) with 20, and 94115 (Pacific Heights) with 17;
- Homes sold in 46.5 days on average during the quarter, down from 51.8 days a year ago but up from 45.4 days the previous quarter;
- Sellers received 111 percent of their asking price on average, up from 110 percent a year ago and 109 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.