Luxury home sales in San Francisco surged 42 percent in the third quarter of 2012 compared to a year ago, according to a new market report by Coldwell Banker Residential Brokerage, the region’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 74 homes sold for more than $2 million in the city during the July-September quarter compared to 52 sales during the third quarter in 2011. Sales did ease from the second quarter of this year, when they were at the highest level since before the recession.
The upper end of the luxury market also saw encouraging gains with sales of $3 million and above homes totaling 29 transactions, up from 23 during the same period a year ago.
“Luxury home sales in San Francisco remain very strong as we go through the fall selling season,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market.”
The median sale price of a multi-million-dollar home did ease 4.3 percent from a year ago to $2,629,573 in the third quarter. The median was also below the second quarter level of $3,006,212.
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 four-bedroom, eight-bath approximately 7,200-square-foot home in the Gold Coast section of Pacific Heights that sold for $17 million;
- Zip code 94118 (Inner Richmond) had the most luxury sales at 10, followed by 94115 (Pacific Heights) and 94114 (Noe Valley) with nine each, 94117 (Coe Valley) with seven, and 94123 (Marina) and 94133 (North Beach) with six each;
- Homes sold in 73.8 days on average during the quarter, up from 61 days the previous quarter and 58 a year ago;
- Sellers received 99 percent of their asking price on average, up from 98 percent a year ago but down from 101 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 925-275-3085.