San Francisco’s luxury housing market finished off 2015 with home sales and the median sale price both climbing in the fourth quarter from the previous three months, 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 178 homes sold for more than $2 million in the city during the October through December quarter, up 7.2 percent compared to 166 sales during the third quarter of 2015. Fourth quarter sales were also up 2.3 percent from the 174 transactions in the fourth quarter of 2014.
Meanwhile, the median sale price of a luxury property in the fourth quarter was $2,650,500, up 5.9 percent from the third quarter when it stood at $2,504,000. However, last quarter’s median sale price was off 2.1 percent from the same quarter in 2015.
The upper end of the city’s luxury market continued to be strong in the fourth quarter with 64 sales over $3 million, up from 51 the previous quarter. And there were 39 sales over $4 million, up from 20 in the third quarter.
“San Francisco’s luxury housing market finished up 2015 quite well with some solid sales numbers and a good increase in valuations over the previous quarter,” said Mike James, president of Coldwell Banker Residential Brokerage. “The market continues to be challenged by a shortage of inventory. But we’re starting to see signs that a few more listings may be coming on in the next couple of months, and that would be great news for buyers who are competing for the limited number of homes for sale.”
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in San Francisco during the quarter was a seven-bedroom, seven-bath approximately 9,200-square-foot home in Pacific Heights that sold for $13,075,000;
- Homes in zip code 94123 (Marina) boasted the most luxury sales in the quarter with 29, followed by 94127 (St. Francis Wood) with 20, 94114 (Noe Valley) with 18, 94115 (Pacific Heights) with 16, and 94110 (Inner Mission/Bernal Heights) with 12;
- Homes sold in 42.8 days on average during the quarter, down from 44.5 days a year ago and 47.9 days the previous quarter;
- Sellers received 107 percent of their asking price on average, the same as a year ago but down from 112 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.