San Francisco, CA, April 28, 2012 --(PR.com
)-- San Francisco's luxury housing market continued its momentum in the new year with both sales and the median sales price climbing in the first quarter of 2012, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 55 homes sold for more than $2 million in San Francisco during the January-March quarter compared to 50 sales during the same period a year ago. At the same time, the median sale price rose 2.7 percent from last year to $2.8 million.
On a quarterly basis, sales dipped fractionally in the most recent quarter from the 57 transactions in the fourth quarter of 2011. However, the median sale price was up 2.7 percent from the previous quarter.
Other metrics showed a luxury market that has stabilized. Sellers received 98 percent of their asking price on average compared to 96 percent a year ago. And there were 18 sales in excess of $3 million, up from 16 during the same quarter in 2011.
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.
“San Francisco's luxury market picked right up in the new year where it left off in 2011," said Rick Turley, president of Coldwell Banker Residential Brokerage. "The demand for high-end housing in the city – just like other parts of the Bay – continues to strengthen along with the economy and financial markets. Our only challenge is that we don't have enough homes to sell."
Turley said the inventory of homes for sale continues to be 25-50 percent below where it stood a year ago. "I don't think sellers have gotten the message yet that the market has turned around, especially in places like San Francisco," he said. "Good properties are not only selling, but they're attracting multiple offers and often going for more than the asking price."
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, six-bath 9,744-square-foot home in the Pacific Heights section of the city that sold for $11 million;
* Zip code 94123 (Marina) had the most multi-million-dollar sales with 11, followed by 94114 (Noe Valley) with nine, 94115 (Pacific Heights) with seven, and 94117 (Coe Valley) with six;
* Homes sold in 90 days on average during the quarter, up from 79 days 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.
Coldwell Banker Residential Brokerage serves San Francisco with five offices. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 750 offices and 45,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE #01908304.