Luxury home sales in San Francisco and the median sale price were up slightly in the fourth quarter as 2011 drew to a close, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 57 homes sold for more than $2 million in San Francisco during the September-December quarter compared to 56 during the same period a year ago and 52 during the previous quarter.
Meanwhile, the median sale price of a multi-million home rose 3.8 percent from the previous year to $2,725,000. However, the median was down fractionally from the third quarter, when it stood at $2,750,000.
Other metrics showed a fairly level luxury market in the most recent quarter. Sellers received 97 percent of their asking price on average compared to 98 percent a year ago. And there were 24 sales in excess of $3 million, up from 23 the previous quarter and the same as the number in the fourth quarter of 2010.
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.
“There continues to be solid demand for luxury homes in San Francisco, and throughout the Bay Area for that matter,” said Rick Turley, president of Coldwell Banker Residential Brokerage.
“We’ve seen really good activity in the upper end of the market for the better part of the past year,” he said. “That’s a healthy sign for the overall market because history has shown that sustainable recoveries in the housing market typically begin with the luxury segment.”
Turley said the challenge for San Francisco’s real estate market continues to be a shortage of homes for sale, not lack of buyers.
“I think it’s important for sellers to get the message that the market is getting better in many areas and there are buyers willing to pay competitive prices for homes,” he said. “If you’ve been thinking about putting your home on the market, you shouldn’t wait any longer. It’s time to jump in.”
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 six-bedroom, six-bath 11,000-square foot home in the Gold Coast section of the city that sold for $29.5 million;
- Zip code 94123 (Marina) and 94115 (Pacific Heights) had the most multi-million-dollar sales with 11 apiece, followed by 94118 (Presidio Heights/Inner Richmond) with eight, and 94109 (Nob Hill) with seven;
- Homes sold in 79 days on average during the quarter, up from 58 days the previous quarter and 60 days 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.
Coldwell Banker Residential Brokerage serves San Francisco with five offices. For more information, please call 925-275-3085.