San Francisco’s luxury housing market closed out the summer home buying season well with high-end home sales rising more than 17 percent in the third quarter from a year ago, according to a new market report by Coldwell Banker Residential Brokerage, the Bay Area’s leading luxury real estate services company.
The report is based on Multiple Listing Service data of all homes that sold for more than $2 million during the last quarter in San Francisco.
A total of 166 homes sold for more than $2 million in the city during the July through September quarter compared to 141 sales during the same period in 2014, a 17.7 percent increase. Third quarter sales were down from the 243 transactions in the second quarter of 2015, although a seasonal drop from the second to third quarter is normal.
Meanwhile, the median sale price of a luxury property in the third quarter was $2,504,000, down 5.5 percent from the same period a year ago when the median stood at $2.65 million. The third quarter median price was also off from the second quarter’s $2.8 million level.
The upper end of the city’s luxury market remained stable with 51 homes selling for more than $3 million, the same as last year, and 20 homes selling for more than $4 million, down just one from a year ago.
“San Francisco’s luxury housing market continues to be in high demand from affluent buyers, both locally and from overseas,” said Mike James, president of Coldwell Banker Residential Brokerage. “We saw very strong sales throughout the city in the second quarter and hopefully this will continue through the fall and the end of the 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 four-bedroom, seven-bath approximately 8,600-square-foot home in Pacific Heights that sold for $12.5 million;
- Homes in zip code 94114 (Noe Valley) boasted the most luxury sales in the quarter with 23, followed by 94131 (Twin Peaks) with 18, 94123 (Marina) with 17, 94110 (Inner Mission/Bernal Heights) with 15 and 94127 (St. Francisco Wood) with 14;
- Homes sold in 47.9 days on average during the quarter, up from 42.1 days a year ago and 46.5 days the previous quarter;
- Sellers received 112 percent of their asking price on average, up from 107 percent a year ago and 111 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.