Luxury home sales in San Francisco were flat in the third quarter of this year from 2010 while the median sale price dipped year over year, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 52 homes sold for more than $2 million in San Francisco during the July-September quarter compared to 55 during the same period a year ago. The median sale price of a multi-million home fell to $2.75 million, down 7.6 percent from last year.
On a quarterly basis, sales declined from the second quarter to the third quarter of this year, falling from 86 transactions to 52. Although a drop in sales from the second to third quarter is not unusual, the decline was a bit sharper than normal. The median price did increase 3.1 percent from the second to third quarter.
Other metrics showed a fairly level luxury market in the most recent quarter. Sellers received 98 percent of their asking price on average compared to 97 percent last year. Homes sold in just 58 days on average versus 70 days in 2010. And there were 23 sales in excess of $3 million compared to 27 in the same period a year ago.
The figures were derived from Multiple Listing Service data of all homes sold in San Francisco for more than $2 million during the most recent quarter.
“The luxury market in San Francisco saw a tremendous surge in sales during the second quarter, reaching its highest level in three years and that might have taken away some of the sales that would otherwise have closed in the third quarter,” said Rick Turley, president of Coldwell Banker Residential Brokerage.
Turley said the fall season traditionally is a quieter time of year for the housing market so it wouldn’t be surprising to see the sector slow a bit for the end of year holiday season before picking up again in the new year.
“I think a lot of the performance in the fourth quarter and into 2012 will really be driven by the overall financial markets, the outlook for the economy and consumer sentiment in general,” he said. “As the macroeconomic picture becomes clearer we’ll have a better idea how the housing market will respond.”
- The most expensive sale in San Francisco during the quarter was a six-bedroom, eight-bath 7,920-square foot home in Pacific Heights that sold for $8.5 million;
- Zip code 94123 (Marina) had the most multi-million-dollar sales with 13, followed by 94115 (Pacific Heights) with six sales, 94117 (Haight/Cole Valley) with five, and 94114 (Noe Valley/Castro Valley, 94118 (Presidio Heights/Inner Richmond) and 94127 (St. Francis Woods) with four apiece;
- Sellers received on average 98 percent of their asking price, up from 97 percent the previous quarter and a year ago;
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, the company is recognized around the world for its expertise in the luxury housing market.